Top tips to buy a franchise
Top tips to buy a franchise
Don’t forget the impact that setting up a business will have on your family – and try and make sure you have their support before you take the plunge. Common sense will take you a long way in deciding whether the franchise you are considering will prove right for you. Investing in a franchised business requires careful consideration as your ultimate success depends not only on your individual actions, but also on the business decisions taken by your franchisor. That makes it even more important to judge their business, its track record and available support before deciding whether to invest.
Finally, don’t be pressurised into signing an agreement before you are ready to do so. Getting involved in a franchise is a big decision and it’s vital you understand exactly what you are getting into. Find lawyer who understands franchising and ask them to take you through the franchise agreement step by step, so you understand what it means. The British Franchise Association (bfa) provides a list of affiliated lawyers on its website www.thebfa.org as well as listings of franchisors that are members of the Association who comply with a Code of Ethics. Lloyds TSB has produced a helpful guide to support your research and provides a list of 35 key questions you should ask a franchisor. A free copy can be obtained through the bank’s Franchise Unit by using the contact form below.
Latest industry statistics show that franchising contributes £10.8 billion to the UK economy. The robust health of the sector is further demonstrated by the very low levels of commercial failures and the fact that nine out of ten franchisees say that their business is profitable. Failure amongst business starts ups is reported to be significantly higher and consequently franchise focused banks such as Lloyds TSB offer preferential banking services and finance terms to franchisees.
Top Tips
Thorough research of a franchise opportunity is vital when making probably one of the most important decisions in your life.
Attend one of the British Franchise Association franchisee seminar days which provide an unbiased view of the benefits and pitfalls of investing in a franchise.
ou can get the Lloyds TSB guide ‘Supporting your franchise business’ for free which contains 35 key questions to assist you with your research.
Be prepared to walk away if the franchisor just seems interested in taking your investment and does not ask you searching questions about your own skills, attributes and motives for setting up as a franchisee.
The franchise agreement should be fully explained to you and checked by a British Franchise Association affiliated lawyer before signing.
Top tips to buy a franchise - To learn more about this author, visit Nick Strong's Website.
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When considering whether franchising is the right option for you, one of the first decisions you need to make is what type of business you have an aptitude for - and what would you enjoy. Running your own business takes a lot of hard work, possibly long hours and a great deal of self-motivation. You must be prepared to follow the franchisor’s business system and accept their terms. It almost goes without saying that you should only consider investment opportunities that are within your budget.
Don’t forget the impact that setting up a business will have on your family – and try and make sure you have their support before you take the plunge. Common sense will take you a long way in deciding whether the franchise you are considering will prove right for you. Investing in a franchised business requires careful consideration as your ultimate success depends not only on your individual actions, but also on the business decisions taken by your franchisor. That makes it even more important to judge their business, its track record and available support before deciding whether to invest.
Finally, don’t be pressurised into signing an agreement before you are ready to do so. Getting involved in a franchise is a big decision and it’s vital you understand exactly what you are getting into. Find lawyer who understands franchising and ask them to take you through the franchise agreement step by step, so you understand what it means. The British Franchise Association (bfa) provides a list of affiliated lawyers on its website www.thebfa.org as well as listings of franchisors that are members of the Association who comply with a Code of Ethics. Lloyds TSB has produced a helpful guide to support your research and provides a list of 35 key questions you should ask a franchisor. A free copy can be obtained through the bank’s Franchise Unit by using the contact form below.
Latest industry statistics show that franchising contributes £10.8 billion to the UK economy. The robust health of the sector is further demonstrated by the very low levels of commercial failures and the fact that nine out of ten franchisees say that their business is profitable. Failure amongst business starts ups is reported to be significantly higher and consequently franchise focused banks such as Lloyds TSB offer preferential banking services and finance terms to franchisees.
Top Tips
Thorough research of a franchise opportunity is vital when making probably one of the most important decisions in your life.
Attend one of the British Franchise Association franchisee seminar days which provide an unbiased view of the benefits and pitfalls of investing in a franchise.
ou can get the Lloyds TSB guide ‘Supporting your franchise business’ for free which contains 35 key questions to assist you with your research.
Be prepared to walk away if the franchisor just seems interested in taking your investment and does not ask you searching questions about your own skills, attributes and motives for setting up as a franchisee.
The franchise agreement should be fully explained to you and checked by a British Franchise Association affiliated lawyer before signing.
Top tips to buy a franchise - To learn more about this author, visit Nick Strong's Website.
Like this article? Share it with your friends
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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