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Consult other franchisees
- Speak to as many franchisees as you can
- Observe franchisees in operation
- Get information from them about their financial progress.
Check out the franchisor
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Look at what the franchisor provides, for example, training/support etc
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Compare different franchises
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Research the franchisor's financial status/performance - do a credit check
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Compare different franchises.
Carry out research
- Check the area, make sure you have the right location
- Visit franchise exhibitions
- Investigate the competition within your market.
Be aware of how running a business will affect your life
- Expect to work long hours initially
- Do something you can relate to/are interested in
- Have the support of your family and friends
- Work to your own strengths.
Think about the financial aspects
- Make sure you are properly financed
- Control your overheads, keep spending down, especially in your first year
- Budget properly, understand how much money you need to set up and run the business.
Get professional advice
- Consult a franchise solicitor before signing the contract
- Talk to an accountant about the figures
- Take advantage of available help for small businesses
Existing franchisees also gave the following tips
- Don't rush into it
- Ask as many questions as you can
- Set a clear goal
- Make sure it is profitable
- Have a marketing strategy
- Understand the obligations you will have to the franchisor.
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