Your franchise questions answered – Part 1

It’s not hard to see why franchising is an attractive route into self-employment. Experts generally regard franchising as a less risky option and statistics confirm that commercial failure rates among franchised businesses are much lower than independent start-ups. It is obvious when you think about it! Investing in a well-established, tried and tested franchise brand with initial training and support throughout the life of the franchise can provide the savvy investor with a fantastic opportunity to build a successful business with the expert support of the franchisor, reducing the many risks new business owners encounter when setting up their own business from scratch.     

Will franchising be right for me? 

Of course, franchising is not right for everyone. For people who value their independence or want to run a business without restrictions or who want to re-invent the wheel, franchising might not be the right option for them. Anyone considering investing in a franchise must be prepared to ask some in-depth questions of the franchisor. Their responses will help you to decide whether the particular franchise you are researching is right for you. 

Running your own business requires self-motivation, hard work and stamina, and you’ll also need the ability to stick at it in adversity. At the same time, you must be prepared to accept the franchisor’s rules for its business system. Ask yourself the question: ’Will franchising be right for me?’ Be honest with your answer. Get the views of the people who know you best because they may well have a different perspective on your skills and attributes to run a franchise.  

What is the best franchise?

What is best for one person doesn’t necessarily mean it is the best for someone else. There are so many points to consider when selecting a franchise, including the type of business, industry sector, market analysis, your own personal skills set, what you enjoy doing as well as potential earnings and overall cost of the investment. There are many more points to ponder that can help narrow down the options to find the right franchise for you.

This need not be a daunting task if you take a systematic approach. There is no substitute for methodical and comprehensive research before you make any commitment to invest. A good place to start your research is with British Franchise Association (bfa) member brands, as they have had their franchise systems and financial models rigorously checked to gain accreditation from the bfa.