Six Step - Choosing A Franchise

The following are six steps on how to choose a franchise of which is recommended by The Franchise Alliance

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Step 1 - Define your investment
Before you investigate franchising, you must establish the level of investment you can comfortably afford to make. One of the biggest reasons for business failure in the UK is the proprietor not having the correct levels of funding.

Step 2 - Does it suit you?
Far too many people forget to judge their own stability for a franchise opportunity, yet this mistake can lead to years of unhappiness for you and your family. You must consider whether a franchise suits you, your needs, your wants and your family.

Step 3 - Choose the industry sector
Try to avoid fad industries, consider the boom/bust cycle and address any market or statutory changes. This form of commercial investigation is the easiest and cheapest exercise to conduct but far too many potential franchisees overlook it when investing in a franchise.

Step 4 - Seek professional advice
Advice will come in three forms:
Legal - from BFA approved solicitors
Financial - from BFA approved accountants and banks
Commercial - from existing franchisees, the franchisor, the British Franchise Association and other industry bodies.

Step 5 - Evaluate the information
Objectively compare your options on paper using the standard questions and a formatted system. It often helps to seek outside assistance at this stage from someone who has not become emotionally involved in the research up to this point.

Step 6 - Make your decision
If you have completed steps one to five, making your decision to join a franchise should be easy. However, if you don't feel 100% sure, simply start the process again.

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