Buying a Franchise

Buying a franchise is one of today's most popular ways of starting your own business. A sound franchise offers the advantages of a known brand, national marketing and day-to-day support. But there are downsides, too. You will have to operate within certain restrictions. And if you fail, it can cost you dear - the average franchise costs £45,000 to set up. A good package will include a well-established business system. It will provide both the sales training and follow-up support you need. If the package sounds too easy, or seems to guarantee success, be wary. Ask yourself if the franchisor has a good track record. Check its financial soundness, and how long it has been going. Ask for three yearsı audited accounts and a bank reference. Make sure you are comfortable with the franchisor on both a personal and financial level.

This guide to buying a franchise answers some of the most commonly asked questions of new franchisees, such as:

• What are the advantages of buying a franchise over starting a new business?
• What are the disadvantages of taking on a franchise?
• What qualities do I need to succeed?
• Who should I talk to for advice?
• Where can I find out about franchises on offer?
• What should I look out for in a franchisor?
• How do I choose a particular franchise?
• How much money does it cost to set up a franchise?
• How do I raise the necessary capital?

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