Top Tips when researching which Franchise is right for you
Still wondering whether franchising is the route for you?
Franchising is wonderful, it truly is. This business model offers would be entrepreneurs the opportunity to actually own their own business, without going through any of the heartache you may inherit through a start-up.
You're not the only one looking at buying a franchise- there have been many before you and there will be many after, that's testament in itself to how strong and reliable the franchising industry is. Some of the key points highlighted during the last Natwest/bfa franchise survey only enhance the excitement around this industry.
- Turnover Generated within the Franchise sector hit £17.2bn, this is up 2.1 billion since 2015
- The total number of people employed within Franchising was recorded at 710,000, this up by 14% since 2015 (89,000)
- There was a 4,400 increase in franchised units since 2015 in the UK, it's now at 48,600
- 18% of all franchisees are now under the age of 30
So what steps should you take?
1. Do your research - franchising is pretty big so there's a ton of material available for you to source online, via magazines or at franchise exhibitions. Exhibitions take place throughout the calendar year and these events allow you to truly gauge what's out there! You can view a full list of upcoming events via the Franchise Supermarket facebook page.
2. Meet the franchisor - Prior to making any decision it's imperative that you meet the franchisor, they will effectively be like a 2nd partner to you (they may even receive more of your attention than what your wife/husband may receive!). It's important that you go into a working partnership with someone you believe in and trust. The average franchise agreement is 5 years so you don't want to be experiencing cold feet within year 1!
3. Speak to existing franchisees - On the back of meeting the franchisor you should then speak to franchisees within the network, explore their experiences and find out what's been good and what hasn't. They've gone through exactly the same process as you, they'll be in a fantastic position to advise how good the opportunity is.
4. Talk to Industry professionals - It's important to speak to independent bodies such as the AFA and BFA to see how they rate the franchise, is the franchise apart of their body and abiding by their code of ethics?
If you're just starting out, then make sure you truly explore Franchise Supermarket as it's packed with franchise profiles, franchise success stories and key advice & guidance articles.