Taking up a franchise is likely to be one of the most important decisions of your life. However enthusiastic you are, don't rush - do your homework. Be wary of franchisor pressure to sign up, particularly the 'if you don't sign now you won't get another opportunity' approach.

When deciding whether a franchise is right for you, you must - first and foremost - look closely at yourself. Have you got the commitment, enthusiasm and energy to run your own business?

Franchising is no easy option. You will invest a lot of hard work, time and money, over long periods. Also, running a business can affect your family, do they fully support your plans?

Look at the financial aspects:

• How much will you need to get the business going?
• How much money have you got to put into the venture?
• How much will you need to borrow, and can the business afford to repay this?
• How much do you need to take out of the business to support you and your family?

Be sure you know the basis for the financial projections and check them against the actual experience of existing franchisees.

When you take up a franchise you are entering into a long-term business relationship with the franchisor. It is vitally important that you check the background and business performance of your prospective partner. Our guide for franchisees contains a checklist for you to work through.

Important Notice for Franchising