DMR, Franchise, franchise events, master franchises, franchise advice, finace, buying a franchise

Franchisee Advice

Starting out

The British Franchise Association is a very good starting point for advice as they can help you to evaluate both your strengths and weaknesses and the suitability of the various franchises on offer.

However you go about selecting a suitable business, the most often repeated advice is to be honest with yourself. For example, you should ask: what you can afford to invest; what borrowings you can accept; your time-scale for establishing profitability; your skills and experience; what you are good at doing versus what you enjoy doing; how the change in work pattern will impact your family life; etc.

The other common key advice word is Research. Research the market - Research the franchise - Research the downside. Talk to trade associations; use the Internet; speak to current franchisees.

Professional advice will also be necessary, so be willing to talk to banks, solicitors and accountants. You may resent paying their fees, but it is better to pay now than when you are in trouble later through lack of timely advice!