Franchising is a fantastic industry with many advantages – it allows you to be your own boss, fit your work around your lifestyle, receive full support and training and much more. Despite all these advantages, moving into franchising is a very important decision that will change your life, so it requires a lot of thought and consideration.
Although there are never any guarantees in business, there are a several ways that you should research your chosen franchise to ensure that you’re making the right decision.
- Evaluate your situation
One of the first things you need to think about when considering becoming a franchisee is you and your current situation. Will you enjoy working for this particular franchise? Do you have the money to buy a franchise? Will your situation with friends and family allow you to be successful? If the answer is yes to all these questions, then you’re off to a good start. To run a successful franchise, it’s vital that you will be happy in your work life and have the full support of your family and friends.
- Research the franchise
Do all the research you can on your chosen franchise and gather as much information as possible. Look on their website, request an information pack, speak to a recruitment executive and speak to people who know of the franchise – this will allow you to get a feel for the business and help you decide whether you want to take it that step further.
- Research the market
Go online to research the particular industry that you will be working in and make sure that you fully understand what the market is and how it operates. It’s also a good idea to research your competitors and what they’re doing – you can see what works for them and where there’s a gap in the market.
- Speak to franchising professionals
There are a host of professionals that specialise in franchising, including lawyers, accountants, solicitors and more. They will help you make an informed decision about a buying franchise and ensure that you’re setting up your business properly.
- Attend an open day
If you are happy with everything that you’ve researched about the franchise, the final step is to attend an open day. By attending, you can meet with the support and management team as well as a number of franchisees, have all your questions answered and find out even more about your chosen opportunity. Once you have visited the open day, take your time to think about what you want to do – it’s essential that you’re making an informed decision and choosing the right franchise for you.
Article written by Daniella Marsh from Franchise Brands
Click here to find out more about the Ovenclean franchise.
Click here to find out more about the ChipsAway franchise.
If you would like any more information about choosing a franchise, please contact Franchise Brands on 0800 012 6462. For more information about a ChipsAway, Ovenclean or MyHome franchise, please visit chipsaway.co.uk, ovenclean.com or myhome.com.
