Retail franchises are very popular and some of the best known brand names on the high street are in fact franchised outlets.
Generally, retail franchises do require a high investment level so it can be worth talking to the franchise section of your high street bank since you may be able to borrow more than you realise in order to get your franchise up and running.
Many retail business opportunities depend on high profile, retail premises in which to operate although if the particular business is not heavily reliant on passing trade it may be preferable to trade from a lower cost industrial unit or out-of-town-centre premises.
Many retail franchises also require staffing so this is something else that will need to be factored in to your business plan when considering whether its a viable option for you.
Fortunately when choosing a franchise, the franchisor will usually be able to help with planning in all of these areas since they will be able to present you with the best business structure for optimal operation of the franchise business. For example, they may be able to advise on best premises location, how to present your business plan to the bank, etc.
The latter point is one reason why many choose a franchise business rather than a conventional one. Due to a franchise being based on a tried and tested business model, the franchisor already has the trading experience of running the business you are starting up. You can therefore benefit from the training and support of the franchisor who has been in your shoes and has likely made all the mistakes you might be able to make, and refined the business model so that you don’t make the same ones. This wealth of experience in how the business works and runs can be a serious advantage.
Whichever option you choose, make sure you are prepared to work hard and willing to commit yourself to making the business a success. Hard work and determination can help you to build a solid, profitable retail franchise business.