Still, selecting the most sensible opportunities can be tricky, especially for anyone who doesn’t have much experience in this area, which is exactly the reason why I’m writing this post today. I sincerely hope you’ll find everything below to be of some interest – and don’t worry; I’ll start at the beginning and make it as simple as possible.
Anyway, here is the definitive guide to buying a franchise at home in the UK:
Is Franchising The Right Choice For You?
Although anyone should be able to purchase a franchise and make a success of it, the whole process is likely to be long and laborious, which means you must be an incredibly focused and driven individual to succeed. You’ll also need some fantastic social skills, as you’ll be spending a lot of time conversing with customers and chasing up potential leads on the telephone, although you probably don’t require much industry specific experience.
Can You Identify The Most Profitable Opportunities?
Franchising is a completely different ball game to starting your own firm from scratch, but luckily, the same rules apply when it comes to identifying the most profitable opportunities. You’ll need a good head for figures, and should always read through every little scrap of paperwork you’re provided with. On top of this, you’ll want to ask the franchisor a few questions to ensure you know as much as possible about how their company operates. These are as follows:
- Why does your business choose to franchise?
- How well have the last 3 unit openings gone?
- How much money will I make in year one?
- How much money will I make in year three?
So long as you get satisfactory answers to all of those questions, I’d say you’re on to a winner. Recently, I spend some time online doing research for a friend who wants to buy a business coaching franchise, and we read through an amazing ActionCOACH review that you might want to check out if this sort of thing interests you.
How Will You Seal The Deal?
Lastly, it’s important that you employ the services of a specialist solicitor when considering handing over a large sum of money to purchase any franchise. These can be found online, so start looking for a good one now, because they are your best security against any mishaps that might occur due to the franchisor being less than honest.
So, now you’ve read through the guide and understand all the basics, it’s time to start looking at the market and working out which opportunities would be best suited to you.