Frequently asked questions
Franchisors tap into their years of experience to answer some of the most commonly asked questions by people looking at becoming a franchise owner
What factors should I consider when selecting a franchise?
Starting your own business is a significant life decision and selecting the right franchise is clearly essential. Your options may well be defined in the first instance by the budget you have available, but thereafter there are a number of important criteria to consider.
Firstly, look for reputation and track record – is the franchise bfa accredited? How long has it been in operation? How many franchise owners are already operating successfully? Secondly, ensure that there is strong demand and a large potential marketplace for the product or service you will offer. Finally, if you are ambitious to grow your business, check that there is a clear route for expansion and plenty of business development support to help you achieve your long-term goals.
Tim Harris, CEO of ChipsAway (pictured right, top)
How will buying a franchise affect my work/life balance?
Investing in a franchise has the potential to revolutionise your work/life balance in a positive way. Being your own boss means independence and that fact alone can transform how you feel about your working life. If you’re looking for more flexible working hours, whether to enable you to work around family commitments or to escape the 9-5 stress, an owner-operator franchise without the responsibility of premises or staff, may be the perfect business opportunity for you. At Autosheen, franchise owners enjoy the opportunity to set their own hours and prefer to be working ‘out and about’ rather than being tied to a shop or office.
Paul Fennell, Managing Director of Autosheen (pictured right, second from top)
Do I need previous experience in business to buy a franchise?
No, but any business experience would be an advantage in setting up and running your own franchise. Some business models will be more complex than others, but the franchisor will, in most cases, offer training to furnish you with the core skills needed for running your franchise.
Franchises are specifically set up with all the key systems and support in place, so you can hit the ground running with all the tools to start a successful business! You’ll also benefit from the franchisor’s experience; so you won’t have to make the mistakes many start up businesses face. According to the British Franchise Association/NatWest annual franchise survey, there is a direct correlation between ongoing support and contact with the franchisor and the success of the franchise network, so ensure that you choose a franchise that offers comprehensive ongoing support.
Steve Bolton, founder of Platinum Property Partners (pictured right, bottom)