If you are new to franchising these informative educational seminars will help you structure your research. The three hour evening events are structured around a seminar program providing an overview of the franchise industry and advice on banking, operational and legal considerations of investing in a franchise. You can book one-to-one sessions to discuss your personal situation with franchise industry professionals and there are opportunities to network with like minded people.
Before you start, here are the six steps to choosing the right franchise business for you;
Define your Investment Before you investigate franchising, you must establish the level of investment you can comfortably afford to make. One of the biggest reasons for business failure in the UK is the proprietor not having the correct levels of funding.
Does it suit you? Far too many people forget to judge their own stability for a franchise opportunity, yet this mistake can lead to years of unhappiness for you and your family. You must consider whether a franchise suits you, your needs, your wants and your family.
Choose the Industry Sector Try to avoid fad industries, consider the boom/bust cycle and address any market of statutory changes. This form of commercial investigation is the easiest and cheapest exercise to conduct but far too many potential franchisees overlook it when investing in a franchise.
Seek professional advice Advice will come in three forms; Legal – from BFA approved solicitors, Financial – from BFA approved accountants and banks, Commercial – from existing franchisees, the franchiser, the British Franchise Association and other industry bodies.
Evaluate the information Objectively compare the options on paper using the standard questions and a formatted system. It often helps to seek outside assistance at this stage from someone who has not become emotionally involved in the research up to this point.
Make your decision If you have completed steps one to five, making your decision to join a franchise should be easy. However, if you don’t feel 100% sure, simply start the process again.
