Thinking about buying a franchise in the UK? Which franchise should I choose?
Are you thinking about buying a franchise in the UK? Good question but there is not a set answer for this, why? Well because you need to find the right business for you. Many people search for the most profitable franchises in the UK before they even look at the type of franchises that are available.
My advice if you are thinking about buying a franchise in the UK would be to consider the following when buying a franchise;
- Background & skills – What is it you enjoy doing and are good at? It doesn’t mean this is the same as your career currenty, franchising is a great way to change career direction. This could be anything baking, gardening, fitness, children. Doing something you enjoy and are passionate about is critical to the success of any new business start-up, look at something you are going to thrive doing.
- Finances – What do you have available for a franchise? You need to consider not just the initial fee but is there any other set-up costs such as premises, marketing, staff. What are the ongoing overheads of the business and how long are you tied into an agreement, you must consider ALL costs. You also need to consider your own survival funds. When you start any business it takes time to make a profit, in the meantime you are going to have bills to pay, when is the cash flow for the business positive and can pay you? You need to ensure you have enough funds personally so you can give all your attention to getting the business off the ground.
- Lifestyle – What do you want out of your new career in franchising? Many people start a business to try to get a better life/work balance, more time with their partners, children. If this is you then does this franchise offer this?
- Advice – You are buying a business, therefore you will need to carry out thorough due diligence and take professional advice before you invest in any franchise