Is franchising the right business option for you? | MoneyMaker ...

We speak to franchise business advisor Christopher Tansley to find out more

Franchising continues to grow as a business sector and the idea of setting up a business with a reputable brand, training and support is certainly an appealing one. But how do?you know that franchising is right for you, and how should you choose between the tens of thousands of franchise options available?

We spoke to Christopher Tansley, a business advisor with Matchpoint who has helped match many individuals with the world?s top performing franchises, to find out how would be business owners should go about deciding which venture is best for them.

Why should an entrepreneur consider?franchising?

Franchising is on ?rise, and there?s little wonder why. The opportunity to be master of your own destiny by working with an established brand name and to enjoy the benefits of a proven business methodology, expert training and on-going business support, has got to be an attractive proposition for individuals with the drive to succeed.

The UK franchising sector continues to produce exciting statistics. In an industry worth over ?11 billion, there are now approximately half a million people from all walks of life who?ve recognised the benefits of working with good franchising companies. These companies offer franchising opportunities in a broad range of industry sectors ? but is franchising right for you?

Often successful franchise investigation is about focusing on options that match your goals and ambitions. By putting your ladder on the right wall, you will save time, taking the small steps necessary to reach new heights.

What are the first steps for a would-be franchisee?

There are some important questions to ask yourself before you start investigating franchise companies; start thinking about what is important in your life.

• What are your goals and objectives?
• What attracts you to business ownership?
• Why are you considering change at this time?
• What are your strengths?
• What business categories interest you?

A clear defined plan for achieving your goals and meeting your expectations will help when you ?begin your search.

Also become an expert on franchising as an industry, and don?t rely on second hand information and assumptions from other people. Be aware of ill-informed prejudice when mentioning your franchising ambitions to colleagues and associates. How do they know what they know?

Search for the facts and find the truth. We achieve this by making only calculated, educated decisions. There are many franchising resources available and good people within the franchising industry ready to share their successes and experiences ? find them.

How should an entrepreneur?identify the perfect franchise for them?

People have unique characteristics, skills, personalities and temperaments that allow them to perform well in certain situations and environments. Think about yours. Maybe ask those who know you well ? old work associates, family and friends whose opinion you respect.

Franchising should be a long term commitment and if you?re fortunate enough to work within an environment that is suited to your personality, the journey becomes more enjoyable and fun. So find out what makes you tick. So think about what?s your passion, and stick to it?

Also, bear in mind that not all franchise opportunities are the same. Successful companies have common ethics and principles. Good franchise companies are very selective and look for specific traits in a franchise candidate. They qualify you for their system while you investigate whether you may want to invest in their franchise. This two-way investigation process is often referred to as ?mutual due diligence?.

The best franchise companies have invested years of hard work and tremendous amounts of money into their franchise systems. They should be very selective about who they allow to join their family of franchise owners.

Always ask for information about their preferred franchisee profile. Franchise companies should be recruiting and awarding their franchise to the right people, not selling them to anybody with the available finance. These are the franchise companies that are worth investigating because this discipline on their part protects your investment.

What?s your biggest tip for entrepreneurs?buying a franchise?

Stick to the plan, and don?t be afraid to ask questions.

Once you have considered all the information that the franchise companies give you, evaluate the facts and make your decision. Don?t be put off by fear of failure. Whether you?re a person who is motivated by the pull of achievement, or someone who is disabled by the fear of failure, stick to the plan and review your map to reach your goals.

Buying into a business is a life-changing decision and one that needs as much expert advice as you can get. You don?t have to do it on your own.

?

MatchPoint provides free independent professional advice and support to individuals considering investing in a franchise?www.matchpointnetwork.com

Source: http://www.moneymakermagazine.co.uk/is-franchising-the-right-business-option-for-you/

rob roy gaslight justin timberlake michael dyer bachmann bachmann iowa caucus results