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* Franchising top tips * Home *
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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

  • Look at what the franchisor provides, for example, training/support etc
  • Compare different franchises
  • Research the franchisor's financial status/performance - do a credit check
  • 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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