What is the process of becoming a franchisee?
answered by Brain DuckettChairman of The Franchising Centre
Brian Duckett writes:
If we start at the beginning, I’d say read as many franchise magazines, attend as many franchise exhibitions and seminars and search the franchise portals to find out as much as you can about how franchising works and the wide variety of opportunities on offer.
Then if you decide a franchise relationship might suit the way you want to work for yourself, create a shortlist of the business sectors you might want to be involved in and the sort of role you want to have.
Next, work out which of the franchises on offer that meet your working-style requirements you can afford to get into. Much of the funding can be borrowed, but you will also need to make a considerable investment from unencumbered personal resources.
Having done that, you’ll have weeded out 99 per cent of the franchises available, which could still leave you with 10 or more to contact. You can do that via their websites or however their promotional material asks you to do so.
You will then be led through a process that is aimed at ensuring a good fit between the parties. Make sure you talk to as many existing franchisees as you can when you get serious about a particular offer.
Brian Duckett is chairman of The Franchising Centre, part of the world’s largest network of specialist franchise consultants.
- I’ve never managed staff before. Will a franchisor assist me in this area of the business?
- I have identified a consumer product that would work very well as a vending product and feel the ide
- If I invest in a franchise, is it my own business?
- What does a franchisee pay a ‘management service fee’ for?
- Is there a ‘cooling off’ period after signing a franchise agreement?
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