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Tips for finding the right franchise for you

April 19th, 2017 by Nick Strong in Franchise Tips
 

Tips for finding the right franchise for youIn these times of economic change many people are considering what they might do with their futures.

Many of us are driven by motives of ambition, redundancy or even preparation for retirement and are looking to franchise business as a potential way forward. Clearly franchise business and self employment is right for some and not for others.Below are some tips for finding the right franchise for you.  The tips will also help you determine if infact franchising is right for you or not.

Tips for finding the right franchise for you

  1. Determine what it is you are best at and most enjoy doing. Making a significant lifestyle move will always work best when your work is focused around doing what you enjoy and do best.
  2. Speak to your family and explain your thoughts about wanting to build your own business. Make sure that the people that will be most affected by any change in your employment status understand your motives. Make sure that your family will support you emotionally and if possible financially.
  3. Recognise that business is hard work and can have its ups and downs. Franchise business is all about replicating proven best practise so this minimises the downs and maximises the ups.  It is vital therefore that you want to FOLLOW a proven system.
  4. Visit information rich sources such as www.SelectYourFranchise.com and franchise exhibitions where you can research information about franchising and genuine franchise business options that are of interest to you.
  5. Arrange to visit the franchise systems that are of most interest to you.  Meet the key people that would train and support you.  Do you like them?  Could you work with them?  Does the visit create confidence in you?
  6. Ask for contact details of their franchisees.   Speak to the franchisees and ask about their experiences.  You could ask questions like, are you happy with the franchise?  Are you profitable?  What support do you get?  Knowing what you know, if you were me would you buy the franchise?
  7. Make a short list to identify which franchise opportunities are of genuine interest to you once you have completed your research.
  8. It is vital now to speak to your bank.  Ask the bank for a report of what they know about the franchise systems of interest to you.  The banks keep their own records of all franchise busiensses known to them.  From this information you can gain an independent report about the bank’s view of your preferred options.
  9. If you need to borrow money, banks will often lend up to 70% for a proven franchise concept.  This is because over 90% of UK franchisees run profitable businesses according to the British Franchise Association National Franchise Survey which gives the banks a lot of confidence to lend to first time franchise business owners.
  10. Finally you will need to look closely at the franchise contract from the system you have identified to move forward with.  This document governs the trading agreement between you and the franchisor.  A British Franchise Association accredited lawyer should be consulted.

When you have completed the above steps you will be in a position to decide what franchise is right for you.  It will then fall to you and the franchisor to sign contracts, pay fees and set up training and your franchise business launch programme.

Take your time, find the right franchise for you and work with the franchisor and your customers to build your own successful business.

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