Top tips for choosing the right franchise
Franchising is an industry that offers huge benefits to those who want to be in business for themselves, but not by themselves.
The online directory and information site, Franchise Direct ( www.franchisedirect.co.uk) share their tips for making sure you find the right franchise for you.
They’ve put together some tips to learn the nitty gritty about the franchise business that may change your life.
- If you are invited on a tour with a current franchisee and the current franchisor comes along, try to come back later so the franchisee won’t feel under pressure to present a perfect image of the business.
- Be aware that the frachisors may give bonuses to current franchisees that help get newbies on board, so try to figure out if they are being totally truthful.
- The more franchisees you talk to, the better the information you will get.
- If the franchisor supplies you with a small pool of contact details, get out the phone book and ring around other franchisees. Use Google to research what news and events the franchise has been involved in.
- Try to get in touch with a wide variety of franchisees, from the most successful, to the struggling. This way you can assess whether the business is flourishing or failing because of the business model or the franchisee themselves. Talk to the oldest franchises and the newest ones. The guy who is just scraping by six years in will be as valuable to talk to as the star new kid in town who has already broke his first million.
- Use your gut, and try to get a feeling for the motivations of the franchisees you talk to.