So you’re considering buying a franchise but how do you find the right franchise for you?.
Franchising is a big industry and you can find franchises in almost every sector from food and drink to health and beauty, there’s something out there for everyone.
Consider your finances
When thinking about what sort of franchise you want to purchase, one of the first things you should do is look at your finances and decide how much you are willing to invest. Franchises come in all shapes and sizes, so by working out your investment levels you can see which franchise opportunities are possible for your budget.
Do your research
Before investing in any sort of business, it’s important to carry out research. You should research the markets you’re interested in to make sure there are opportunities, before researching individual franchises.
Are you willing to take a risk?
With such a selection of franchises to choose from, it’s worth considering how much of a risk you’re willing to take. There are many well established and reputable franchises available, which would provide little risk to a potential franchisor. However cutting-edge, up and coming franchises may offer a better profit to investors.
What skills do you have?
Although it's not necessary to have previous experience in the franchise area you choose, it's still a good idea to take stock of your expertise and skills before making a decision. Some might require management skills whilst others involve you interacting with customers.
Speak to franchisors
One of the best ways of getting an idea of whether a franchise is for you is to talk directly to the franchisor. They can give you a better understanding of the sector and what working for that franchise will involve. This is someone you will be doing business with, so it's important for you to get to know them and what they stand for.