The franchise business will contact you by means of email and/ or telephone only to the email address and phone number you have provided.
By submitting the enquiry form you are consenting to send your personal information to the selected franchise business.
You also agree to receive further newsletter email marketing from What Franchise.
What should I consider before buying a franchise?
You must make sure you adopt a cautious and logical approach to taking a franchise. Under no circumstances should you be rushed or pressurised. The issues you need to consider are complex and this short contribution will only touch the surface.
First, is owning a business right for you? It will mean pressures and sleepless nights, long hours, perhaps working at weekends and not taking holidays in the early years of your business. Is that for you and do you have the support of your family?
Next, you need to establish precisely what business activity interests you and, at the same time, establish what financial resources you have to fund the business. While banks are keen to lend to franchisees taking up a franchise with a well established and profitable franchisor, you will have to contribute some of your own funds and also potentially provide security for the loan the bank makes to you. There is no point in selecting a fast food franchise involving a shop fit costing many hundreds of thousands of pounds if you don’t have the financial resources to fund it.
Finally, when you have established your desired business area, investigate all the franchisors in that sector. Try to find out as much as you possibly can about the franchisor from the franchisor’s existing franchisees - you should be provided with a full list.
John Pratt is senior partner at specialist franchise firm Hamilton Pratt and has advised franchisors for over 25 years.
You might also be interested in
Answered by Shelley Nadler
Shelley Nadler writes: There are two main types of franchise fee paid to the franchisor in a... read more
Answered by Alan Wilkinson
Alan Wilkinson writes: The short answer is no. The interesting bit is why a franchisee should actually... read more
Answered by Louise Harris
Louise Harris writes: This question is one that many have explored and much has been written on... read more
Answered by John Pratt
John Pratt writes: Virtually all franchise agreements are granted for a specific term and either contain an... read more
Exciting Franchise Opportunities
Companies to Consider
Operational break even from 6 to 7 months and pay back between to 3 and 3.5 years
35% to 40% profit, depending on the business model
Potential ROI within 12 months, with average profits of 34% in the first year
Concept Claims Solutions
The Travel Franchise –...
£500,000 to £1m
School of Rock
Get expert franchising news delivered straight to your inbox
Franchise news, advice and new opportunities delivered weekly.
Must Read Articles
Added 3 years ago | 2 min read
Added one day ago | 2 min read
Added 2 days ago | 2 min read
Find your next business opportunity
Search 100s of UK franchises and become your own boss today.
What Franchise Newsletter
Keep up to date with all the industry news