Useful tips when considering a Franchise – Part 1
Joel Caws - Technical Director, Select Your Franchise
If you have been considering self-employment, then a franchise is something you may also have heard of or already looked into as an alternative. The good thing about a franchise business is that its based on a proven business model. So, with that in mind, here are some pointers that might help you in your decision making process. Firstly, we will look at the intial stages in finding out which franchise suits you:-
Research
These days, researching pretty much anything is made so much easier by the internet. There are many online resources such as franchise directory websites that aggregate alot of the initial information on different franchise opportunities to get you started. From there, you might also want to consider attending a franchise show or purchasing a franchise magazine which can give you more insight into what franchising is about and what opportunities are available to you.
Narrow down the options
Once you have a list of potential franchise candidiates you can narrow it down to a few of the most likely options. You can contact or call up the franchisor and request further information so you can become more informed on the selection of opportunities you want to seriously consider.
Check out the background
This is another area where the Internet can help again. Its essential when dealing with any investment that you know who you are dealing with and that you are making an informed decision. There are various sites such as the companies house website which can give you a basic history of any registered business such as how long they have been trading, etc. and more detailed information for a small fee.
Meet the Franchisors
The next step will be to arrange to visit the franchisors head offices and see their operation for yourself. This will help you to get a feel for the business you are considering investing in.
Talk to Franchisees
The franchisor should be able to provide you with contact details for a number of their existing franchisees. This is a really important opportunity to get some reference information and feedback from people who were once in the same position as you are now. The only difference is that they have made the leap and are now trading. Finding out how it worked for them and the level of training and support they experience, will help to give you confidence in the franchisor.
By now you should be able to decide which franchise suits you the best. In our second part we will look at some addition resources that are available to help you choose a UK franchise.
Tags: franchise opportunities, franchise research, joel caws, select a franchise
June 23rd, 2011 at 4:05 am
Franchise candidates should also educate themselves on the overall franchise business buying process and this will help them during their due diligence process.If needed get the help of your attorney and accountant for sound advice and making a smart business decision.
June 30th, 2011 at 12:34 pm
Thanks for pointing that out Michael. For sure everyone should do their homework on any franchise they consider but also make use of the professionals available… something I will be sure to include in Part 2 of this article
Joe