When looking to purchase a franchise it can be confusing and exhausting trying to find an opportunity that is perfect for you. However with the correct tools and guide in place, the decision making process is likely to be less so.
Take a look at Aspray’s 10 top tips to purchasing the perfect franchise for you;
- Choose a field that you have interest in. Firstly, choose a field whereby you at least have a genuine interest in working. It is vital to be passionate about the service that is offered by the franchise, otherwise your results are likely to be affected.
- Take advantage of your strengths! Identify your key skills, experience and knowledge, and then select a franchise where you are able to draw on the same as this is likely to give you a further head start on the road to building your business.
- Check the financials. Seeking independent financial advice is important when making the decision to buy a franchise. You clearly need to know what level of investment is required, how soon the business is likely to make a profit, and how much return on capital you have employed is likely, and when.
- Research, research, research! You will need to invest time researching the industry and the franchisor offering before deciding whether the franchise is right for you. Aspray has a research pack included within the recruitment process, however not all franchisors offer this facility, and so you will need to do your own due diligence before committing to purchase.
- Franchisors ethics and goals. It is important to gain a feel for the business and understand the ethics and goals of the franchisor and any directors or senior managers who you will be working alongside. After all you are likely to be working alongside these people (often remotely) on a day to day basis for some years to come. Their insight into the business is invaluable as they will know the business pitfalls and heady heights and will have guided and supported many a franchisee before you on the road to success.
- Speak to your family and friends. Speak to your family and friends about your franchise opportunity. They are likely to know you and your personality traits better than anyone and usually prepared to give you an honest view of any shortcomings and key skills.
- Operational aspects. It is, of course, essential that you understand all operation aspects of the business model the franchise operates and how it supports you and your franchise.
- Training and support. Enquire about the initial training and ongoing support and any professional development the franchisor offers. It is important to establish what your franchise fee contributes towards and you will find that some franchisors offer CPD which is likely to be invaluable in helping you build your business and developing your business acumen and operational skills if you have not been self-employed before.
- Legal matters. Legal matters should not be taken lightly and Aspray recommend that all potential franchisees seek legal advice from a BFA solicitor prior to signing any franchise agreement.
- Be prepared to promote. Be prepared to promote your franchise, all day, every day. This is your business, and whilst you may have the back up of a proven brand and business model, and may be supplied with some customers or prospects, you are likely to need to be prepared to promote your franchise in one form or another to someone on a daily basis. Therefore, you must be sure you believe in the product or service on offer before taking on the task of building a long term business around it.