Buying a Franchise: What Steps Should You Take?
Buying a Franchise: What Steps Should You Take?
Buying a franchise is a huge step and one of the biggest decisions you will ever make. With such a wide range of franchise opportunities available, how do you ensure that
you’re taking the right steps towards a successful future? Here’s Auditel top tips for considering, not just their franchise opportunity, but for any franchise opportunity.
1. Does the franchise fit with your existing skillset or interests?
When looking into any business opportunity, you must ensure that the franchise opportunity fits with your skills and interests. Think about the skills gained from your previous career, is there anything that you excel in? Choose a business that you will enjoy and can be enthusiastic about. To make sure your business is a success, you should be happy with the commitment you are making and understand that it is a long-term investment and not something you may lose interest in a few months down the line. This is one of the first steps you should take to help you narrow down your search and decide which type of franchise you would like to start.
Auditel provide all the ongoing training, mentoring and support you need to tap into their franchise opportunity but they also encourage you to put your existing skills and experience to good use. You will become part of a network that comprises of over 200 like-minded professionals with whom you can combine your skills to upsell services to prospective clients.
2. Can you afford the franchise opportunity?
When you’re looking into franchise opportunities you will find that there are a range of different investment levels. Consider what you can realistically afford and remember that you will also need to cover your living costs for at least six months after starting the franchise. Will the franchise opportunity provide you and your family with the lifestyle you’re looking for?
The Auditel franchise opportunity allows you to build a business that suits your lifestyle and needs. An Auditel franchise can be run from home in order to keep overheads, office and staff costs low and provide you with a better work-life balance. Should you wish, you can build the business and rent office space, once the opportunity arises. The variety of the business means that Auditel suits a range of investment levels and you can build the franchise opportunity to suit you.
3. Research the franchise opportunity
Complete your due diligence to make your chosen franchise opportunity is everything it seems. When starting a franchise, you will probably look at a range of opportunities before you decide on the one that’s right for you. Research the market and your local area to make sure there’s sufficient demand for the product or service you want to sell. Avoid crowded or fad markets when starting a franchise as this will greatly increase your chances of success and means that you won’t have a huge amount of competition.
Speak to as many people involved with the franchise opportunity as you can to find out whether or not the business will provide you with everything you’re looking for. Does the franchise match up to everything you’ve been told? Thorough research of the franchise opportunity will allow you to make a measured and informed decision about whether or not you wish to start the franchise.
“My advice to anyone looking to buy a franchise would be to talk to franchisees. Talk to a good selection including those who have not been supplied by the franchisor. We talked to quite a few franchisees in order to find out about both the pros and cons of the business, it just made me feel more positive about the business opportunity”
– Mike Keig, UK franchisee since September 2011.
