Ask the expert s
What are the import ant fa cts to find out when assessing a fra nchise opport unity?
u In the early stages of deciding you would like to buy a franchise, you will want to create a shortlist of opportunities for yourself. How do you compare opportunities and what are the important facts to fi nd out? A good place to start is establishing how long the franchise has been operating for and fi nding out more about their experience and position within the industry they are operating in. Getting to know the directors and managers and their background is a good idea, as this will help you decide if you have a similar skillset and whether you will be the right fi t to take this franchise forward in your chosen territory. You are entering into an important partnership so getting to know the people behind the franchise is also important in deciding whether you could
R A C HEL EV AN S
Marketing manager, Jackson Fire & Security
work closely with them going forward. Another important question to ask the franchisor is how
much demand exists for their products and services. This will help you decide whether you are buying a franchise that will secure your future for many years to come. A Jackson Fire & Security franchise provides businesses with a legal requirement: to ensure their premises are fi re safety compliant. This is important to emphasise to anyone considering our franchise opportunity as we have demand backed up by legislation and repeat revenue streams. Market research is key when comparing the different
franchises you may be considering and don’t just rely on the word of the franchisor, speak to their franchisees and conduct your own territory-specifi c research.
u The internet has changed the way we all do business and the way we research products and services, so you’ll need to ensure your franchisor has a well-designed and user-friendly website, which is fully optimised for mobile. A distinct digital profi le is a must for any business you’re considering
investing in. Online advertising is essential to ensure a brand name, product or service is at the top of search results and is easily found by prospective customers. Include this as part of your research: if you can’t fi nd their website, neither will your customers. A franchise with a strong brand will attract clients to your business,
J AMES MA TT AM
Group business development director, TaxAssist Accountants
What level of digital marketing activity and online presence should I expect from my chosen fra nchisor?
so make sure the online visibility of your chosen franchise is good. Customer reviews are now commonplace as part of the process used
to evaluate a product or service. Do your research on any franchise you’re looking at and see how their clients rate the service. This will give you a good indication that the network is highly regarded within their sector through the provision of modern, quality services or products. It will also help you to know whether you are in good company and that your new business will sit alongside other franchisees of a similar calibre. At TaxAssist Accountants, we’ve used Trustpilot since 2016 and we’re
proud of our star ratings and positive feedback. This transparency reassures potential franchisees and potential clients alike; be wary of a franchise that limits the ability for clients to feed back, or worse, ignores it altogether.
BUSINESSFRANCHISE.COM 25
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