Below are a number of tips for finding the best uk franchise for you. The tips will also help you determine if in fact franchising is right for you or not.
1. Think about what it is you are best at and most enjoy doing. Deciding on a significant lifestyle move will always work best when your work revolves around doing what you do best and your interests.
2. Talk to your partner or spouse and explain your thoughts about you desire to build your own franchise business. Its important that those close to you that will be most affected by any move in your employment understand your motives. Be sure that those close to you will be there for you financially if necessary but more importantly, emotionally.
3. Recognise 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. You can see why its so important that you want to follow a proven system.
4. Visit information rich sources online such as franchise directory sites and reading franchise publications where you can look at information about franchising and genuine franchise businesses that are of interest to you.
5. Make an appointment to visit the franchise systems that interest you the most. Look to meet the key staff that would support and provide training to you. Do you like them? Can you see yourself working with them? Does the visit create confidence in you?
6. Obtain permission to speak to some of their franchisees. Chat with them and ask about their experiences. Ask questions such as, do you feel happy with running this franchise? Do you make a profit? What support do you get? Has the recession affected your business sales or profits? Would you buy this franchise if you were me?
7. After you have completed your research, pin point which franchise systems are of real interest to you. Draw up a short list of options.
8. It is vital now to speak to a lender. Ask the bank for a report of what they know about the franchises on your short list. Lenders tend to keep records about franchise opportunities they know about. With this information you can gain an independent report about 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 by virtue of the fact that over 90% of UK franchisees run profitable businesses according to the British Franchise Association National Franchise Survey which gives the banks a lot of confidence to lend to first time franchise business owners.
10. The final step will be to look carefully at the franchise contract which your chosen franchisor will present you with. This document rules the agreement to trade between you and the franchisor. Consulting a British Franchise Association accredited lawyer is highly recommended.
After completing the above steps you should be well enough informed to decide which franchise system is right for you. The next steps would then be to sign the contract, arrangement payment of fees, book in for training and agree on your franchise business launch programme.
Don’t be rushed, find the right franchise system for you and then work with the franchisor and your customers to build a profitable franchise business.
