Find your ideal business opportunity
There are hundreds of franchise opportunities currently available in the UK, so finding the one that is right for you can seem daunting. Here Professor Roy Seaman CFE QFP explains how to narrow down your search to ensure you invest in a genuine and successful business
If you are thinking about looking for a franchise opportunity, or even if you have already started your search, you will soon discover that there are hundreds of franchise opportunities available in the UK, which cover a range of sectors and investment fees. Choosing the right one for you can seem daunting, however there are ways to narrow down your search.
First of all you need to identify a sector where you have a strong interest, which can be anything from IT to health and fitness. Ideally, you need something that you can have enthusiasm for and maintain the passion needed to succeed.
You might want to look at sectors that you already have experience in. A retail manager, for example, might be more inclined towards a retail franchise, whereas someone from an accountancy background may choose to look for a franchise in the finance sector. Saying this though, many franchise owners have achieved business success in sectors they had no previous experience in.
Once you have narrowed down your sector you can start to decide what your specific criteria is. What is the maximum investment fee you can afford? Do you want a hands-on or management business? Do you want to work from home or would you rather rent a property?
By deciding what you really want in a business and what you want to achieve from owning one, you will be able to narrow down the franchises that meet your requirements and needs.
Next it is time to start approaching the brands that you are most interested in. It is important that before signing up to join a franchise you research the company full and are 100 per cent confident that you and the franchisor have similar goals and aims. When meeting the franchisor it might be a good idea to take a list of probing questions to ask during your meeting. When evaluating the franchisor their franchise opportunity you may find the Check before cheque article useful.
Investing in the right franchise should prove to be a win-win decision for both you and the franchisor. While you will gain the training, support and business model of a successful brand, the franchisor will gain a committed franchise owner who has invested money and who is dedicated to establishing a successful business under their brand name. To achieve this, however, it is vital that the franchise you choose is the perfect match for you.