What about the Northern Powerhouse and the commitment to rebalance the economy away from London and to the likes of Manchester, Liverpool, Leeds? Well that is yet to be seen, how much money will be directed to Manchester and the North for transport and infrastructure. Little new money has been committed to developing the North and government is asking private businesses to step in and help keep up the momentum. Does that mean the local enterprise partnership’s (LEP’s) and British Business Bank will be looking for new businesses to lend to? Would this include part time businesses and franchises?
There is a Northern Powerhouse Conference in December 2016 in Huddersfield. There is an array of notable speakers, including Andrew Percy MP, Minister for the Northern Powerhouse. Keep an eye out for any further details on the news. There are 15 million people living in the North, plenty of business to go around for everyone, so get set and jump on board. If Manchester and the north becomes an economic powerhouse then the whole of the UK will benefit.
Options to suit your needs
Not all franchise entry levels are in the tens of thousands, it is possible to find a small home business franchise for less than 15,000. However not everyone has this amount of money available at the drop of a hat. It depends really on if the idea is to start off slowly, stay at work, and work from home, and start a part-time franchises. Or give up the job completely and make a full time commitment to the new business. In which case, a certain amount of living expenses are going to have to be considered, on top of the investment fee for the franchise. Banks are happy to lend to a new franchise business because statistics show that eight out of ten franchise businesses are still running after 5 years. This is probably due to the fact that the franchisor has already perfected the model and the franchisee works within these guidelines and continues on with the same structure of the business.
Franchise opportunities can be in a range of anything from 1000 to 75,000 and beyond. The higher entry level franchises are more likely to want franchisees from within the industry with a certain amount of experience and expertise. With the lower level entry fees, there are opportunities for the experienced and inexperienced.
Pick a franchise business that stays within a certain comfort zone, whether it is past experience or something that is a real interest or passion. When the interview takes place with the franchisor, have all the research at hand and make sure there is an affinity and connection straight away, and be sure that everyone is on the same path and has the same goals in mind. A franchisor wants the business to be a success as much as a franchisee. This ultimately ensures the success of their business and they can continue to sell franchises making all the franchises more popular, well known and successful.
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