FRANCHISE ADVICE


A


part from buying a home or a fancy car, investing in a franchise could be the costliest thing you purchase


in your life – not just in terms of money, but also the time you will dedicate to it. It’s going to be a BIG decision. When you buy a home or car there


is – normally – a lot of careful thought, reading and checking through things, before you hit the “buy now” button. So whether you're reading this at home


or at The British & International Franchise Exhibition, you're probably considering whether to become a franchisee or not. But… Are you prepared for what you


could be getting yourself in for? Is it going to be right for you? How can you be sure that the franchise


you think you’re going to go with is the one? Consider these points raised in... ...Buying a Franchise: questions to think about 1. Their brand: l Does the brand t with you l What is the brand’s purpose? l Are you happy working to their mission statement?


l What values do they work to? And do you share these?


2. Their transparency: l Have they presented you with a full disclosure document / information memorandum?


l Do they share nancials from their current business / network, so you can cross check these against their theoretical prot-and-loss illustrations


l Do they tell you what will be the tough part of the business? And how best to make it less tough?


3. Their processes: l Is the process they are putting you through as a potential franchisee systemised and well thought out?


l If you buy from them as a customer, is it an easy process-driven eperience


l Can they give you a preview of segments of the operation manuals and the training programme?


4. Their reputation: l Are their customers raving about them online or are there warning signs coming up as you read over their reviews?


l How do they manage complaints or poor reviews? Often you can learn more about a business by how they respond to negative feedback and criticism.


5. Their USPs and pricing: l What really makes them different to others in their sector? (Ps: “Excellent customer service” is not a USP!)


l Have they trademarked their name and logo and protected their intellectual property?


l Are they condent in their pricing and how they sell their product or service?


6. Their Legal Agreement: lWas it written by a specialist franchise lawyer?


l Have they asked you to get the Franchise Legal Agreement checked over and explained to you?


l Did they recommend you consult a BFA-approved lawyer for this


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