FRANCHISE ADVICE


How to find the best franchise for you


Your perfect franchise opportunity is out there. But as to which one you'll partner with? Here’s some crucial points to weigh up...


F


ranchises – they’re a hot commodity for a reason! Franchising gives entrepreneurs


an opportunity to run their own business while benefiting from the experience and success of the broader organisation. And by all accounts, it's a booming model. Franchises now contribute over £15billion to the UK economy, employing over 700,000 people – more than the population of Manchester! Once you’re ready to invest,


you’ll find plenty of fantastic franchise opportunities on Daltons Business, but how do you pick the right opportunity for you?


Due diligence is duly demanded! Obviously the first concern must always be – is this franchise a good investment? For that, you need to do the research. Check up on their financials: unless


it's a brand-new start-up, there should be at least three years of audited accounts available. Look for growth, particularly in the revenue they receive from their franchisees – for example, this should account for more than merely bringing in, say, the initial fee – in order to signpost future stability. It's worth reading up on


management also. Do they have the experience necessary – not just in whatever field the franchise operates within, but in business and franchise management. You want a well- equipped central organisation that will back you up as you get your franchise off the ground.


Mark your territory You need a clear understanding of where your franchise will


be operating, and if other franchisees will have access to your territory. First up, how large is your area of operation? Ask yourself if it will match the business that you want to operate. The territory could affect your scale, time on the road, how many plates will be spinning every day. That could be an exciting challenge, or a burden you don’t want to take on. And then there’s the question


of access. Your territory will likely be ‘exclusive’, ‘protected’ or ‘open’. ‘Open’ isn’t bad per se, but you’ll need to be prepared to be very proactive in how you promote your business and control your turf. Getting a clear understanding upfront – and in writing – also reduces the potential for disputes with the franchisor later.


“ nner of franchise oouniies re ie  soehin o sui ee in of enrereneur”


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