Franchising 7 November 2016

Three questions to ask yourself when buying a franchise

franchising
Choose a franchising opportunity you will enjoy and be enthusiastic about

Buying a franchise is a huge step and one of the biggest decisions you will ever make. Here, head of recruitment at Auditel, Fiona Steels, offers her top tips for those considering any franchise opportunity.

With such a wide range of franchising opportunities available, how do you ensure that you’re taking the right steps towards a successful future?

(1) Does the franchise fit with your existing skill set and interests?

When looking into any business opportunity, you must ensure that the franchise opportunity fits with your skills and interests.

Think about the skills gained from your previous career, is there anything that you excel in? Choose a business that you will enjoy and can be enthusiastic about.

To make sure your business is a success, you should be happy with the commitment you are making and understand that it is a long-term investment and not something you may lose interest in a few months down the line.

This is one of the first steps you should take to help you narrow down your search and decide which type of franchise you would like to start.

Auditel provide all ongoing training, mentoring and support you need to tap into their franchise opportunity but they also encourage you to put your existing skills and experience to good use.

You will become part of a network that comprises of over 200 like-minded professionals with whom you can combine your skills to upsell services to prospective clients.

(2) Can you afford the franchise opportunity?

When you’re looking into franchise opportunities you will find there are a range of different investment levels. Consider what you can realistically afford and remember that you will also need to cover your living costs for at least six months after starting the franchise. Will the franchise opportunity provide you and your family with the lifestyle you’re looking for?

Your chosen franchise opportunity should allow you to build a business that suits your lifestyle and needs. An Auditel franchise, for example, can be run from home in order to keep overheads, office and staff costs low and provide you with a better work-life balance.

(3) Research the franchise opportunity

Complete your due diligence to make sure your chosen franchise opportunity is everything it seems. When starting a franchise, you will probably look at a range of opportunities before deciding on the one that’s right for you.

Research the market and your local area to make sure there’s sufficient demand for the product or service you want to sell. Avoid crowded or fad markets when starting a franchise, as this will greatly increase your chances of success and mean you won’t have a huge amount of competition.

Speak to as many people involved with the franchise opportunity as you can to find out whether or not the business will provide you with everything you’re looking for.

Does the franchise match up to everything you’ve been told? Thorough research of the franchise opportunity will allow you to make a measured and informed decision about whether or not you wish to start the franchise.

Anyone looking to buy a franchise is well advised to talk to franchisees. Talk to a good selection, including those who have not been supplied by the franchisor.

Fiona Steels is head of recruitment at cost management franchise Auditel,

How franchising came to my rescue after redundancy – Read more from our guest franchisee. 

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