Each individuals’ business journey is unique, and so your reasons for starting a franchise business may differ significantly. You could be a serial entrepreneur, looking for a new challenge or to expand your existing portfolio of businesses, or you could be looking to become a business owner for the first time. Sometimes, it’s somewhere in between!
But no matter what your circumstances or reasons are (for starting your franchise business), the process that you must take to start one is typically the same. In this article, we’ll take you through the start of this process to help you along the way.
Conduct a self-assessment
You will need to be honest in your assessment of your soft and hard skills. Do you have the skills required to take on a franchise business? You don’t necessarily need to have all the tools initially to succeed, as criteria will vary by franchisor and they may be willing to get you up to speed with training. We’ve put together a checklist to help you answer these questions you as part of our digital resource pack for prospective franchisees.
Need some assistance?
No problem. Starting a franchise can be a complex process, but there are consultants available to help you navigate it. This is optional, of course, but their industry knowledge and experience could prove invaluable in your search and the ongoing process of opening for business.
What are your most viable options?
This is where you should knit together your self-assessment and combine this with what type of work you would like to do. Would the work wake you up in the morning? Do you think your skillset suits the demands of the industry?
You’ll need to consider what is financially viable to you, too. Franchise fees vary from brand to brand, and while some lenders may be able to help you with these, it’s likely that you will need some of your own capital to start.
Attend a Discovery Day, a franchise exhibition or both!
As part of your due diligence process it’s vitally important that you get inside the brands you’re interested in starting a franchise for. The franchising community are very accommodating of this; suppliers and brands across the industry offer these opportunities in spades in the form of discovery days and exhibitions.
Flagship shows like the British & International Franchise Exhibition and the National Franchise Exhibition are held annually and offer prospective franchisees the opportunity to speak directly with a range of brands actively looking for franchisees. It’s a great chance for you to get in front of the brand and get the burning answers to your questions, and help you progress to the next step in the process.
Begin your search today
The best time to take your first steps into franchising is now – conduct a self assessment and see if the options available match your goals. If you start there, you’ll be well on your way towards finding the franchise of your dreams.
