Finding the right franchise advice is critical when looking at starting up a franchise business. Very few people who are looking to start a franchise have enough franchise knowledge in order to make all the right deicisions. For this reason we’ve compiled a few ideas of where to go to find the right franchise advice that could save you some pain along the road:-
No advice is often more trustworthy than that which you can glean from your friends. When considering starting a franchise business, ask around or even pop out a message on your favourite social network such as Facebook. See if anyone else in your circle of friends has ever started, or is running, a franchise business and get their valued insight and advice on their experiences in setting up the business and how it performs for them.
Franchise consultants are experts that have an extensive knowledge of franchising and many connections within the franchise community. They will often have a good knowledge of different franchise systems and can help match you to one that suits you.
Franchise legal experts are usually lawyers who work and deal specifically within the franchise industry. They have a good understanding of the law relating to franchise agreements and can offer advice and help when it comes to the legal implications of running a franchise business. For example, what accountability you have to the franchisor and what are their obligations to you the franchisee, could be explained in plain terms to you by a franchise legal expert so you understand fully what you are taking on.
Franchise Associations, help to promote franchising in each respective country. In the UK, this is the British Franchise Association, who can provide help to prospective franchisees and point you in the direction of resources and/or other Association approved companies to help you in setting up your franchise. They also provide a membership scheme for franchisors for which certain criteria have to be met in order to become a member. Choosing an Association member, may help to give more confidence in finding the right franchise business for you.
Many of the high street banks have dedicated franchise sections, whos job it is to arrange finance for those wanting to set up a recognised franchise business. The bank will be able to advise you on what finance might be available for setting up your franchise. In addition, they may already have some history of financing for a specific franchisor which may help with your application.