Many use franchising as a way to become their
own boss, but under the safety and security of a proven model, with national support structures to help overcome many of the business hurdles that can floor many new business start-ups. The question to ask, however, is which
franchise brand is suitable for you? With hundreds of different brands, investment levels and business types, how can you know what you want? For those looking into franchising, here are just a few simple considerations: Membership of the bfa: Our compliance
function at the bfa accredits brands against a strict set of criteria. To join we review the franchise agreement, financial sustainability, franchisee support structures and look for full and fair disclosure of information given to prospective franchisees. It is not a case that brands can simple pay to join the bfa – that is far from the reality, which is precisely why franchisors take such pride in being able to display the bfa brand alongside their own. Investment level: Levels of investment range from smaller amounts, that you may already
have available, to larger amounts that you may need to take out a bank loan for. There are a number of major banks that the bfa accredits as specialists in understanding franchising and providing specific teams to work with franchise business loans. Lifestyle: You will need to make sure that you
are happy with the commitment needed for any new business. You will also need to consider the support and understanding of those around you such as your family and friends. Research: All franchise businesses are
different, so do your homework. Speak to existing franchisees, make sure you understand all the business operations and ensure that you fully understand the investment costs. Professional advice: There are a host of
professional advisors accredited by the bfa that specialise in franchising, including consultants, accountants, solicitors, banks and media. They are invaluable in making sure that you’re taking the right steps and don’t miss any vital information. Best of luck!
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