Income replacement is one of the biggest concerns on how to guarantee a monthly income. The 2018 NatWest Survey states that over 65% of people who signed a franchise agreement in the UK, were previously in full-time employment.
Should Franchisees be Aware of Income Replacement?
Franchisors have to show potential franchisees how they will benefit and receive income replacement in exchange for their annual salary. It’s important to realise during the first year of starting any business, franchise or otherwise, running at a profit is highly unlikely. Therefore another reason to consider a low-cost franchise, as you may see a quicker return on your investment.
This is not to say you won’t be able to draw an income from a new business. With a good business plan, you can establish a better picture of how to earn income replacement. Loan options should always be considered, as banks are more likely to lend to a franchise with proven success.
The friends and family effect
One of the reasons candidates decide not to sign a franchise agreement is due to pressure from their inner circle of friends and family. It’s almost impossible for a franchisor to overcome this kind of hurdle, as they may not be aware in the first place.
However, anyone thinking of investing in a franchise should start to include those closest to them. They may ask questions you hadn’t thought of or those you may have felt uncomfortable asking the franchisor yourself.
It doesn’t necessarily mean they need to attend meetings about your franchise opportunity. Just, it makes sense to keep them involved in the decision process.
Marketing is confusing
Only 3% of the UK’s workforce are in a marketing role. Not only that, but over 75% of people considering a franchise opportunity don’t have any marketing knowledge.
That’s where joining a proven franchise opportunity in the UK is beneficial. All franchisors need is a marketing team and the right support to attract new franchisees. As well as being able to explain the marketing process in a simple way.
GYMGUYZ
As a mobile gym franchisor, GYMGUYZ UK will help support you through set up and marketing. Using an already proven methodology to get you those clients and help boost your business.
Join GYMGUYZ as a home personal training fitness franchisee. Where you will change people’s lives with a home workout program. You do not have to be a ‘fitness fanatic’ as we provide full training so that you could manage a team of trainers in your area.
GYMGUYZ mobile gym franchise opportunities are part of a low-cost franchise that doesn’t require a physical gym. Plus you can open your own business within as little as 8 weeks!
