For many, the ideal route to being their own boss, is buying a franchise – minimal risk with the safety net of a strong established brand. A franchise opportunity is minimal risk, not, risk free, and should be approached with the same care and caution that you would give to any business opportunity.
Where do you start?
Here, Avanti MD, Victoria Sharp discusses her top 5 tips to starting your franchise journey;
- Do your research and consider your options. Franchising is not for everyone, so your first consideration should be “can I operate in a capacity where I will ultimately be overseen by the franchisor” – this may not be a good fit for you, but if you are looking for a business where you will be provided with the frameworks for success, strong branding and guidance to be the best you can be, a franchise may be the opportunity that you need. Once you know that you are happy considering a franchise, take your time to research franchising, industry and discover what type of franchise you wish to proceed with. The BFA can provide details of events that you may wish to attend.
- Meeting the Franchisor. Whether you are attending a ‘discovery day’ or meeting the franchisor for a 1-2-1, take time to prepare questions based on your research, and get behind the big promotional banners and adverts. Prepare questions to ask and be ready to get into the details of the agreement. Find out when the fees are due, how the training is completed, and how much support is provided by he franchisor – from launch onward, find out what they will do for you, and what they expect from you.
- Location.Location.Location. You need to consider the location and how it will help you succeed. Take your time to consider your options and make the right choice – again, research will help you. Avanti accountants can work remotely, meaning that you can cover a large territory without relying on footfall like some other franchise opportunities.
- Secure Your Funding. Your franchisor will be able to provide you with a business plan to help secure your funding. Avanti can also assist you with preferred partners for funding who know our business.
- Check Your Agreement. If you have got this far, you should take 7 days from receiving the agreement to signing it, in which time, you should get it checked by an impartial solicitor who specialises in such agreements.
Avanti have a proven track record- starting as a franchise, they have refined the systems and processes that are in place today. Constantly evolving, and growing to meet the needs of their clients and franchisees nationwide. If you are looking for your next opportunity and would like to be considered for an Avanti franchise, give us a call to see if your area is available, (08000) 388 799 or email Sharon