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A Guide to Buying a Business in the Medispa Industry
Franchise Opportunities

A Guide to Buying a Business in the Medispa Industry

Many people have the ‘dream’ of being able to own and operate their own business. Far fewer follow through to make this a reality.  This may be due to the high failure rate of business start-ups.  With so many unknowns to starting a business for yourself that ultimately means people talking themselves – or being talked – out of taking that step. Having to live with asking yourself ‘what if?’ or ‘if only..’ can be fairly demoralising.

So what are the options? One option that can be considered is to buy an existing business. This can be a business that is already trading, has an established customer base for its product or service, has revenue coming in and expenses going out and, ideally, is making a profit. If trading has been good and the business shows a sustained profit, the cost to buy the business could be high – perhaps matched by the weighted expectations of the current owner to realise a return for their hard work. Yes, this price could be negotiated down, however, you’re then expected to realise future growth through your own endeavours and ensure there are no skeletons in the closet of the business you now own and are responsible for.

Spa 810 worker talking to customer at the front desk

Alternatively, you may have the spark of an idea that means, rather than buying a business, you are building it from scratch which may require lots of time spent finessing the design of your product, ensuring it has the necessary patents and trademarks, investing in costly but albeit necessary R&D, determining who your market is and working out how to reach them and through what channels of communication. Then, after that extensive journey, hoping that what you have painstakingly worked on is successful and that customers actually want to buy! 


How do franchises work?

Fortunately, there is a far more tried and tested option to buy your own business. Investing in a franchise. In short, it’s a business in a box. It’s all ready to go and with a receipt of sorts for you to follow, with everything included in the purchase price. You don’t need specific experience, that’s provided by way of training and ongoing support. You don’t need to find your suppliers, they are ready and waiting to help you. You also don’t have to get bogged down with how to find your customers and ask yourself ‘how will they know about what I do?’. Marking collateral for print and digital initiatives is already there, ready for you to use.


The advantages of buying a franchise business

The added advantage of buying a franchise business is that you have a ‘franchise support’ team available to you. What does that mean? Well, you may have plenty of experience in one business area, managing teams for example, but haven’t really got the first clue when it comes to marketing or everything that entails. Chances are that the financial aspects of a business is not something you’ve been responsible for previously. By buying a franchise business you have a team with experience in all these functions and more to help you operate your business successfully. You’re working in partnership with them as everyone has a vested interest in the success of your business.


How does funding work?

The added advantage of buying a franchise business is that banks are more comfortable and willing to help fund new franchisees. They see the benefit that following an already established blueprint, or ‘model’, can provide. This can mean funding from them of up to 70% of the total investment subject to you meeting their lending criteria. You’ll find banks are also supportive of franchising due to the fact that, in the latest bfa/NatWest Franchise Survey, 50% of new businesses fail within the first five years compared to only 1% of franchises in the UK. 

A franchise agreement lets you get into business for yourself but not by yourself. It lets you scratch that itch of being your own boss but without the daunting feeling that you’re doing it alone. If you are able to bring the energy, passion and desire for having your hard work rewarded, then buying a franchise business may very well be the step you need to take to realising your dream.

Get in touch today to find out more about our franchising opportunities.