No all franchises are made equal; so many opportunities that are currently on offer might not be worth your money. It’s not easy to choose the
right franchise because there are several factors you need to consider before you make your decision. It’s important to research each venture on your shortlist thoroughly and be completely realistic with your expectations. At Franchise Life, we recommend that you take the steps mentioned below to evaluate your franchise opportunities in UK.
Determine Your Goals
Before you start looking for franchise opportunities, determine what you want from the venture. For example, do you intend to build your franchise branch to be your primary source of income? Or will it just be a lucrative side gig whilst you still plan to stick to your 9 to 5 job?
You can filter your search according to your preferences and level of commitment. Some franchises simply can’t be maintained well if you have a 9 to 5 job on the side and most franchisors will want your full commitment. Your next step should be to determine how much you’re willing to invest and which industry you want to work in. Once you have all the basic goals and requirements in place, you can move on to finding the best franchise opportunities in UK.
Before you make too many enquires about the franchise, contact a few established franchisees to find out how they are doing. For example, if you’re interested in an upcoming quick-service franchise, visit the restaurant, see if the franchisee will meet you, maybe grab a couple of meals. This will help you assess the quality of the meal, gauge the environment, understand the level of service required, etc. Look at the franchise from a customer’s perspective rather than a potential franchise owner’s perspective.
Consider Recession & Market Trends
There are some industries that are relatively resistant to recession and economic problems. If you want a resilient business that will always deliver some reliable income, look at industries that are relatively recession proof and that are in a rising market place. You can evaluate the historical performance of particular franchises to see how they endured economic downturns.
Contact the Franchisor
Once you’ve done your research and shortlisted a final number of franchise opportunities in UK, contact the franchisor, fill out the qualifying form, and get the franchise prospectus sent to you. If the franchisor considers you a good candidate, they’ll offer to meet you and you can expect to have to complete a non disclosure agreement beforehand. Take you list of questions and find out as much as you can.
Franchise Opportunities For You
This information will allow you to expand on your research, contact the current franchisees, and figure out if the opportunity is the right fit for you. If you want to know more about our franchise directory and how it works, don’t hesitate to give us at Franchise Life a call on 01274 662001 or contact us. We’ll be happy to help.