Franchise Advice


“Take your time to evaluate the opportunity, the people, and the training and support provided by the franchisor”


sale. What are the circumstances of the franchise resales? And how many have closed and ceased trading? Of course, there can be failures in any industry, but this could provide a good indicator of the sustainability of the franchise network.


• Meet franchisors When meeting with franchisors, always do so at their head office, as this will give you a feel of the organisation, the culture, the people, the business operation and efficiency. Have your questions ready for the meeting. In most circumstances, more than one meeting may be required – it is essential that both you and the franchisor are comfortable entering into a franchise business relationship. Take your time to evaluate the franchise opportunity, the people, the training and the initial and ongoing support provided by the franchisor. Franchising is a long-term commitment; it is essential that you are 100 per cent committed and understand what the business entails.


• Be well prepared… …for all meetings and demonstrate that you have done your research.


78 | The Franchise Magazine 2020


Franchisors should provide prospective franchisees with a Franchise Information Memorandum – essentially, an offer document detailing all aspects of the business opportunity, including investment level, financial illustrations, technology, training, and initial and ongoing support. Read this document carefully and ensure all your questions are answered to your satisfaction before committing to investing.


• Professional advice We recommend that you assess the franchise by seeking professional independent advice. At Ashtons Franchise Consulting, we offer advice and mentoring services for prospective franchisees to support their decision-making process.


• bfa membership Is the franchisor a member of the British Franchise Association (bfa)? If not, does the business have plans to join the bfa? To increase your chances of success,


consider attending bfa seminars or events held by the major banks to gain insight into the franchise industry and particular brands that interest you. The


bfa, in association with Lloyds Bank, runs the Prospect Franchisee Certificate, a free online course to improve your skillset by learning about impotant legal and financial considerations as well as what franchisors look for in a prospective franchisee. To assist you in selecting the right franchise business, you should also attend one of The Franchise Exhibitions held throughout the UK.


Finally, we recommend that the


franchise agreement and franchisor business plan are reviewed by specialist lawyers and accountants on your behalf. Importantly, you should prepare your own business plan for the franchise location you are planning to operate. Consider the local demographics, any competitors and the suitability of the local area for your chosen franchise. 


Charlie Dickson is a franchise consultant at Ashtons Franchise Consulting ashtonsfranchise.com c.dickson@ashtonsfranchise.com


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