When someone is interested in the option of owning a franchise business, a common question is ‘how long does it take to grow the business?’.
This is a sensible question, as most new business owners are keen to see growth (and profit!) as soon as possible. To give you an idea of how long it might take, while there’s never an exact timeframe, there are several factors which will influence the speed at which your new business will grow:
Whilst running a business in the retail sector can allow for quicker income, profits are often far less predictable than a service-based business which relies on contracted clients. While building a loyal customer base can take longer, your efforts will pay off when you have a predictable long-term income from your happy clients.
To get the quickest return on your investment, choosing an industry that has been consistently growing is a great place to start. The UK cleaning sector is worth an estimated £4.7bn pa, increasing by 25% from a decade ago, and it continues to grow.
When predicting your future profits, it’s important to also consider your initial investment. If you’ve taken out a loan to cover the costs of your new franchise business, then you’ll need to factor the repayments into your ongoing costs. Looking into government grants and local funding opportunities can be a great way to boost your initial investment – our team can help you explore your funding options further.
Your role and employees
Employees are key to your business when it comes to delivering a great service, so it’s worth paying for quality – but it’s also important to remember that this will slow down your profitability. Try not to hire more people than you need to start with, then allow your team to steadily grow as you business and client base expands.
Your franchise network’s size and location
The location that you establish your franchise in will be a big factor in how much potential profit you’re able to make, and how fast. If you choose to invest in a franchise with The Fine Cleaning Company, our experienced team will help you to choose the right area for your new business, ensuring that you have plenty of potential new customers to target.
When you put together your business plan, we’ll work with you to establish your goals for the franchise. You may be concentrating more on profit, growth or perhaps another long-term goal. This will also help you to decide how you pay yourself – whether by a salary, or whether you invest your profits back into the business to promote more long-term growth.
When establishing your franchise, our team will be on hand to support you as you grow, and to show you exactly how The Fine Cleaning Company grew into the successful business it is today.
According to the British Franchise Association’s latest research, 93% of franchises are profitable, with less than 1% of franchises closing within a year; these statistics suggest a far greater success rate from a franchise than a start-up or a new business venture, and a far quicker route to reliable profits and growth.
Ultimately, when it comes to running a business, you get out what you put in – the more you are willing to dedicate to your franchise, the stronger the results you are likely to see. This ability to take control of your own success is one of the many reason why owning a franchise is so exciting!
If you’d love to be your own boss, and are looking for a way to run your own business with a greater success rate and less financial risk, then franchising could be a great fit. Talk to us today about how owning your own Fine Cleaning Company franchise could work for you.