Stop before you start
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John Thompson of Abbey (Legal) Training advises "If you are searching for a new business for yourself or perhaps something you can manage with a colleague or partner, stop before you start". This may sound contradictory but as John explains "The choice of businesses and franchises available really is vast so it is wise to first of all assess just what is it that you are looking for.
"If you need flexibility in working time and want / need to work from home then that should be the focus of your search on sites such as The Franchise Shop. They can provide guidance and help which will enable you to refine your search and narrow your selection down to companies which offer a precise fit for you."
If you are one of the many potential franchisees who have an aversion 'cold calling' (and most do) then look for a business that offers an initial and ongoing supply of client leads. As John Thompson of Abbey (Legal) Training explains, "Client leads are a real boost to any new business. Whilst no provider can guarantee a sale from each one, what they will do is provide a level of success which will give encouragement to the budding entrepreneur and can contribute to a rapid return on your investment."
After many years in franchise recruitment John still meets applicants who have an intense dislike of selling and he suggests that anyone considering taking on a new business should initially strongly consider the training and on-going support provided by the franchisor.
John explains "If this training and support features sales and marketing and how to promote the service or product you are offering then they are going quite a way to building the foundations of your future business".
Above all, John recommends picking up the phone and discussing the business model - ask to see the agreement you will be signing and compare costs and benefits offered by similar companies. "The decision to go ahead could change your life completely so, as far as possible, look into the offer that has attracted you and when you feel all of your boxes have been ticked, that's the time to choose".
