Four hot tips for franchise success
If you ever dreamed of being your own boss or owning your own business then you must look at franchising. Franchising allows to do all the above while still maintaining a connection with the franchisors head office, who will supply you with training and support and some form of presence that a solo start up could not achieve. Jamie Brown gives his four hot tips for your success with a franchise
The successes of franchising
There are estimated 75,000-franchised businesses in operation in the UK. The latest bfa survey found that nine in 10 franchised businesses are breaking even or doing better. This success rate ties in with the finding that nine of 10 franchise owners say they would recommend franchising. However good these findings are its vital to remember that ultimately it is down to your efforts as a franchise owner, there are no guarantees for success.
Understand the size and scale of the franchise industry
The recent survey conducted by the bfa showed that the franchise industry accounted for £14.7 billion of the country’s GDP. The franchise industry continued to grow even through the recession. This sort of contribution to the economy is becoming increasingly more important.
Don't just search by sector, branch out
It doesn’t matter what you’re perceived skills or experience are you will soon come to see that “No prior experience needed” is one of the main phrases that franchisors look for in an ideal franchise owner. Although your previous experience will help you in your chosen sector it is not vital. All business format franchises provide training. This means that you can concentrate on picking a business that will provide you with a lifestyle and of course a return on your investment.
Make sure your investment is legally protected
As a franchise owner you will be required to sign a franchise agreement with the franchisor. The agreements main function is to clearly set out the extent of rights you will be granted, the territory in which those rights apply.
Before signing your name on any dotted line it is advisable that you contact a franchise lawyers. There are number of specialist franchise lawyers operating in the UK. It’s vital that you see a franchise lawyer as they familiar with franchise law.