What to do when considering buying a franchise

What to do when considering buying a franchise

Making the leap into business is a big one and all would-be franchisees should have a good tick-list of what they need to consider before making the leap. Here's what to do when considering buying a franchise:

1.  Research the franchise

2.  Research the franchisor

3.  Research the demographic

4.  Crunch the numbers

5.  Talk to other members of the franchise

6.  Ask to see their figures

7.  Get a good business plan

8.  Be conservative in your estimations for the first year

9.  Read the small print

10. Research the competition

11. Grill the franchisor

The last point is important. This should not just be an interview to see whether you are a suitable franchisee, it should be an interview by you to see if you are able and willing to work with the franchisor.

If your franchisor is not behind you 100 per cent and providing continued support it should ring alarm bells. The best franchisors are the ones who know that you have to succeed for the franchise to succeed and will do their very best to make sure that happens. Happy hunting.

More on franchising

• Watch a short British Franchise Association video about how to become a successful franchisee
• Article about buying a franchise
• Downloadable four-page guide to buying a franchise