HELP AND ADVICE
FINDING A FRANCHISEE
FINDING A FRANCHISE
Friday 25th January 2008
It is very important to have a structured approach when you look at all the franchising choices that are available.
A very useful first step is to assess both yourself and what you can afford to spend. Although it may be difficult you should try and be realistic when doing this. It is advisable to then spend enough time doing detailed research on the franchises which you feel are best suited to you and draw up a short list.
A vital part of your research should be to investigate the franchisor thoroughly. It is important to find out how the company became a franchise and how it has developed. You should also look at their business background, work out whether the total costs represent good value and examine the franchise agreement.
It is highly advisable to find the time to visit the franchisor at their premises. This will allow you to assess them in their office environment and ask them key questions. You should also take the opportunity to meet the support team. If you decide to go ahead, you will be working very closely with them and therefore you need to be sure that you think you can have a successful long term working business relationship.
An excellent way of finding out more about a franchisor is to talk to their franchisees. Every franchisor should help you with this process, but it is worth bearing in mind that sometimes franchisors will offer you pre-selected franchisees, so it worth working out yourself just who you want to see.