Top Tips When Buying a Franchise
There are thousands of opportunities out there just waiting for you to invest in. How do you know which one is right for you? Read our tips to finding and buying your dream franchise.
Do your homework on the franchise opportunity
What is the franchisor providing? Stock, stationery, marketing material, advice, training, support? What do the accounts look like? Has the franchise network encountered problems in the past? Why?
Analyse your own strengths and weaknesses
It’s important to recognise your own skills and discover whether the franchisor’s training and support will enhance and improve them.
Talk to existing franchises
Seek advice and learn from the experience of those already doing the job.
Research your prospective market
Where is/will your new venture be located? What is the market like? What are the buying trends?
Get everything in writing
Summarise all telephone and face-to-face conversations and share this with the franchisor so you have a written record of all communications.
Take advice from the professionals
Seek advice from your bank, your lawyer, your accountant, from the British Franchise Association and as many others as you can.
FranchiseSales.com is the leading online resource for franchising.
Study and learn the franchise agreement
Is it ethical? Make sure you are fully aware of all the terms and conditions. Ensure everything the franchisor promised you is included in the agreement and above all else, get it checked by a fully qualified legal professional.
Have an exit strategy
Not only is it important to have clear goals about what you wish to achieve as a franchise owner, it’s crucial to have in place a plan detailing what happens when and if you want to sell the business.
Franchising
is one of the most risk-free ways to start up and run a successful business
Search our global directory of over 1,000 franchise opportunities. Get all the information you need to invest in and run a franchise.
Browse the directory by category, keyword or investment level.
Contact franchises directly through the website.
Get advice on how to buy and run a franchise in our News & Advice section.
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