No achievement is quite as great as the feeling of starting a business from scratch, seeing it through from its humble beginnings to eventual company expansions.
Careful planning is essential to setting up a good franchise business, as are the following industry tips:
- Find out what franchises are availab l e. There are franchise exhibitions, directories and magazines, all devoted to franchising and starting a business.
- Take as much advice as possible. Advice on choosing a franchise is available from professional advisors including banks, lawyers, accountants and various franchise publications.
- Ex amine your skills and weaknesses. Does the franchisor provide training and back-up to support you and fill any skills gaps?
- Check whether the franchise is right for you. Is the business one you can see yourself running and enjoying?
- Investigate the franchisor. It is important that the franchisor has the financial resources to support a franchise network.
- Talk to existing franchisees. What problems did they have, how successful are they, what advice and tips can they offer?
- Examine the marketplace. Is there a market for your chosen franchise’s goods/services in your preferred area and is it sustainable?
- Take care with new franchises. Has the franchise been piloted and how long has the franchisor been in business?
- Check the legal agreement and have the franchise agreement vetted by a franchise specialist solicitor.
- Take your time. Taking up a franchise is likely to be one of the most important decisions in your life and the life of your family. However enthusiastic you are, don’t be rushed, and do your homework.