How to choose the best Franchise

There are many different franchise opportunities available, so it makes sense to take your time and select the best franchise for you.

First select the industry and type of business - When choosing the right type of business for you ask yourself:

Does the business have “Personal Fit”?

• Does the franchise match your skills?
• Does the business interest you? Would you be happy working in it? Can you be passionate about it?
• Preferably it’s a business in which you can bring some experience

Does it have business potential?

• Is the market expanding or declining?
• Is it likely to be resilient in poor economic situations?
• Is it seasonal?
• How strong is the competition?

Select the best franchisor - Deciding which franchisor is right for you is extremely important. You may have chosen a strong industry and have the right skills, but the franchise business needs to be effective.

Do your research:

• Search the internet, attend exhibitions and seminars, and read specific franchise magazines and websites, such as The British Franchise Association (BFA) www.thebfa.org.
• Visit the franchisers themselves to gather as much information as possible - go armed with a checklist!
• Speak to existing franchisees - find out their experiences, the support they have been provided, pros and cons.
• Get advice from as many people as possible, such as banks, solicitors, accountants and the BFA. Most banks have Franchise Advisors.

When selecting the right franchise, consider the following questions:

• What features differentiate it from its competitors?
• Does its product/service have customer appeal?
• Is it likely to generate repeat business to allow development of a customer base?
• What revenue will the business generate? Does it cover the initial investment and a level of income needed for your living costs? Find out more - How much does franchising cost?
• What initial support is given? Does this cover the supply of stock, launch guidelines, promotional collateral?
• Does the franchise offer a comprehensive training package - with manual updates with regular training sessions to refresh and develop your skills?
• Is the Franchisor a member of British Franchise Association (BFA) . This means they have been independently assessed against strict membership criteria, based on a code of ethical franchising. Accredited members have been vetted for viability, franchiseability, credibility, ethical background and track record?
• How long has the franchise been in business? If it's new, has it been piloted?
• Does the franchisor help with business planning?
• Does the franchisor invest in research and development to keep ahead of the market and keep track on what competitors are doing?