However, that in itself does not guarantee results as the real key to success lies in having carried out a detailed research of all aspects of running a franchise, starting with finding the right business to invest in.

There are hundreds to consider, which can make the process seem quite daunting, so a good place to start is with the British Franchise Association (bfa), whose members must meet the association’s stringent accreditation criteria, and as such, operate to the bfa’s strict code of ethics.

Marketing manager Tom Endean said: “Franchising encompasses such a wide variety of industries, structures and investment levels, it is vital to narrow down which works best for you. You also have to consider that not all franchises that suit you are going to be available on your doorstep and location could play a major role in your decision making process.”

Most prospective franchisees start by assessing their own personal strengths and weaknesses, highlighting transferable skills, such as sales, or management experience.

There are franchises that offer a ‘hands on’ role, such as property care or automotive repair, and those that require the franchisee to manage the business and take on staff to carry out the actual work.

Home based and mobile franchises generally have lower overheads, while offering scope for expansion by putting extra vehicles on the road or moving to premises at a later stage.   

Having narrowed down your preferences you can explore some of the franchises in the sector you feel best suited to and request some information about the opportunities that interest you the most.

At this stage you should also assess your finances and be clear about how much of your own money you can afford to invest and how much you can afford to borrow. In considering your options, you must be confident that the franchise you invest in
is capable of generating enough income for your needs.

In addition to the initial investment costs, you may need some working capital, and if you are considering a franchise that operates from a shop or commercial premises, that could incur additional costs.

Franchising may be considered one of the safest routes into business ownership, but it is not the easiest. Franchisees need to apply the same commitment and determination to succeed as anyone starting up in business on their own, but choosing the right franchise will give them the best possible start.

For more information on franchising visit www.thebfa.org.