Anything else I should consider?
Some further tips based on our experience working with franchisees:
Do involve your spouse or partner from an early stage in your
decision to become a franchisee. They will be an important part of your
business and should be involved from the earliest possible stage.
Do speak to two or more existing franchisees to find out how things
are going for them. Where possible, make your own choices about who to
speak with. But it is understandable if franchisees are hesitant to
speak with you unless they know that you are a bono fide applicant. Why
would they share details of their business with anyone who contacted
them out of the blue? Have the franchisor make the introduction for
you. Be cautious if franchisors are slow to or refuse to let you talk
to existing franchisors.
It is normal to expect that your franchise licence will be renewed
after the initial licence period. Check the conditions under which the
licence will be renewed in advance.
Do look for independent business advice from your accountant or
professional business advisor and independent legal advice from a
solicitor with relevant experience.
The above is intended only as a general introduction to franchising.
Special thanks to HJM Business development for this article.