How To Start A Franchise
By Trevor Pearson
Trevor Pearson from Ipswich is a certified accountant with an MBA and over 18 years experience as a finance director. When his last employer’s firm became publicly listed, Trevor took the opportunity to make a change and bought Accounts Assist Ipswich — a bookkeeping and management accountancy franchise. He shares his advice with Fresh Business Thinking.
Franchising can be a good way to become self employed whist eliminating much of the risk and uncertainly usually involved in starting up your own business. By choosing a franchisor with a good track record, you are using a tried and tested model...
...and studies have shown that a very small percentage of franchisees fail compared to a large number of new start up businesses. However, as with all business ventures, hard work and dedication is still required and you can’t expect to get rich overnight.
Before starting out on your franchisee venture, you need to do your homework and consider the following points.
• Firstly, evaluate your skills and also your personal needs. Franchising offers a great opportunity to begin working in an area you have no experience in, but this will require more time in terms of research into the new business sector and possibly training than if you go into a business sector that you are already familiar with. You also need to think about what you are good at, and build upon these skills. If you hate dealing with the public, for example, then don’t choose a job that requires this. Also think about your personal circumstances, if you have children you might not want to, or be able to, work late at night or at the weekends. So be very careful to choose a job that fits your needs and also your skills.
• Research the... continued on page two >