It’s an important truth that franchising isn’t right for everyone. Despite franchise businesses generating £19.1 billion for the UK economy in 2024 alone according to the recent BFA British Franchise Journal, some people are better suited to the autonomy sole business ownership brings, while others perform better when working under a structured franchise operation. It is up to you to decide which way you will be more successful, Revive! as a franchisor are here to help you on your way to successful business ownership.
Differences between Franchising and Sole Ownership
Lots of people want to be their own boss, but are often not sure where to start, what are the legal hurdles they have satisfy to run their own business, and what type of business do they want to operate. It is very important for those looking to build their own business that they do as much research as possible into the different opportunities on offer. The two leading options are sole ownership businesses and franchise businesses, while each have their benefits and downfalls there are a number of differences between franchising and sole ownership that should be understood prior to entering into business ownership.
For example, as part of a franchise you are connected to a network of other businesses through your franchisor. This not only gives you the support and advisory opportunities of successful businesses in your sector, but in most cases gives you a protected territory in which to work and advertise. This allows you to focus on building your business rather than concerning yourself with what the competition is doing. As part of a franchise network, you will have a wider team supporting you along your business journey. Your franchisor should provide regular reviews of the business and provide support to get you back on the right trajectory if your new business isn’t quite where it should be.
A good franchisor (such as Revive!) will be able to offer you key leads in your first few weeks of operating that will bring customers into your new business and allow you to establish relationships with key stakeholders bringing in repeat custom and increased revenue opportunities.
As the proprietor of your own business, you can be open to any and all opportunities, giving you the ability to reach out to competitors and network with other small businesses for advice. There will have to be a lot of legwork particularly in the early days of a business as you reach out to potential customers, inevitably there will be a lot of noes, but those yeses can lead to long term partnerships that take your business to the next level.
Rigid Structure or free spirit
There is a lot to be said about owning your own business, with no one to answer to you are your own boss, the world is your oyster, so they say. But you are also responsible for all the decisions, all the transactions, marketing, advertising, bookkeeping, training and so much more. However small businesses have a very high failure rate, often because the proprietor is unsure of what their next steps are. This lack of support means you have few people to turn to when your business does run into issues.
And yet it is important to not get bogged down with paperwork, yes, it is important but providing a valuable and reliable service to your customer should be a key priority. This can be another issue business owners run into, the sheer amount of paperwork related to the business often buries them leaving them little time to attend to a customer’s needs and providing that oh so important excellent customer service. According to a survey by CBInsights 14% of small businesses failed because they ignored their customers.
As part of a franchising operation you will work to a structure in terms of brand identity, training tools, business practices and territory allocations. With an established franchisor such as Revive! you will receive the benefit of additional support with bookkeeping and administration duties allowing you to focus on your customers individual needs leading to a better service overall.
Revive! have been in the franchising world for over 20 years with numerous programmes of support and training on offer that will help benefit your career as a business owner. Revive! are able to provide a broad spectrum of success stories, things to watch out for and business advice to help your franchise grow. It is important to note that according to the BFA 82% of franchisees are satisfied with their franchisors, meaning that overall, they are happy.
While this franchise structure may sound more constraining, it is worth noting that across franchising as a whole there is just a 4.2% failure rate showing that a structure of training and support is key in helping to establish a business.
Franchise Back-up or Creative genius
One of the key benefits of starting with an established franchisor is that a lot of the hard work has been done for you. The creation of a recognisable logo, along with marketing materials and advertising content is already built, as is the overall brand awareness which will bring in an initial customer base for you to grow from. As part of a larger franchise network, you will have teams based in a head office there to support you with any issues big or small, who will also be rooting for your success.
When creating your own brand, you will quickly find that all of the creative work will have to come from you, including logos, adverts, marketing materials and so much more, it can certainly be a daunting prospect for even the most proficient photoshop user. Incorrect staffing choices can also be a significant drain on a new business leading to an early demise, 23% of small businesses failed because they didn’t have the right team running the business.
In summary
As an established franchisor with over 50 successful franchisees in our network it is clear which side of the fence we fall on when it comes to franchising or sole ownership. Small business ownership is incredibly demanding with 45% of businesses failing within the first five years. Where small businesses are struggling however, franchises are succeeding, 89% of franchises are reporting profitability in 2024.
Franchising can offer an amazing opportunity to find success running a business of your own without the drawbacks and challenges of self-employment. Why not have a look at what franchising has to offer if you are thinking of going it alone, you may be surprised at the choices available across lots of different industry sectors?
For more information about franchise opportunities in your area please get in touch with our team here: revivefranchise.com/contact-us/
Keep an eye on the latest news from Revive! on our socials here: facebook.com/reviveukltd
