Anything else I should consider?

Some further tips based on our experience working with franchisees:

Do involve your spouse or partner from an early stage in your decision to become a franchisee. They will be an important part of your business and should be involved from the earliest possible stage.

Do speak to two or more existing franchisees to find out how things are going for them. Where possible, make your own choices about who to speak with. But it is understandable if franchisees are hesitant to speak with you unless they know that you are a bono fide applicant. Why would they share details of their business with anyone who contacted them out of the blue? Have the franchisor make the introduction for you. Be cautious if franchisors are slow to or refuse to let you talk to existing franchisors.

It is normal to expect that your franchise licence will be renewed after the initial licence period. Check the conditions under which the licence will be renewed in advance.

Do look for independent business advice from your accountant or professional business advisor and independent legal advice from a solicitor with relevant experience.

The above is intended only as a general introduction to franchising.

Special thanks to HJM Business development for this article.

Free Newsletter!