If you are looking at becoming a franchisee it is essential that you buy into the appropriate organisation. Franchise training and franchise advice are difficult to come-by, but this is a guide to choosing the best franchise to suit your needs.
If you are looking at franchises in Britain, consider ones which are members of the BFA (British Franchise Association). BFA members must adhere to a code of ethics, to ensure you understand that the franchise will have your interests in mind.
A good piece of franchise advice is to aim for established franchisors. A successful mature franchisor will already have a good reputation which has been built up over time. These organisations have thorough expertise in the market and you can be sure that you are buying into a stable company with long-term interests and franchise advice to share with you.
Choose a strong brand. A franchise is a workable, proven business, but it needs to have a strong brand to be successful.
Franchise training guides future franchisees to invest in franchises which have a consumer base that understand and respect the corporate image. If you do not need to devote time to establishing the brand then the franchise is going to be set up more swiftly.
Crucial in franchise training and franchise advice is that you must like the goods and services which you want to franchise. Consider your past experience by reading over your CV, is this franchise suitable for you? A franchise must fit your personality and experience. Never select an industry which you would hate to work in purely because of predicted profit: your lack of enthusiasm will show through.
Another piece of franchise advice is to look at the potential for expansion. Determine if it would be possible to turn into a multi-unit franchise owner in the future if this is where you might like to see yourself.
Look for a potential franchisor which provides franchise training and franchise advice. Learn how much marketing support you would be given from the head office and decide whether this is adequate for you. Check whether or not the franchisor provides 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 computer software. The degree of franchise training and franchise advice provided may well show how helpful the franchisor will be in the long run.
Evaluate how profitable the franchise is. This may not be easy, so use an independent accountant to check the books of the franchise you are buying or that of a similar sized one to make an educated prediction. A return of 10 to 15% is considered decent in franchising.
When you have found a potential franchisor ask for a list of current franchisees. Current franchisees will provide franchise training and answer queries on day-to-day running of the business. A good franchisor may also produce a list of customers if appropriate, as well as any other franchise training and franchise advice.
All the best in finding your perfect franchise.
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