Shop around for the best franchise for you
Retail franchising can seem to be a very attractive business option as you will be using an established High Street name using a proven format but there are a number of factors to consider beforehand.
The rewards available from owning a retail business are some of the most attractive in the franchising world but they often require a higher level of investment than many other systems.
A retail franchise requires significant overheads In commercial premises, costly shop fitting and employing staff to help operate a high-yield business system, which can often be sold at a profit, should the franchise owner wish to retire and capitalise on the investment.
According to The British Retail Consortium, retail sales in the UK last year were more than £286 billion and accounted for more than a third of consumer spending.
As such, a number of retail chains and franchises are becoming an increasing presence in towns and cities across the UK, as successful stores decide that franchising their business provides the best way to meet their expansion plans.
Which retail franchise is for you?
The best way to decide what kind of retail franchise you want to invest in is to ascertain two factors: what your interests are and where your expertise lies.
If you are interested in and passionate about technology and video games, you may wish to look at opening a CeX store. Or if you have past experience working in interior design, you may want to invest in a showroom-based franchise.
However, past experience is not usually a prerequisite to owning a franchise, as the franchisor will provide you with all the training and tools you will require to start and run a successful business.
That said, it would undoubtedly be helpful to have some interest in the industry you want to join. After all, you will be devoting time to making your business a success so you will want to make sure you will also enjoy it. Opposite are some examples of the retail franchises opportunities available.
Buy And Sell Retail Franchise
All shoppers like a bargain and Buy and Sell franchise opportunities provide the shop with a number of revenue streams including selling new products as well as buying good quality used products from the public and selling them on. Examples of these types of franchises are Cash Generator and Cash Converters.
Home Improvement Retail Franchise
With the housing market in a state of flux at present, people have been veering increasingly towards improving their homes, or carrying out much-needed repairs. Brands that fall into this category include Dream Doors and Ripples.
Clothing Retail Franchise
Clothing stores are some of the most popular in the retail market, providing a significant portion of retail revenue. There are opportunities to open shops specialising in outdoor wear, women's, men's and children's clothing. Retail franchises such as Rohan and Esprit continue to thrive because people prefer to try before they buy clothing.
Mobile Phone Retail Franchise
Many of the major mobile phone network providers such as Orange and O2 are finding that franchising is the way to penetrate the retail sector even further. With telecommunications constantly evolving these business opportunities mean there will always be a constant stream of customers.
Beauty Retail Franchise
A beauty retail shop can range from a store that sells beauty products to a hair salon. These beauty retail franchises, such as Glamour Secrets, provide great brand name recognition, and offer an opportunity to capitalise on products that women are inclined to buy, regardless of the economy.
Food Retail Franchise
Many food-related businesses, including takeaways, health food specialists like Naturhouse, coffee shops and packaged food retailers have retail locations. Food retail franchises can be time consuming and require a lot of work, including hiring staff but can provide rewarding results as well.
Tools and Equipment Retail Franchise
Utilising van-based showrooms, retail franchises like Snap On Tools sell tools and equipment for professional use. They are able to showcase and sell tools for the motor industry or the home repair industry via their mobile showrooms.
Office Products Retail Franchise
There are many retail franchise opportunities available for office products, such as mailing supplies, computer supplies and various paper supplies. These retail locations allow consumers or businesses to buy important business supplies immediately.
Greeting Card Retail Franchise
These franchises often provide merchandise such as greeting cards and other small gift products to retailers who then sell them. Greeting card retail franchises, such as Card Connection, are a popular home-based opportunity that allow you to work closely with retailers and sell a quality product while not having to run a retail outlet yourself.
Reported by Fraser McKay