Investing in a new franchise is a significant life decision, to get the best results it benefits you to research the process as much as possible. Investigating the opportunity prior to investing in a new business will help to answer many of the questions you have and possibly raise a few more for your meeting with your franchisor.
While this is by no means a thorough list of research topics it can be a starting point for anyone interested in entering into the fantastic world of franchising.
Industry Sector
First of all it’s important to research the industry you’ll be working in. This will help you gain a basic understanding of the overall working environment and importantly raise your awareness of any issues that are currently affecting the sector. Finally, researching the sector will give you a personal insight into your overall interest in the area. Is this an industry you can see yourself running a business in for the next 10 – 20 years and beyond?
Your local market
Researching your local market where you plan to run your business is vitally important. It will give you an opportunity to explore the competition (do some mystery shopping) and maximise your knowledge of the industry in the local area. If you find a significant lack of competitors, it could show that you’ve found a gap in the market that you can exploit.
Franchisor Reputation
Making sure you are working with the right franchisor for you can make all the difference. How long have they been franchising, how many franchisees do they have? Are they a member of the British Franchise Association (bfa)?
What do customers think of the franchise and its services, do they appear on any review sites, is there any customer feedback you can review? It’s also valuable to speak to some existing franchisees and find out why they decided to invest, do they have any advice for a new franchisee, and how they would change their process if they were to do it all again. Ensuring that your franchisor will support you in your new venture can give a key indication to the success of the business relationship. What training does the franchisor offer? What ongoing support do they provide once your business is up and running? And how involved are they in the day to day running of your business.
Revive! have won numerous franchising awards over the years including the prestigious bfa/HSBC Franchisor of the Year award, European Franchisor of the Year bronze award and notably we have achieved 5 stars in the Workbuzz Franchisee Satisfaction Survey four years running. This demonstrates our commitment to the excellent services and support we provide to our franchisees.
Start Up Costs
One of the key things to be aware of when exploring franchising are the costs involved in setting up the business. This includes the initial franchise fee, any equipment required to run the business and even office supplies. Ensuring you have a full breakdown of the costs is important for accounting purposes and working out your overall investment required at the start of your business ownership.
Revive! suggest you need to invest £25,000 of your own capital, plus funding, to start your Revive! management franchise. We have excellent relationships with high street banks and other lenders – they have historical evidence of our franchise model and its profitability for franchisees, which is why they are happy to fund up to 70% of the total financial investment. We will introduce you to lenders and help you obtain any funding you require, subject to status.
Talk to other Franchisees
Talking to fellow franchisees about their experiences with a franchisor will give first-hand insight into the experience of starting a new business. They will be able to make you aware of any issues to be aware of, problems that may occur and even what suppliers you can use. Revive! recommend you chat to some of our 50+ franchisees to get the best information on what your experience might be like should you invest in a Revive! franchise.
There are many more aspects to franchising that should be reviewed and researched prior to investing in a business. The important thing is to ensure you are comfortable with the arrangement with your franchisor and you are happy to invest your hard-earned cash into the next step of your career journey.
For more information about franchise opportunities in your area please get in touch with our team here: revivefranchise.com/contact-us/
Keep an eye on the latest news from Revive! on our socials here: facebook.com/reviveukltd
