30 Jun How to choose a franchise and aspects to consider
We’re sure you have researched and weighed up what you think are the pros and cons of buying a franchise…but are you still a little overwhelmed?
We encourage our potential franchisees to ask lots of questions and hope that these tips reassure you that you are ready to do just that!
Choose a business that matches your singular set of skills and interests as closely as possible. Assess your own strengths and weaknesses. Do you like working alone or would you like to manage others? Are you happy to lead a group activity, or prefer a one to one business? It may be that an industry that seemed right for you 20 years ago, is no longer what you feel comfortable with. Indeed many franchises appeal to those who want to kick start a career in a completely new direction, this is your chance to reinvent yourself, so can you visualise yourself still interested in it 5/10 years time? Will the hours and the package be flexible to your needs?
Remember those Garra Rufa fish spas, the infamous fish nibblers? Or even the video rental stores? You need to consider longevity, and how quickly services can become out of date.
Choose an industry where there are not too many similar copycat type franchises, there could be too much competition in your area. Make sure that the business is as future proof as possible , that is there a demand for the product or the service, and what is likely to affect it’s popularity?
Franchisors and Franchisees
Verify the company’s history. Can you check how the company has grown and how many franchisees there are? Has the business model been replicated in different areas? Are the owners still hands on with the business and accessible to support you? You can speak to franchisees in confidence and ascertain if the franchise is living up to their expectations.
Happiness and Profitability
Generally, franchises and indeed all business owners are content if they are making money right?
A franchisee making twice as much as another may not be the happiest, it’s about doing something you enjoy, and working out what you want to achieve. Your research and fact-finding is key to ensuring that the franchise can provide you with the income and lifestyle for the franchise term.