When is the Right Time to Buy a Franchise?

Buying a franchise is a fantastic opportunity. You can have your own business without being on your own.

Franchisees often have a higher success rate than new business owners

This is primarily due to the added support as well as the buying power and brand loyalty that already exist; take a look at our previous blog for more information on what makes a successful franchise.

At Esquires Coffee, when you purchase a coffee franchise, we organise and prepare everything for you, from locating the premises to the interior design, shop fit-out and training.

Indeed, with a franchise, you will be given all the necessary training to run your business as well as ongoing support. Esquires Coffee offers all of their franchisees' full training along with their staff members.

Borrowing money is simpler due to the brand reputation

In addition to this, financing is far easier with a franchise because borrowing money is simpler due to the excellent reputation of the brand and added security. In this article, we take a look at when is the right time to start your franchise venture and begin reaping the benefits.

The cost of a UK franchise

Should I Buy a Franchise?

There will be many considerations ahead of signing a franchise agreement and taking the first steps of your entrepreneurship journey. We’d advise conducting research and talking with advisors with previous experience ahead of deciding whether you should buy a franchise and if it is the right time for you to do so.  

Some key areas for consideration include:

  • Whether you’re the right fit for the role
  • What your day-to-day as a franchisee will look like
  • The industry you’re buying into
  • The strengths you will bring to the business, and any weaknesses
  • Your financial situation
  • The success rate of the franchise you’re buying into.

Buy A Franchise When You Are Financially Ready

Perhaps the most important factor that will affect when you should buy a franchise is the capital. While some will be financed, it is essential to have some liquid capital to boost the chances of qualifying and being successful.

Furthermore, you should take into consideration your personal life – do you have a family? A full-time job? Do you know your area well enough?  These are all questions you should ask yourself before taking the leap to purchase a franchise.

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Buy A Franchise When You Have Found A Suitable Company

The company you choose to buy a franchise with is very important. It would help significantly to do research on the company to determine whether or not they are successful because this will, in turn, affect your chances of success.

Do plenty of research into the company

Look into how long they have been in business, what the average success rate is of their franchises and also how long have franchisees stayed with them in the past. These are all indicators of how accomplished they are as a company.

A laptop and notepad

Only purchase a franchise in an industry you are interested in

In addition to the company being successful, the industry, product or service offered should also interest you. There is no point buying a franchise in an industry you have no interest in because you will not put your all into it.

Buy A Franchise When You Are Ready for A New Challenge

While you are given plenty of help and support with a franchise, it is still your own business and, as such, the general day to day can be challenging, so it is essential that you feel ready to take on the responsibilities.

A lot of time and effort has to go into running a franchise; therefore, it is important to ensure you have enough free time to dedicate to it.

A person working on a laptop and writing notes on a notepad

Buy A Franchise When You Have Decided the Long-Term Goal

Before buying a franchise, you should consider what your long-term goal is. Analyse whether the opportunity is suitable for you and worth it in the long run. You could also look into ways to expand the franchise in the long term.

Esquires Coffee offers master / regional franchise licence coffee opportunities and meaning that you can develop a specific area with the knowledge that your territory will be exclusive. You would be in charge of building a profitable network of flourishing cafes with full support from us.

Please take a look at our previous blog that looks at some of the advantages of franchising to help you with your decision.

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There are fantastic franchise opportunities at Esquires Coffee

If you would like to buy a franchise, Esquires Coffee offers coffee franchise opportunities across the UK. Our coffee shops have the atmosphere of an independent company while benefitting from the purchasing power of a brand.

We are also committed to being a sustainable business; therefore, we focus on our ethical ethos and value Fairtrade and organic products. If you would like to get involved with a company like this, get in contact with Esquires Coffee today!