A guide to becoming a franchisee

Becoming a franchisee is not something that happens overnight. The whole process can seem a little daunting; particularly if you have no one to ask for advice.

But follow these simple steps and you will find that becoming a franchisee may be a lot easier that you first thought:

• Having decided that you want to go into business on your own and having checked that you have enough financial backing to invest, it’s time to decide what type of franchise you want to become involved with. Try to pick something that you have an interest in.

• You then need to research the franchise opportunities within this type of franchise. Create a shortlist to help you decide.

• Don’t jump straight into anything. First, you need to assess the franchise. Ensure that your chosen franchise has a long term appeal and that it is likely to continue being successful.

• Having thoroughly researched your chosen franchise and its potential, you need to confirm and arrange the funding of your franchise. Think about how much you can borrow from the bank and start preparing a business plan.

• It’s then time to enter into a legal agreement, known as the franchise agreement. Make sure you are comfortable with the terms in the franchise agreement before you sign it and make any necessary payments.

• Finally, it is time to sign the franchise agreement.

Follow these steps and you will soon be training up ready to launch your very own franchise.