14 October 2009
All About Choosing A Franchise Opportunity
Posted by freetraficsystem under: Franchise .
During times of financial difficulty people are contemplating their path into the future. Many of us are driven by the impulses of being made redundant, ambition or sometimes preparation for retirement and may contemplate franchise business as a potential way forward. Without a doubt the self employed franchise route is not right for everyone.
Below are some pointers for deciding on the best uk franchise for you. The tips will also help you determine if in fact franchising will work for you.
1. Think about what it is you enjoy doing and what your strengths are. Making a significant lifestyle move will always work best if your work activity is focused around doing what you enjoy and do best.
2. Speak to your family and tell them about wanting to build your own franchise business. Make sure that the people that could be most affected by any move in your employment understand your motives. Ensure that your family will support you financially if necessary but more importantly, emotionally.
3. Recognise that business is hard work and can have its ups and downs. Replicating a proven system is what franchise business is all about so this minimises the downs and maximises the ups. You can see why its so important that its necessary to follow a system that has been tried and tested.
4. Start your research online by visiting franchise directory sites and reading franchise publications where you can study information about franchising and genuine franchise businesses that are of interest to you.
5. Make an appointment to visit the franchise companies that are of most interest to you. Speak to the key people that would train and support you. Do you get on well with them? Could you work with them? Do you come away from your visit feeling confident?
6. Obtain permission to speak to some of their franchisees. Speak to the franchisees and ask about their experiences. Ask questions such as, do you feel happy with running this 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, decide which franchise systems are of real interest to you. Make a short list.
8. The next step is to speak to your bank. You can ask the bank for their opinion of the franchise systems of interest to you. Lenders tend to keep records about franchise businesses they know about. With this information you can get insight into the bank?s opinion of your short listed 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 because over 90% of UK franchisees run profitable businesses according to the British Franchise Association National Franchise Survey which gives the banks the confidence to provide lending to franchise start up owners.
10. The final step will be to look closely at the franchise contract from the system you have identified to move forward with. The franchise contract rules the agreement to trade 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 make a choice of which franchise system is right for you. It will then fall to you and the franchisor to sign contracts, arrangement payment of fees, book in for training and agree on your franchise business launch programme.
Don’t be rushed, decide on the best franchise system to suit you and then work with the franchisor and your customers to build a profitable franchise business.
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