One thing you will notice when considering which franchise business to start up is that you won’t be spoilt for choice. There are hundreds of different franchise concepts available in the UK, so the challenge becomes finding the one that suits you best. In your search for the right franchise opportunity for you, there are a number of things you might want to take into consideration.
This will be probably the most overriding factor since there is little point considering a franchise that is outside of your budget. However, deciding your upper budget limit its worth talking to the franchise section of one of the major high street banks. They can advise you on how much you are likely to be able to afford given your circumstances. Then you can go out armed with a price range in which to consider the different franchises available.
Naturally, you might prefer to be working in a field that you have some interest in or that you think you might enjoy. To get some initial ideas, there are many different online franchise directories that you can browse from the comfort of your own home, or also you might decide to purchase a franchise magazine or attend one of the franchise shows that are held throughout the year. Choosing a franchise business that you have some interest or would enjoy can help to sustain your motivati0n.
Most people will want to trade close to where they live so checking out franchises which have territories available close to where you live can be preferable. However, bear in mind that if you are willing commute, that a franchisor might have availability there rather than immediately local to you. How far you are willing to travel to work will obviously depend on your preference and circumstances.
The above few points should help your to identify some initial franchise opportunities which fit your criteria. After that you will want to draw up a short list and then begin a process of elimination. In our next post we will outline some ways to take your research to the next level and help get you closer to choosing the right franchise for you.
In the second part of our ‘useful tips’ guide, we will look at some of the resources available and the final steps in choosing the right franchise for you. If you missed the first part you will find it here.
It’s likely that you may need additional finacing in order to start up your franchise business. If you already have some savings which will cover it then thats great. If not, then you may need external investment whether it be from a family member who has capital to invest, an outside investor or from the bank. Most of the popular high street banks have franchise sections dedicated to arranging finance for franchise start ups.
Expert help is at hand
The process of buying a franchise can be bewildering for the unintiated. The good news is that there are franchise consultants available that can assist you through the process. These experts have a wealth of experience in the process of becoming a franchisee and so can offer invaluable insight and help along the way.
Aquire Legal Advice
Taking on a franchise has legal implications. You will be signing an agreement as to what you can and can’t do as a franchisee. Taking the agreement to a franchise legal expert is an important part of the process so that they can advise you of the implications of signing it in plain english.
British Franchise Association (bfa)
The bfa is another important resource for anyone considering buying a franchise. One of its main functions is to promote ethical franchising in the UK. Franchisor members of the bfa must satisfy a range of selection criteria in order to qualify as a member which helps to ensure they meet a certain standard as a franchisor.
Getting down to it!
Whatever you decide to do, at some point you will have to get to work! A franchise might be based on a proven business model but its YOUR business and to make it successful you will have to commit yourself to it and be willing to work to make it succeed.
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:-
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.