Buying a Business Franchise
If you’re keen to run your own business, but would like the support and experience of a bigger business behind you, or an established brand, then buying a business franchise may be the perfect option.
There are a variety of franchises in existence in the UK, with some focusing on various areas of gardening and garden products. They can involve selling products, but also running gardening events, classes and parties, where garden products are demonstrated and discussed. One of the major positive aspects about buying a franchise is that you usually get lots of help and advice thrown in, which is ideal for novices, and that you’re buying into a name that may already have some degree of recognition in your area.When you buy a franchise business, you pay an initial fee and usually buy the franchise for a set period of time, renewable if things go well. When your business is up and running, the franchiser should provide continual advice and help and be involved in advertising and marketing your company name, products or services. You run it just as you would your own business and, as it’s hopefully a tried and tested format, you have fewer risks than if you’re starting up completely on your own.
Of course, like any business opportunity, there are some downsides too. As you’re part of a larger franchise, you’re expected to conform to the business practices, interests and format of the group – which may mean doing things you don’t necessarily agree with. The franchiser also has the right to request that you forward sales figures and statistics, which can seem a bit demanding sometimes. If you decide you want to sell before the end of your contract, the franchiser has to agree.
Finding a FranchiseIf you’re interested in exploring business franchise opportunities, there are various ways of sussing out possible opportunities. The Internet is a good start, as many franchise opportunities are advertised on there. It also offers you the chance of finding a business franchise that’s perhaps not yet operating in your area or region. It’s also beneficial if you can be the company who introduce a certain franchise into your local area, although it’s certainly no less of a business opportunity if there’s already a business franchise nearby, as many franchises work well alongside each other.
Sometimes franchises are advertised in local papers or business directories, especially if they’re actively seeking new franchisees. Or you could ask any local business organisations or networking groups if they’ve heard of any in your area – often they will have, and have an opinion on them.
Before committing to run a franchise, research it very thoroughly to make certain that it’s a genuine opportunity and that it will be successful. Speak to others doing the same thing, check the background of the franchise company, do the figures and work out the costs, and double-check that it’s a viable business. A second opinion is valuable and an accountant or solicitor could help with this. A solicitor is especially useful to run through the paperwork and contract with you, so that you’re completely clear about what you’re signing and any terms or conditions you’re agreeing to.
Many people do successfully buy and run franchises each year and there are definite benefits to be had. So explore the options and see what’s out there in your area of interest, but don’t get carried away with the idea before you’ve thoroughly checked out the background company and are clear about what you’re getting involved with.