Could a management franchise be right for you? This guide offers more information on what a management franchise is and what its benefits are.
What is a management franchise?
A management franchise is a business that allows you to take on broader management tasks without necessarily having to learn industry-specific, day to day skills. Although extensive knowledge of the day to day running will be required. Your role as the franchisee of a management business will involve utilising your skills and knowledge to manage your team and grow the business.
A management franchisee will need to have a focus on business development as well as the financials.
Control your working hours
As the franchisee of a management business, you have the autonomy to decide when you will work. This can often mean having a more flexible working day. It should be noted that as the owner of a business it is up to you to ensure that your business is successful. So you must have the right attitude to grow the business and make it successful.
When you decide to buy a resale, you will be able to gain an understanding of the responsibilities you will need to undertake, from the current franchisee. It is a good idea to ask questions to ensure that you are buying a business that you will be passionate about and enjoy working in.
Choosing a business sector that you want to work in, combined with work hours that suit you, will give you a better work/life balance.
A wide range of sectors
There are many options when looking at management franchises include many sectors, health and fitness, domiciliary care, commercial and domestic cleaning, financial services, recruitment and retail – to name a few. There are many options open to you when you want to become a management franchisee.
Industry-specific experience is not always required from a franchisee. Every franchise offers its own training. As a result, a management franchise could be a doorway into any industry, providing you have the passion and work ethic to continue to grow the business you purchase.
Is a management franchise right for me?
If you have management skills and are happy to lead a team, a management franchise could be the perfect opportunity for you. It could also be ideal if you haven’t got a specific industry in mind, but are looking for a new challenge. You should do your due diligence before entering into a franchise. Picking one that is the right fit for you is imperative.
You will need a range of transferable skills, such as problem-solving skills, budgeting, recruitment, management and leadership and of course customer service skills.
You will also need to have access to funds in order to buy a franchise resale. Depending on how successful the business already is, you will need more funds to buy your chosen resale. However, you begin to reap the rewards straight away, unlike when you enter into a cold start.
Resales are a more secure option than new franchises as they have a reputation, staff and a steady flow of customers.
If you are on the market for a management franchise, we can help you.