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Franchise income opportunities

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Franchise opportunities

 

Buying into an established business concept

 

Franchise income comes from buying into an established business concept where

much of the research and marketing has already been done for you and where the business is usually operated under a single 'major' name. The public sees the name and common business style and often has no idea that individual franchises are owner operated.

A franchise income could come from from a windscreen chip repair or key making business to a branch of a major restaurant chain, and the price of entry can range from a few tens of pounds to well over one million.

Because of the costs involved and the time committment required, most franchise income operations are probably better suited to the pre retirement age group - perhaps someone facing redundancy or seeking a career change. Also, the financial risks they present require very detailed research.

For anyone considering a franchise income you need to ask yourself "Is this a job and lifestyle I want to work at for the next 'X' number of years"? If you are sure the answer is yes, that the concept fills you with enthusiasm, then you need to do your research 'on the ground'. For example, how large will the area you work in be guaranteed? You don't want to find you are in direct competition with other people running the same franchise - it does happen!

Next, try and meet with one or two people who already run similar franchises. Ask how it is working out for them, how good was the training, how supportive has the company backup been, and of course, is their franchise income anything like they expected?

If everything checks out and you really are convinced that the idea is you, then it's time to take legal and accountancy advice. Yes, I know it is expensive but outside professional advice is essential because your advisors will be looking at completely different aspects of a business proposition - they are your insurance policy against too much enthusiasm!

Over the coming months we will be looking at different franchise income opportunities. If you would like to be kept posted, sign up for our spam free newsletter. For now, the advice must be to research and research again.

Unlike most of our business sugestions, a franchise requires a long term committment and often, a substantial financial investment.

You need to get it right, first time off!

 

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