Selecting The Ideal Franchise
If you are looking at becoming a franchisee it is essential that you buy into the appropriate enterprise. Franchise training and franchise advice are difficult to come-by, however here is a guide to choosing the right franchise to suit your needs.
Should you be looking for franchises in Britain, look for ones which are members of the BFA (British Franchise Association). BFA members must conform to a set of ethics, therefore, you understand that the franchise will have your best interests in mind.
A good piece of franchise advice is to aim for established franchisors. A successful mature franchisor will have a strong reputation which was built up over time. These organisations have precise knowledge of the marketplace and you know that you are buying into a stable business with extended interests and good franchise advice to share with you.
Choose a strong brand. A franchise is a workable, proven business, but it must have a strong brand to be successful.
Franchise training guides future franchisees to purchase franchises with a customer base that understand and value the corporate image. If you do not need to spend time establishing the brand then the franchise will be set up more quickly.
Important in franchise training and franchise advice is that you need to like the product or service which you are looking to franchise. Consider your past experience by reading over your CV, is this franchise suitable for you? A franchise must suit your personality and experience. Never select an industry which you would hate to work in purely because of expected profit: your lack of enthusiasm will show through.
An additional piece of franchise advice is to take into account the potential for expansion. Check if it would be possible to become a multi-unit franchise owner in the long term should this be where you might like to see yourself.
Find a potential franchisor which provides franchise training and franchise advice. Learn how much marketing support you would be given from the head office and consider whether this is sufficient for you. Check whether or not the franchisor has a manual and how much ‘hands-on’ franchise training will be provided. Check that you will be taught how to manage accounts and how to use software packages. The level of franchise training and franchise advice provided might show how helpful the franchisor is going to be in the long run.
Examine how profitable the franchise is. This will not simple, so work with an independent accountant to go through the books of the franchise you are buying or that of a similar sized one to make an informed guess. A return of 10 to 15% is regarded decent in franchising.
Once you have found a potential franchisor ask for a list of current franchisees. Existing franchisees will provide franchise training and answer queries on day-to-day running of the business. A good franchisor may even produce a list of customers if appropriate, in addition to other franchise training and franchise advice.
All the best in finding your perfect franchise.
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