During times of economic change many people are considering what they might do with their futures. Often we are pushed forward by motives of being made redundant, ambition or sometimes retirement preparation and looking at franchise business as a potential way forward. Obviously franchise business and self employment is not right for everyone.
The hints following are a guide to assist you in your search for the perfect franchise for you. The tips will also help you determine if in fact a franchise business is right for you.
1. Decide what it is you enjoy doing and what your strengths are. Deciding on a major lifestyle change will usually work best if your work revolves around doing what you do best and your interests.
2. Speak to your family and explain your thoughts about you desire to build your own business. Its important that the people that could be most affected by any move in your employment are clear on your reasoning. Make sure that those close to you will support you emotionally and if possible financially.
3. Admit that running any business is hard work and like anything in life has its ups and downs. Happy franchise business is all about replicating proven best practise so this minimises the downs and maximises the ups. It is vital therefore that its necessary to follow a proven system.
4. Start your research online by visiting franchise directory sites and reading franchise publications where you can research information about franchising and genuine franchise businesses that are of interest to you.
5. Call and arrange to visit the franchise systems that are of most interest to you. Meet the key staff that would support and provide training to you. Do you get on well with them? Can you see yourself working with them? Do you come away from your visit feeling confident?
6. Obtain permission to speak to some of their franchisees. Chat with them and ask about their experiences. Ask questions such as, are you happy with the franchise? Do you make a profit? How does the franchisor support you? Has the recession affected your business sales or profits? Knowing what you know, if you were me would you buy the franchise?
7. After you have completed your research, identify which franchise opportunities are of the most interest to you. Make a short list.
8. It is vital now to speak to your bank. You can ask the bank for their opinion of the franchise systems you are interested in. Lenders tend to keep records about franchises they know about. From this information you can get insight into the bank’s opinion of your preferred options.
9. Banks will often lend up to 70% for a proven franchise start up. This is because over 90% of UK franchisees run profitable businesses according to the British Franchise Association National Franchise Survey and this gives the banks a lot of confidence to provide lending to first time franchise business owners.
10. The final step will be to pay careful attention to the franchise contract which your chosen franchisor will present you with. The franchise contract governs the trading agreement between the franchisor and yourself. A British Franchise Association accredited lawyer should be consulted.
When you have completed the above steps you will be in a position to make a choice of which franchise suits you best. The next steps would then be to sign the contract, pay fees, book in for training and agree on your franchise business launch programme.
Don’t be rushed, decide on the best franchise to suit you and then work with the franchisor and your customers to build your own successful business.