Running a franchise business is an attractive prospect, and it all starts with choosing the right franchisor to partner with.
Opting for a franchise that suits your goals and values takes careful consideration. We’ve outlined some of the key points that’ll set you off in the right direction.
What to Consider When Buying a Franchise
Doing meticulous research on the franchise business model and your potential franchisors is instrumental. If you’re still in the very initial stages of the franchise journey, it can help to focus your research around the following areas.
Solidify Your Goals
What do you want out of a new career in franchising? This question should be one of the first you ask as your goals and expectations will shape your decisions around which franchise partner is most aligned with your needs.
Consider what kind of role you want in the business – do you want to be hands-on with daily operations or are you seeking a purely managerial role? Different franchises may expect different levels of involvement, so it helps to be realistic about what you want and how you want to progress.
Narrow Down Your Niche
Another obvious but essential consideration is to think about what industry you want to work within. Are you looking for a new challenge in something you can see potential in or do you want to put existing experience to good use?
Having a genuine passion for an industry goes a long way when it comes to achieving and maintaining success. Whether you’ve always dreamed of investing in a coffee shop franchise or are considering something more niche, nowadays there are so many franchise areas that you really do have your pick.
Some of the most profitable franchise categories in the UK include:
- Food and beverage brands (fast food, cafes, coffee shops etc)
- Professional services (accountants and consulting etc)
- Gyms and fitness services
- Healthcare and care homes
- Cleaning and home improvement services
Investing in something that aligns with your interests and skills will likely lead to a more fruitful venture.
Research Various Franchises
Next, it’s time to deepen your knowledge about the businesses operating within your niche. How do they work and what are they looking for in a potential franchisee?
Consult the online resources offered by each franchisor, comparing and contrasting what each organisation can offer you – remember franchising is a two-way street.
Consider which one best aligns with your goals and what kinds of compromises you’d have to make. Getting a sense of the brands’ reputation and potential for future growth is also helpful at this stage.
Consider Financing & Fees
The level of investment required by different franchises can vary quite drastically. Be realistic about what you can afford and how you are going to fund the venture.
Also consider how transparent franchisors are about their costs. You should be able to get clear information about initial investment requirements and various ongoing royalty fees.
Establish How Much Support You’ll Receive
The kind of support you’ll get from a franchisor can be another good marker of whether it is worthy of your partnership. A robust and comprehensive support programme shows that the franchisor is committed to seeing you succeed and is equipped to provide all the necessary resources.
One of the key benefits of franchising is the expertise parent brands can pass on to franchisees. Look for franchises that detail exactly what they’ll help with – whether this is helping with location, store design, sourcing supplies, staff training, marketing, ongoing support or more.
Some franchisors may just provide what you need to get started while others may include more in-depth support to ensure you can keep growing. Your long-term success may be heavily influenced by the depth and breadth or support offered.
Talk to the Franchisor
If you’re starting to seriously consider investing in a particular franchise, it’s time to go straight to the source. Get in touch with the franchise team to find out about the next steps and ask any of your preliminary questions.
Filling in an online application will likely be the first stage, which provides an opportunity to give an overview of yourself and your skills. If you proceed along the process, there will be plenty of chances to ask more pointed questions about the realities of the franchise agreement, which will provide more insight into whether they’re the right fit for you.
Choosing an Esquires Coffee Franchise
If you’re thinking about buying a coffee franchise, Esquires Coffee may just be the ideal choice! We are always on the lookout for coffee lovers with a proven track record to join our growing franchise.
As leaders in the ethical coffee industry, we put people and planet at the heart of everything we do, and are keen to develop partnerships with like-minded entrepreneurs who share our ethos.
To find out more about franchising with Esquires, browse our numerous coffee franchise articles or head over to our FAQs.
