Many people aspire to start their own business, but the prospect can be daunting.
Franchising offers you a proven business model to follow supported by training and a strong brand, and the opportunity to work within a network of others who have the same goals.
But, you should ask yourself some key questions when considering franchise opportunities.
Firstly, does the franchise’s industry, product or service interest you? Is it something that suits your own interests and abilities? Would you buy it yourself? Does it inspire you? A lack of passion about a product or service could mean you tire of the franchise quickly and therefore fail to make the best of the opportunity.
Secondly, make sure you fully understand the level of initial and ongoing investment and earning potential or return. Get clear information about the capital necessary to invest, starting fees and monthly fees. Assess these in line with what you will get in return in terms of profit, income, training and support.
Thirdly, find out what existing franchisees say about the franchise. A good source of information during your due diligence is case studies, which can provide clear examples and stories of other people’s experiences, views and expectations. Forum reviews and Google searches for third party opinions can go a long way too. Also, ask if you can be put in touch with existing franchisees.
At Platinum you can combine the certainty of franchising with the security of property.
We value integrity and are committed to making sure we work closely with people to understand their objectives and motivations. It is just as important that we are the right business for them to partner with as much as they are the right people for us.
Whether you’re just starting out on your property investment journey or looking at ways to diversify your current buy-to-let portfolio, our ‘Combining Franchising with Property – 7 Steps to success in 2018’ guide outlines just some of the benefits of combining the certainty of franchising with the security of property.