For those who have decided a franchise could possibly be a great choice for you then being aware of what to try and do next can easily be the difference between disappointment and success. There are various important considerations to take into consideration once you’ve made the choice of going the franchise opportunity or non-franchise route.
Listed below are ten important considerations that can assist you on your way:-
1. Explore Choices
Use online franchise business directories, franchise shows and franchise publications to research the options available. You will find a huge selection of franchises available on the market so make sure you try to find something you’ll take pleasure in doing and that could suit your lifestyle and budget.
2. Produce a shortlist
After looking at a number of franchise opportunities you might be interested by, draw up a shortlist of 2 or three that you could really see yourself doing. Aquire their franchise information packs either by way of online contact request or pick up the phone.
3. Explore Background
It’s crucial that you identify who you’re dealing with as you will be making a considerable investment. Take a while to discover the franchise company’s working history. You may also wish to investigate the directors of the franchise companies and find out what other ventures they have got or are already associated with. You could find online tools, like the Companies House website, useful.
4. Get together with the Franchisors
As soon as you feel totally clued-up about your shortlist of franchisors, its time to phone them and plan to get together with them. Pay a visit to their central offices and get a feel for their business. At the same time as you’re there, ask for contact details for some of their franchisees as recommendations.
5. Talk to Franchisees
Contact your list of franchisees and ask them questions on how the franchise business performs for them as a commercial venture. Are they trading beneficially? Would they buy the franchise business over again given what they currently see?
6. Research Financing Avenues
There can be many avenues to financing. You may have your own funds to make an investment from savings or a redundancy. More choices could be an external sponsor or main high street banks. It pays to talk to a bank manager nonetheless, present your franchise plan and find some useful feedback as to what financing potential you might have.
7. Obtain Professional Advice
Many people determine they require some professional assistance in the investigation and purchasing process. For this reason, you can find specialist franchise business consultants who have a considerable knowledge of the intricacies of a franchise business that can aid with matching you to a franchise opportunity that works best for you in combination with helping everything proceed smoothly.
8. Acquire Legal Advice
You’ll have to sign a franchise contract as soon as you have decided on the most effective franchise opportunity for you. It’s vital that you get proper legal guidance from a franchise specialist lawyer who can help to make sure that any legal requirements are met and to help you understand the legal agreement you will be entering into.
9. Gut Feeling
How you are feeling about starting your franchise can’t be ignored. It’s normal to have many of queries, notably as you become close to making a choice. The franchisor, and any other franchise gurus you seek advice from through the process ought to have the ability to offer answers and assist you to along your way. However, if you are feeling distress at any point, take a step back to figure out what you might be worried about and settle it before moving forward.
10. Lets get down to some good old fashioned work
A franchise, similar to any other business, requires hard work. Don’t be taken in to think that a franchise works inevitably simply because its a ‘franchise’. A franchise provides a proven system… but the system needs to be worked hard as a way to build a strong and beneficial business.