A Guide on Choosing the Right Franchise to Buy
There are a plethora of different franchises available to buy, so which one should you choose? This guide on choosing the right franchise to buy will help you navigate the journey into making the decision that is right for you.
What skills do I have?
It is a good idea to match your knowledge and skills to a franchise. You can then be sure that you are right for the franchise and the franchise is right for you. For example if you are a shrinking violet then is a sales role good for you? Obviously not!
What do I want from the franchise?
People buy franchises for different reasons, maybe a better work/life balance, greater financial rewards or just to be their own boss. Make sure that you know what you want so you can focus on the franchise that will best suit your needs.
Can I raise the finance?
It’s all well and good identifying a franchise opportunity, but if you cannot pay for it then it wont progress. There are lots of funding options available so make sure you explore what is on offer and if you meet the criteria.
Decide on the industry/marketplace
Franchises are available in a wide variety of markets so look to choose one that matches your skills, your aspirations and that appeals to you.
Review all of the franchises on offer in your chosen marketplace
Most areas of business will have a number of franchise businesses that you can buy. Take the time to look at every one that is on offer before deciding on which one is right for you.
Research choosing the right franchise to buy
Once you have decided on the franchise that you want to buy it’s simple. RESEARCH, RESEARCH, RESEARCH. There’s nothing more important than that when choosing the right franchise to buy. Take your time to look at the business model, make sure it meets your needs and that it has a good trading history. It is important to meet the franchisor and ask as many questions as you can. Also speak to as many franchisees as possible as they will give you a wider view as to how successful your business may be. Remember that not all franchisees will be totally happy but by speaking to as many as you can you will get a balanced view of the franchise.
Revisit the other franchise offerings in the marketplace
Before you progress any further give yourself peace of mind by revisiting all of the other franchises you will have looked at. Just to confirm to yourself that this is the one for you. Maybe scroll through the franchises on www.franchiselife.co.uk as a final check. You can also get a download link to the most recent copy of Franchise Life magazine by requesting one here: info@franchiselife.co.uk. It’s free when you use this email address.
Take professional advice
Before committing to anything always take professional advice. It is likely that you will not have run a business or franchise before so seek as much advice as possible. A solicitor will advise on all legal aspects such as the franchise agreement, whilst an accountant can advise you on setting up your company and other areas such as VAT registration.
Decision time
Once you have followed the steps outlined above you will be in a position to make an informed decision. If you decide to go ahead and purchase the franchise then congratulations, you will embark on an exciting and hopefully profitable journey by running your own business.
If you decide not to proceed it may be that this particular opportunity is not right for you, so you may need to review the market, and maybe change direction slightly to a different area. However, it may be that franchising is just not for you, but it is better to know that before you commit to buying a franchise than later on down the line.
If you would like more information on buying a franchise please contact Kevin Thomas on 07527 508203 or email kevin@limelicensinggroup.co.uk
