Franchises - Still Fashionable?

[pauljdh]

Im taking ER next month and for the rest of the year will sit back and take stock but was considering my next move, which wont be salaried emplyment!

I'm attarcted to the concept of buying a franchise to give me something to do.
My first thoughts are:

Suitable for p/t working from home
No HS&E considerations
Single use service or commodity with repeat business.
Sellable should i decided to retire eventually
Modest initial investment
Suitable for self and partner to manage

Im 59 and many may say that a franchise cant be done on a part-time basis, but maybe not?

Not into oven cleaning, washing wheelie bins etc, maybe a technical service? Anyone have any initial thoughts?
Many thanks
Paul

[DRFC1879]

Rather than a franchise it sounds like you'd be better off setting yourself up as a handyman/gardener or some such so you can work the hours you want.

Or maybe look at consultancy work in the industry that you're leaving so you can take short term positions on a decent day rate.

[hyphen]

What kinda franchise? Which sector.

[anonymous-user]

pauljdh said:

Sellable should I decided to retire eventually.

The catch with being a franchisee is you never have very much to sell since the concept and branding belong to the franchisor. On the positive side you hopefully get to access a reasonable income steam with as little start-up cost/risk as possible.

You'd need to read the draft franchise contracts very carefully to see exactly what they say but, for instance,

• Any "sale" of your business is likely to be subject to approval of the franchisor. If they say they don't like your prospective buyer you're up the chuff.
• Who owns the customer list, which may be the only thing your work actually creates? Does it belong to you or to the franchisor?
• And even then, if you (or they) terminate the franchise, will you be subject to a "non-competition" restriction? If so, there's not much you can do with that customer list.

[jeff m]

I would advise getting some hands on experience in the sector you're interested in.
You will get a good idea of the monthly sales and also how future employees will rob you if there is cash involved.

franchises ; while the upfront costs are often manageable, the franchisors often require quite high net worth