Spring into action with a franchise!
If you’re reading this article, there’s a good chance you’re thinking about buying a franchise or franchising your own business. If so, hurrah and welcome! You’re about to explore the incredibly exciting world of franchising, a sector that brings £19.1 billion to the UK GDP every year1.
Come to The Franchise Exhibitions
If you’re interested in franchising, now is the perfect time to start your research. Book free tickets to the next Franchise Exhibition, where you’ll find a plethora of franchise brands under one roof, giving you the perfect chance to explore opportunities face-to-face, chat with current franchisees, find out what the brand is offering, and if they align with your personal values and can help you meet your business goals.
Do your research
You may like to research brands that interest you before you go. Full details of exhibitors and investment costs can be found at The Franchise Exhibitions. You may even like to complete our free Online Prospective Franchisee Certificate2, which will ensure you are fully familiar with what it means to buy a franchise! It will give you tips on how to complete your research thoroughly and effectively.
Questions to ask
Questions you might like to ask could include:
- What qualities does your highest-performing franchisee have?
- What is the most important thing I need to do to succeed as a franchisee with you?
Franchisors love challenging questions as it means you’ve done your homework and you’re a good potential candidate.
Buyer beware
Investing in a franchise is not a decision to be taken lightly, even taking into consideration our impressive survey results which show that only 0.5% of franchisees close due to commercial failure every year.
Membership matters
So, how do you invest safely in a franchise? A good place to start is by identifying if a brand is a member of the British Franchise Association. If so, we will have thoroughly checked their franchise model, to make sure it complies with all our criteria for professional, ethical, sustainable franchising. Furthermore, members must agree to abide by our code of ethical conduct. Members also have access to our academy, which runs regular educational events to improve their knowledge and share best practice.
Safe franchising
Whilst our checks are useful, they do not negate your responsibility to do independent research, taking great care to talk to as many existing franchisees as possible, to ensure the reality lives up to the brochure.
1 https://www.thebfa.org/product/the-british-franchise-journal-2024/
2 https://franchisee.training.thebfa.org/
