How to… Get started in franchising

You’re thinking that owning and operating a franchise may be the next step for you? But how do you get started in franchising? Knowing how to get started on this epic journey can be confusing. So, to help we thought we would give you a little advice and guidance.

How to get started franchising


How to get started in franchising

With literally hundreds of different types of industries within franchising its vital to your success that you go for an industry you either have experience in or a real passion for. Trust us, it will go a long way when you start up. 

Franchising industries include:

Researching your franchise opportunity is vital

You’ve finally settled on a franchise that fits you and your goals, now it’s time to research as much as you can.

You may love the idea and think you know everything about the industry but now it’s vital you take a step back and find out as much as you can. 

You may want to research the following areas:

  • Researching the market in which your product or service will be sold
  • Researching the sector in which your thinking of joining
  • Researching the need for your business in your chosen location
  • Researching and speaking with existing franchisees to learn from their experiences. Try to speak to someone that has not been supplied by the franchisor
  • Researching the longevity of your business. Is there changes coming that would affect your business in 2, 3 or 4 years down the line.

Can I afford this franchise opportunity?

Depending on what franchise you are looking at will determine the price you pay. You must be confident that you know the fees required and not just the initial fees. 

Some of the cost could include the following:

  • Initial purchase of the franchise
  • Professional fees, lawyers
  • Working capital to keep the business running
  • MSF, management service fees
  • Admin fees
  • Percentage of sales fee
  • Contribution to advertising budget
  • And importantly your own personal commitments

Remember franchising is a proven and tested business model and major banks and organisations are happy to help fund your business.

Location is key

When opening any franchise you must never underestimate the importance of the location. You need to be aware of the area demographic and understand how it will determine your success. The franchisor will help you with this, but you will be expected to bring much of the knowledge about identifying the location that will bring the highest demand. More important notes to remember, even after you’ve found your ideal location are: you will have to get the landlord or lettings agent to agree to your brand being run from their location, which isn’t a problem for the well-known brands.

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