Wales is a country within the United Kingdom. It has a population of roughly 3 million and includes a number of major cities and towns including Cardiff, Swansea, Newport, and Wrexham.
Recent studies show that the Welsh franchising industry is growing, and is currently worth approximately £400,000,000. There’s never been a better time to take franchise opportunities in Wales!
If you buy into a franchise in Wales, you’re essentially purchasing a license to use a successful company’s branding and proven business model. You’ll become a ‘franchisee’ and operate under the umbrella of your ‘franchisor’ – the company who sold you the license.
As a franchisee, it’ll be within your rights to promote the services and products of your franchisor and then sell them. You’ll be able to do this throughout the duration of your deal. However, once the agreement expires, you’ll have to either sell your franchise to a new franchisee or renew it. They normally last for a maximum of five years at a time.
Your franchisor will expect you to pay an initial fee, and then will charge you monthly for operational and marketing support. They’ll also expect you to grow your enterprise within a specific ‘territory’, an area that’s been chosen for the number of business opportunities it contains.
You should know that you can invest in a franchise in almost any industry. This encompasses sport, vending, clothing, and education, to name but a few.
85% of independent startups fail. This is normally due to fundamentally flawed business concepts, inexperienced owners, poor planning, limited capital, and most importantly, a lack of brand recognition.
90% of franchises succeed. This is because franchisees can follow a tried and tested plan, inexperience isn’t an issue as training is provided, and funding is much more easily secured. Plus, a franchisee instantly inherits the track record of their franchisor, and therefore they have everything they need to start to attract customers.
Now you know these facts, you can see why Wales franchise opportunities have become so popular with aspiring entrepreneurs. If you take one, you’ll have the chance to become financially independent, and you won’t have to take huge risks! But how exactly will it work?
Upon your acceptance into a Wales franchise network, your franchisor will help you find a suitable site in an exclusive territory – no other franchisee will be able to operate within its boundaries. They’ll then assist you throughout the startup process, and fully train you to handle all of your responsibilities. Following this, you’ll take the reins and act as your own boss. It’s really that simple.
When you’re looking into a business opportunity in Wales, take the time to determine what your responsibilities would be as a franchisee. Why is this so important? There’s no better way to see if the opportunity is right for you. Generally, franchisees are asked to promote their products and services in their territory, employ staff, perform basic accountancy, ensure that high standards are consistently achieved, and expand their operation at a good pace.
On top of this, you should check if you need any previous experience – a franchisor will clearly indicate if they require prospective franchisees to a particular professional background. This is normally the case with specialised businesses that involve technical services such as plumbing. Although, it must be remembered that some franchisors won’t expect you to complete services for your customers personally. Thus, all you’ll need is some level of familiarity with business management so you can effectively lead your team. This being said, a number of franchisors won’t require you to have any experience whatsoever.
Can’t commit to running a franchise in Wales full-time? It’s possible that you’ll be able to work part-time, but you must confirm this with the franchisor. There’s also a chance that you can be home-based, but this’ll depend on the nature of the services you’ll be offering. For instance, as the leader of a mobile coffee van franchise, you’ll work from a vehicle and therefore won’t need permanent office space. This’ll enable you to keep your overheads as low as possible. But if you were to invest in a restaurant franchise, you’d need a suitable establishment to accommodate your guests.
All the franchise opportunities in Wales have different prices. Why is there such variation? It’s on account of numerous factors encompassing brand prominence, territory locations, and startup requirements. But as a general rule, the more famous a franchisor is, the more money it’ll cost you to partner with them.
If you decide to move forward and buy into a franchise in Wales, there are several expenses you must be aware of. Firstly, you’ll have to pay what’s known as the ‘franchise fee’. This is simply the price of joining a given franchise network. It also entitles you to training and a certain level of support. However, this fee doesn’t include working capital nor the cost of setting up your business in your territory. Your franchisor should provide you with an accurate recommendation for these costs as well.
There’s no denying the fact that the overall investment can be significant. Thankfully, you won’t have to pay it all in one go. Most franchisees are actually able to get funding that covers up to 70% of their investment into a franchise. You’ll be able to approach your franchisor for this support directly. If the company is unable to help you, it’s likely that they’ll be able to connect you with a reliable lender instead. You’ll just have to create a business plan and describe the franchise opportunity. If your income level and credit score meet the bank’s criteria, your request will almost certainly be approved.
Not sure that you’re qualified to manage a Wales franchise? There’s no need to be concerned. Your parent company will prepare you by putting you through an intensive training programme. As part of this process, you’ll be taught how to obtain and then retain customers, as well as implement marketing campaigns, recruit and train staff, and so on.
After you’ve completed your training, you’ll be ready to take over your franchise in Wales. But your franchisor will continue to support you. The head office team will always be at hand to answer your questions and give you guidance.
If you want to know more about a specific business opportunity in Wales, you should send an enquiry to the franchisor. In most cases, you’ll get a prospectus that gives you a full breakdown of the opportunity, including the investment information. Don’t forget, these information packs are free, and you won’t be under any obligation if you request one.
Overwhelmed by the number of franchise opportunities in Wales? Contact us.
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