Uk Business Franchises Are Booming
Franchising has really taken off in the past decade and with the explosion of the
internet there has been a whole new platform for franchise business opportunities to be created. As such the amount of choice a franchise seeker has available to them has never been greater.This causes several problems.
1. What franchise is right for you?
Not every franchise opportunity is one which you may be suited to run, you may lack the skill or expertise in a particular niche so you really need to do some honest self examination before delving into any business opportunity. Just because you see nice returns of 150,000 per year does not mean you should go in head first as this is likely to lead to failure. You also need to ensure that your local area is going to support your franchise. Buying a cleaning franchise for example in a rural area may not be the best use of your money as clients are going to be thin on the ground.
2. Watch out for scams or non-viable opportunities.
In every industry you get your fair share of scammers and franchising is no different. In the UK business franchise industry there are what we call serial scammers, these are people who each and every year set up new franchises to sell without having tested them or running them first to ensure they are viable and are out to make money from the franchise fee. A good franchise opportunity should make very little on the actual franchise fee and make a profit from the ongoing licence fees and revenue share.
2.1 Telltale signs of a franchise scammer.
Look out for a franchise website which has only been registered in the past few months and has a basic design with a SELL on it only.
Visit their offices and ensure that they have teams in place, franchise consultants, secretaries, management etc.
Ask to contact their current franchisees, beware of them not allowing this.
Ask for their past years accounts, if they do not give this to you walk away.
Ask how long they ran the business for before going to franchise and proof of earnings over this period. Businesses that go straight to franchise may not have tested their model and you most certainly do not want to be paying them to test their model for them!
Google the names of the people in charge of the franchised company, many serial scammers have been caught before and Google will usually provide you with evidence of this.
It's not all bad though, for every franchise scam out there, there are hundreds of excellent opportunities. As the title suggest, more and more UK business franchises are in fact booming and the industry is contributing billions to the UK economy. With the right research and due diligence you can find the perfect franchise for you, however if you are struggling and are in need of help choosing your franchise then look around for some experienced franchise matching services and consultants who can take a lot of the hard work and do the majority of the research for you. There are also some excellent franchise magazines and internet portals out there and franchise exhibitions you can attend. Before parting with what can be a few thousand to several hundred thousand pounds you want to be attending these events and reading the portals and magazines so that you can gain a full understanding of the franchise industry.
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