FINANCIAL SERVICES Get your answers...


ind the riht fra nchise for ou Novuna Business Finance nows the uestions ou need to as


Questions to ask yourself As with running any business, it takes a certain type of person to succeed. Do you have the skills required? Think about your strengths and weaknesses, your skills and ualifi cations and your personal history and ask yourself:  Do you have the necessary skills and experience?


 Are you willing to work hard?  Are you able to make tough decisions?  Do you have enough money to invest?  Do you have a good credit history?  Are you willing to take full responsibility for the success of your business?


Choosing the right type of franchise Once you’ve decided that opening a franchise is the right path for you, it’s time to fi nd a franchisor to wor with. ith so many franchise businesses and market sectors to choose fro fi nding the right one for you can be a time consuming and sometimes overwhelming process.


Franchise types hicheer aret you consider the following are just some of the main types of franchise business available to you:  Management franchise  Retail and fast food  ‘Van’ or ‘hands-on’ franchises  Investment franchises


Questions to ask Get answers to the following and make sure you are satisfi ed with the responses before entering into any agreement.


Franchisor  How long have they been operating?  ho are the directors and what background/experience do they have?


 Are they a member of the British Franchise Association (bfa)?


Finance  How much does the franchise cost and what does this include? Is it cheaper or


“Remember – before entering into any agreement, make sure you are happy with your research!”


more expensive than other franchises on the market?


 Is the franchisor’s business system fi nancially iable s for audited accounts and discuss the data with an accountant.


 Are there any minimum performance requirements? Do you need to hit a certain turnover and, if so, what will happen if you don’t?


Market  Is there enough demand for the product or service? Have you conducted market research?


 ho will your copetitors be and how will your offering copare ill you be able to compete on price or quality?


Other franchisees nsure you fi nd out how any other


franchisees are currently operating in the network. Get the franchisor to provide you with details so you can speak to other business owners and get a better understanding of what’s ahead of you. Consider asking them the following questions:  How accurate were your initial projects in ters of turnoer profi t etc


 How long did it take you to break even?  Did you run into any unexpected fees?  How regularly do you receive support from the franchisor and has it been helpful? How often do they visit you?


These are just a handful of questions that will hopefully help you to think about the important things when building your franchise business. For further guidance and support, come and talk to us at the Finance Clinic or get it touch via details below – we’re here to help! 


NOVUNA BUSINESS FINANCE 01844 355 575


novunabusinessfinance.co.uk


franchising@ novunabusinessfinance.co.uk


BUSINESSFRANCHISE.COM 23


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