Franchise guide

Buying a franchise is great for someone looking to invest in a proven business model that comes with support from the franchisor. Ensure that you research available franchises and find one that is right for you.

Understand the franchisor and speak to existing franchisees. Make sure you fully understand all the costs involved.

Where to buy a franchise? 

Online marketplaces give you the widest range of franchises available. Spend time going through franchises available so that you can narrow down what franchise will be right for you. 

How much to buy a franchise? 

There are plenty of options available when it comes to franchising coming in a range of differing prices. Not all franchises take upfront capital investment. Research suggests that the average of cost of a franchise is approximately £40,000. 

The costs involved in buying a franchise include the franchising fee, set-up costs and legal fees. The franchising fee will include an initial fee, royalties, advertising, and marketing costs. 

How to get money to buy a franchise?

There are numerous options when it comes to financing for the purchase of a franchise. Consider franchisor financing. These institutions will have specific financing options. Don’t forget, you can also speak with a commercial bank about a term loan. You will need to create a business plan if you are going to be successful in your application for a loan. 

Lastly, you may have a family or friend you could approach for a loan. To avoid any problems further down the line, ensure the terms and conditions of the loan in writing.

How to choose the best franchise

If you want to buy a franchise, how do you go about the process of doing so? Well,  You’ll need to consider a few questions before making a major choice in your life.

The first is: What do you wish to accomplish? What would you choose: more money, greater freedom, or a better life? All three, perhaps?

The next step is to be truthful with yourself about your own abilities, goals, and way of life. what do you excel at? Are you happiest when surrounded by others or do you prefer to be alone? Do you wish to expand your power or establish an empire?

It’s safe to say that everyone can find something out there given the hundreds of franchise possibilities that are now available in the UK, ranging from van-based franchises to multi-site mega-brand franchise restaurants.