Starting your own business can be a scary and intimidating experience for a lot of people. Franchising is a safe but exciting way to start your own business, with the support of the Franchisor, you will never be alone on the business journey but you do need to make sure you pick right one for you. If you want to be your own boss, make sure you’re finding the best franchise which may be different than what you thought given the market conditions.
I have put together the step-by-step methodology, those 10 processes will help you finding and buying the right franchise for you:
- Step 1 – Evaluate yourself/your vision/your reality
- Step 2 – Evaluate your Finances
- Step 3 – Evaluate the market
- Step 4 – Request Franchise information
- Step 5 – Do your Due Diligence
- Step 6 – Visit the Franchisor
- Step 7 – Take your final Decision
- Step 8 – Sign the Franchise agreement
- Step 9 – Get Trained
- Step 10 – Are you ready to buzz… The Launch
In reality, a franchise is “awarded” by the company (the Franchisor) to the buyer (the Franchisee). There is an application to submit, due diligence on both sides, criteria to fulfill, and more. You are creating a business relationship – often for 5, 10 years or more – and this is not to be taken lightly, you would’t get married without knowing your partner extremely well!!
I have interviewed Nick Marshall who is an English Solicitor and asked him for his tips to Franchising from a legal point of you…