Exceed your Entrepreneurial Expectations
FranMatch The professional lead management service from FDS
There are many stages to the process of identifying and researching a franchise opportunity and it is imperative that they are properly followed to ensure you find the right franchise to fit your own ambitions and circumstances.
- Set your criteria for a business
Questions to ask yourself include:
- Can I work within the framework of the franchise?
- What financial commitment am I prepared to make?
- How much money do I need to be earning?
- What are my key skills?
- Information gathering
Research available franchises and identify companies that tick the boxes for the questions that you have asked yourself. Places to gather your initial information include:
- The Franchise Magazine
- Franchise MatchMaking services
- The British Franchise Association
- Franchise Exhibitions
- Create your shortlist of franchisors and request information
Having completed your initial research, shortlist the companies that you feel you are best suited to. Register for their Franchise Prospectus and review the quality of the material and how quick they respond to your request.
- Research the companies of interest:
- Local competition in your area
- How long the franchisor has been trading
- Success of company owned business
- Background of company director(s)
- Meet with the Franchisor
Always arrange to meet at their premises so you get to see their operations and meet with more than just the person responsible for franchisee recruitment. Meetings are two way so set out your agenda and don't be afraid to ask questions - review the Franchise Checklist (see page 154) for suggested questions to ask.
- Interview Franchisees
Having met with the franchisor you will need to speak with existing franchisees. Obtain a list of franchisees from the franchisor and arrange a convenient time to contact them. It is important to speak to as many franchisees as possible with a broad cross section of experience.
- Franchise Match Making services
Services such as FranMatch are free to use and help you in your research, help you prepare for meetings and are available to answer your questions. You should consider using such a service to help you complete your due diligence and find the business that suits you best.