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Franchise Q&A experts Ask the


Carol Otway Group director at gas-elec


Q: How do I decide if I have found the right franchise for me?


A: “Education, education, education” was how Tony Blair famously set out his priorities for offi ce, and “research, research, research” is what I’d tell you to do before buying a franchise. And do your research from as many angles possible: scour the company’s website, get an information pack, attend an open day and go there armed with a list of written questions. These could include: are there any other costs after the initial outlay, and what do I get for my investment? Ask about training and equipment, or if you get a vehicle.


Do you need to be vat registered? And, depending on the franchise, are


28 | BusinessFranchise.com | November 2016


there possibilities for expansion into other territories or for you to employ staff? Do you get allocated an exclusive territory? Enquire about support before and after your business launch, particularly marketing and PR. Most important, ask exactly what the company expects from you, and ask for contact details of their franchisees so you can speak to them. Next, go to the British Franchise Association website for its recommendations on franchise lawyers who’ll advise on your franchise agreement. They’ll give you a report on their fi ndings. You will also need an accountant.


If you need funding, ask the company for contact information for the franchise departments of high-street banks. They’ll need you to provide a business plan and cashfl ow forecast, and you will need to open a business account. Finally, seek the opinion of your partner or family member by taking someone with you when you go to meet the company’s franchise team.


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