Franchising offers an exciting pathway into business ownership, with the UK franchising sector contributing £19.1 billion (€22.9 billion) to the economy in 2024. But how do you know if franchising is the right fit for you? Success requires more than just enthusiasm; it demands specific skills, mindset, and preparation—skills you can master with the right insights and planning.
This article explores what makes a successful franchisee, common pitfalls to avoid, and strategies for preparation, based on insights from experts Pip Wilkins QFP, CEO of the British Franchise Association (BFA), and Simon Wise, Founder of FranRec Ltd. Whether you’re considering a career shift or looking for a life-changing opportunity, these expert perspectives will help guide your decision.
Key characteristics of a successful franchisee
According to Pip Wilkins and Simon Wise, successful franchisees possess a combination of personal attributes and practical preparedness.
“The ideal franchisee has drive, determination, grit, and entrepreneurial flair,” Simon Wise explains. “They also need to be resilient because franchisees go through a very defined life cycle with challenges along the way.”
Resilience is crucial, but adaptability is equally important. Franchisees must be prepared to follow the franchisor’s established system while still meeting customer and market needs. “Franchisees don’t need prior knowledge of the sector,” Pip Wilkins emphasizes. “The franchisor will teach them everything they need to know, but they must have tenacity and the ability to follow the franchise model.”
Other essential traits include strong communication skills and alignment with the franchisor’s vision. Franchisees should also be financially prepared to cover costs during the initial months. “It’s important for franchisees to have enough liquid capital to sustain the business until it becomes profitable,” Pip Wilkins adds.
Avoiding common mistakes
While franchising offers immense potential, it’s not without risks. Many prospective franchisees stumble by making avoidable mistakes during the decision-making process.“Franchising is like a marriage,” Simon Wise explains. “You have to choose your partner very carefully and ensure alignment with their vision and values. The biggest mistake people make is underestimating the investment needed to succeed, both financially and in terms of effort.”
Another common pitfall is failing to consider how the franchise model aligns with personal lifestyle. For example, retail franchises often require weekend work. “If your weekends are important to you, retail is not the right franchise,” Simon Wise advises.
Pip Wilkins adds that ignoring the franchisor’s support system is another frequent misstep. “A good franchisor profits from your long-term success, not just from selling you the franchise,” she explains. “Research their support system and speak to existing franchisees to get a realistic understanding of the day-to-day challenges.”
Sectors currently attracting franchisees
The latest BFA survey highlights significant growth in personal services and hotel/catering franchises, making them particularly attractive to prospective franchisees.
“Personal services have grown by 53 % since 2018,” Pip Wilkins shares. “This sector includes everything from domiciliary care to children’s activities like dance and crafts.” Similarly, hotel and catering franchises have expanded by 34 %, driven by increased demand for diverse dining experiences and staycations.
These sectors are not only growing but also provide sustainable options for long-term success.
The BFA survey also revealed an 8 % increase in franchise systems since 2018, reflecting the sector’s continued expansion.
A success story in franchising
Simon Wise’s journey highlights how aligning your strengths with the right franchise can secure not only financial success but also the work-life balance many aspiring business owners dream of. After leaving a corporate career, Simon sought a business that aligned with his strengths in sales and marketing.
“I picked a franchise that leaned into my skills,” Simon Wise recounts. “I invested everything I had and built a business that secured my family’s future. Over eight years, I not only grew mybusiness but also achieved the work-life balance I wanted. I never missed a sports day or school event for my children.”
But his path wasn’t without challenges. “The early months required grit and determination. I borrowed everything I could to get started, but I believed in the franchise and my ability to succeed.”
Simon Wise’s story underscores the importance of selecting the right franchise. “Choose something you’re good at and something you enjoy doing,” he advises. “When you do that, you’ll never work another day in your life—you’ll always be in a happy place.”
Preparing for franchise ownership
Success in franchising begins long before the doors of your business open. Both Pip Wilkins and Simon Wise recommend a thorough preparation phase to ensure the best possible start.
Key preparation strategies:
- Educate yourself: Use resources like the BFA’s prospective franchisee certificate to understand the responsibilities of franchise ownership.
- Conduct research: Explore reputable platforms like Which Franchise for insights.
- Meet franchisors: Attend exhibitions to interact face-to-face.
- Talk to franchisees: Gain real-world insights into franchisor support and challenges.
- Evaluate finances: Ensure you have enough capital for the first months of operation.
“Franchising is a mutual relationship,” Simon Wise notes. “Take your time to find a brand that aligns with your values and long-term goals. Success comes when you’re confident in your choice and ready to put in the effort.”
Your next steps to franchise success
Franchising offers a unique blend of structure and autonomy, making it an attractive option for those ready to invest in their future. However, success depends on thorough preparation, the right mindset, and alignment with the franchisor’s vision.
Franchising combines the best of both worlds: the proven support of an established brand and the freedom of business ownership. For those ready to invest in themselves, take the time to prepare, align your strengths with the right opportunity, and embrace the challenges ahead. The rewards—financial success, personal fulfilment, and work-life balance—can truly be life-changing.
