Why to Buy a Franchise
Advantages of Buying a Franchise
One of the biggest advantages of franchising is that the company is already a well known brand on a regional or national scale that should have value in the eyes of customers you're trying to attract. Another advantage is that a good franchise compan has trainin programs designed to bring you up to speed on the most succesful methods to run the business.
Famous Franchises
One of the most popular franchises is McDonalds. Roughly the cost of a restaurant ranges from £125,000 to £325,000. To set up your own McDonalds you need to provide at least 25% of the funds the other 75% can be raised through a bank loan.There's also a training deposit of £5,000 which is refunded when you complete your training, along with a one-off franchise fee of £30,000. There are also royalty payments such as rent, a service fee and contribution to the national marketing spend.
How to Buy a Franchise
There are many franchise opportunities available. Opening up as a franchise business enables you to buy into a ready-made brand, usually one with an established trade mark and successful format, which can improve your chances of success. Here is a step by step on how to buy a franchise.
- Find a Franchise Concept that Fits
- Submit Request for Consideration/Application
- The Franchise Disclosure Document (The legal stuff)
- Training and Support Overview
- Franchise Disclosure Review
- Franchise Due Diligence
- Celebration or Discovery Day