Scotland is a country located in the north of Great Britain. It has a population of approximately 5.5 million. The British Franchise Association estimates that the franchising industry in the country will be worth £1,000,000,000 by 2021.
Keep reading to learn why you should consider buying a business for sale in Scotland.
A franchise is essentially a license to use a company’s branding and services for a set period of time, within a particular territory. The company that offers a franchise is called a ‘franchisor’. The entrepreneur who invests in the franchise is called a ‘franchisee’. As you browse through the franchises for sale in Scotland on Franchise Fame, you’ll find many intriguing business opportunities. You should look for possibilities in the fields you’re enthusiastic about.
Don’t forget, if you invested in a Scotland franchise, you can expect your agreement to last between three and five years initially.
A number of surveys have shown that approximately 90% of the franchises for sale in Scotland lead to profitability for aspiring entrepreneurs once they invest. While, on the other hand, only 15% of independent startups in the country become financially viable. What’s the reason for this? If you start your own operation you have no reputation – it can take years to earn the trust of customers and it’s unlikely you’ll have the income you need to keep your operation afloat. But if you buy into a franchise, you’ll inherit the successful track record of your franchisor. This’ll give you instant access to a pre-established client base, and a reliable revenue stream.
Your parent company would give you the resources and training you need to identify, and then capitalise upon numerous business opportunities in Scotland. You’d follow the brand’s tried and tested model, identify a suitable site with its help, and then be your own boss. You’ll choose your own hours, and achieve the perfect work-life balance.
Franchisees are tasked with upholding the standards of their franchisor while growing their own independent enterprise in a specific area. Your parent company will want you to take as many business opportunities in Scotland as possible. To this end, they’ll assign you a large, geographically-defined territory featuring a substantial number of potential customers. In some cases, the brand’s support team will help you establish a small customer base before leaving you to take control. While in other scenarios, you’ll simply be provided with a database of leads, and it’ll be up to you to get the ball rolling.
What’s likely to be asked of you from day-to-day? This’ll vary depending on the type of business franchise in Scotland you invest in. You may be required to deliver services to your customers personally while also managing your organisation as a whole. Alternatively, you might just need to manage your team of employees, and focus on marketing your enterprise. In certain instances, your level of experience and current qualifications will determine what your exact role is. For example, if you were in charge of a care home franchise, and didn’t have a background in the sector, you wouldn’t be able to perform care services yourself. You’d need to rely on the trained carers on your payroll. But, if you did have medical training, you would be able to treat patients yourself.
You should also know that many of the franchises for sale in Scotland won’t require you to have specific experience. This is because you’ll be given full training once you apply. All you need to do is check their desired candidate profile.
If you decide to buy into a Scotland franchise, there are several different payments you’ll have to make…
Firstly, you’ll need to cover the initial franchise fee. This’ll entitle you to a license to use the franchisor’s branding and offer their services. Plus, you’ll receive training, on-going operational support, marketing assistance, and so on. Next, you’ll have to make the overall investment. Meaning, you’ll be charged for the total cost of opening a new business, in a new area, under the umbrella of the brand in question – including the price of the premises which either needs to be rented, bought, or constructed. Generally, franchisors will provide an accurate estimate in their franchise prospectus, or they’ll tell you once you’ve sent an application.
On top of this, you may require working capital to cover the expenses incurred during the first few months after your business franchise in Scotland launches. Finally, it’s highly likely that you’ll be asked to contribute to a marketing fund that’ll benefit all the company’s franchisees, as well as make royalty payments. These will almost certainly be taken as a percentage of your monthly or annual turnover.
However, it must be remembered that the majority of franchisors won’t insist you make a full upfront payment. A significant percentage of the required investment can be provided through a bank loan. Some parent companies will be able to put you in direct contact with reputable lenders who can offer you this funding, while others will ask you to handle this yourself. Either way, your funding request will only be approved, subject to status. What does this mean? You must have an acceptable credit score and income level to be eligible.
So when you’re looking into franchises for sale in Scotland, make sure you check exactly what the initial fees cover, and what they don’t. It’s important that you don’t make an investment, and then realise it was only the tip of the iceberg.
Upon your acceptance into a franchise network, you’ll be trained to handle all your responsibilities. This training will normally be carried out at your parent company’s headquarters, or if this isn’t possible, online. Your instructional programme is likely to last at least several days. However, in certain scenarios, you’ll have to complete an extended training course that could last for up to a month. But this will depend on the particular business franchise in Scotland you buy into. If the brand you’re partnering with is high-profile, the course will be longer and it’ll be more likely that on-the-job training will be included.
So don’t be daunted by the responsibilities associated with a business for sale in Scotland, your franchisor will ensure you’re fully up to speed before you take the reins! What’s more, after the launch of your business, they’ll provide you with on-going support with all aspects of the operation. You won’t be alone.
Once you’ve looked through the open franchise opportunities in Scotland, you should create a shortlist of possibilities. You can then start to reach out to the franchisors to request further information. In fact, you can easily send enquiries through Franchise Fame – don’t hesitate to contact us if you have any questions.
Following this, you’ll be able to identify a specific franchise opportunity that suits you best.
Eye Level is a leader in the supplementary education industry.
SportsCool delivers sports education services that aid child development in over 400 schools.
Additional Resources is a company that provides all-inclusive recruitment services using tried and tested techniques and methods.
Autovaletdirect has been providing exceptional valeting services to private and commercial customers for decades.
Tumble Tots offers physical play classes for young children ranging from 6 months to 7 years old.
Since 2010, Choice Home Tutoring has offered in-home, personalised tutoring for children and teenagers.
Sherpa Kids supports working parents by providing professional before and after-school care for their children.
Bricks 4 Kidz teaches kids between the ages of 3 and 16 the basics of Science, Technology, Engineering, and Maths through LEGO®.
Progressive Sports works in partnership with schools and communities to encourage children and teenagers to become more physically active.
Angela’s Swim School conducts swimming classes for both children and adults.
Leisure Leagues enables football enthusiasts to form small teams and compete against others within a near professional-standard league.
Legacy Sport aims to encourage school students to lead healthier, more active lifestyles.