Choosing a franchise: information article from Family Friendly Working #franchising #mumsinbusiness

by Stuart Miles
by Stuart Miles

Ask around
You may have decided to find out about a franchise because you know someone who is having success already. If not, ask other people who have bought the franchise for their experiences. Ask the franchisor for statistics on take up and how long people run franchises for. How many people have given up within the first year or three years? Why have they stopped, and did they manage to sell the franchise on? Have people bought a second franchise, and what was their motivation for this? Look at the way the business works. Can you find other businesses that have been successful with a similar format?

Strong branding?
Part of your money is paying for the brand which the franchisor has grown and developed. It is hard to measure the financial worth of a brand, so ask yourself whether you have heard of the brand? Have you seen national advertising for it? If you ask friends for a name of a few companies in the relevant sector, does that brand come up? What do people think of the company? You don’t have to only consider well known brands, but a business with a good reputation will certainly help you get your franchise off the ground.

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