The tips below are a guide to help you decide on the right franchise for you. The tips will also help you determine if in fact franchising will work for you.
1. Determine what it is you enjoy doing and what your strengths are. Deciding on a significant lifestyle change will usually work the best if your work activity is focused around doing what you enjoy and do best.
2. Talk to your partner or spouse and explain your thoughts about wanting to build your own franchise business. Make sure that the people that will be most affected by any change in your employment status understand your motives. Make sure that yo ur family will be there for you emotionally and if possible financially.
3. Admit that business is hard work and can have its ups and downs. Happy franchise business is all about replicating proven best practise so this helps to reduce the downs and maximises the ups. It is vital therefore that its necessary to <strong>follow</strong> a system that has been tried and tested.
4. Visit information rich sources online such as franchise directory sites and reading franchise publications where you can study information about franchising and genuine franchise business options that could be of interest to you.
5. Make an appointment to visit the franchise companies that interest you the most. 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. Ask questions such as, are you happy with the franchise? Do you make a profit? What support do you get? How has the recession effected your sales and profit? Would you buy this franchise if you were me?
7. After you have completed your research, decide which franchise opportunities are of genuine interest to you. Make a short list.
8. It is vital now to speak to your bank. Ask the bank for a report of what they know about the franchises on your short list. Lenders tend to keep records about franchises they know about. With this information you can gain an independent report about the bank''s view of your preferred options.
9. Often you will need to borrow money to start a proven franchise and for this banks may lend up to 70%. This is by virtue of the fact that over 90% of UK franchisees run their businesses at a profit according to the British Franchise Association National Franchise Survey and this gives the banks a lot of confidence to lend to franchise start up owners.
10. The fin al step will be to look closely at the franchise contract which your chosen franchisor will present you with. This document governs the trading agreement between you and the franchisor. A British Franchise Association accredited lawyer should be consulted.
After completing the above steps you should be well positioned to decide which franchise is right for you. It will then fall to you and the franchisor to sign contracts, arrangement payment of fees, set up training and agree on your franchise business launch programme.
Take your time, find the right franchise for you and then work with the franchisor and your customers to build a profitable franchise business.
