What you need to succeed
If you want to open a franchise you need the initial investment to pay for the franchise and get it ready for business. Think about costs over and above the franchise fee, such as rent and insurance. You also need to be committed to the franchise product or service. It will take many hours of hard work to get your business off the ground. You will almost certainly find you spend less time with the family than you would like at this stage.
Choosing a franchise
The British Franchise Association says that you can get good returns from a franchise, “providing you choose a good franchise in the first place”. So, how do you choose? As with any business opportunity, start by working out what you want and need. What are your skills? What sort of business could you be passionate about? What hours will work best for you? If the franchise needs to be open nine to five and weekends can you fit this with the school run? Do you want to run the business by yourself, with a partner, or do you want to employ staff? Do you want a franchise you can run from home, or would you like to keep the business and home separate? Will you need transport for the business? And how long do you see yourself running this sort of business for? You may be signing up to a commitment for five or ten years.