So you have finally taken the plunge and are either starting a franchise from scratch or have bought an existing branch. If you are thinking about running a franchise as a small business, you should have a good idea of what it takes to run it, from the day-to-day operations to the administration tasks. You should have also decided how involved you will be in the daily running of the business.
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If you are thinking about running a franchise and don’t want to start from scratch, you might want to look at buying an existing franchise. Franchising is a great method of owning and operating a small business because it has a proven method of success. Buying a franchise has its benefits, for instance it may even allow you to have an easier, smoother process of getting funding.
The British Franchise Association (BFA) together with HSBC UK have launched another year of Franchise Awards, celebrating the success of franchisees and franchisors. The entries for the 2018 franchise awards are now open and all franchisors and franchisees in the UK are encouraged to get involved, and take part in the prestigious industry event.
If you decide that you are ready to take on the world of franchising and want to invest in a franchise business, then there are certain things you need to consider. These include skills and attributes that make a good franchisee, choosing and buying the type of franchise, as well as actually running the franchise on a daily basis.
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A franchise agreement is a binding contract between the franchisor and the franchisee of a franchise. It’s a lengthy document of around 40/50 pages and it requires a thorough inspection as you need to make sure you fully understand all terms and conditions of the agreement, to avoid any surprises. The agreement will highlight all the expectations and obligations that your franchisor will have of you.
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Franchising can be a great sector to join, especially now when it is seeing an all-time high in terms of revenue as well as providing a record number of jobs. It has been a huge contributor to the UK economy and it’s business model is responsible for it’s success. Choosing a franchise to invest your time and efforts in can be difficult, however in this article you will find six factors to consider when looking at your options.
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