Franchising

Franchising has grown from humble beginnings into a multi billion pound industry. As in all things where companies are asking you for money ( often quite large amounts ) it is a case of caveat emptor. Franchising is often recommended as a means of getting into a business without anything like as much risk. Whilst I would agree with the statistics, I would caution anyone considering buying a franchise to really do their homework first. I have spoken to many people who have bought a franchise and regretted it. Having said that I have talked to many people who have made a great success of it.

Here are our Prime Tips

Look for the following : 

  • Businesses with a good track record of profitability.
  • Businesses built around a unique or unusual concept.
  • Businesses which are relatively easy to operate.
  • Businesses which are relatively inexpensive to operate.
  • Businesses which are easily duplicated.

The best place to start is the British Franchise Association which is the  voluntary self regulating governing body for franchising. They run some excellent introductory seminars

Once again, before you even think of approaching the bank manager or using all the redundancy money, research, research and research some more. Don't just take the franchisor's word for everything and speak to as many franchisees as possible, not just the ones they recommend as referees.