Should you get involved in a franchise business?
Expand your horizons
There might be some amazing franchising opportunities right in your city or your country; that said, there are also some great opportunities to bring an established global business for the first time in your country. Franchises like the Dickeys barbecue pit franchise, for example, are available for countries all over the world, not just the US.Do your research
Before you invest in any business (or make any substantial investment for that matter), you really need to take the time to research it properly. Not just checking out their website, their franchising offers, and so on, but actually going into some of their bricks-and-mortar locations to see what the place is really like. Want to open a Dickeys bbq franchise in your town, for example? Then visit a few locations, particularly some locations which be similar to your town, to see what they’re like and how they’re performing.See what kind of support you get
Ideally, especially if it’s your first foray into business ownership, you want to find a franchise that offers some sort of support to help get you going. Before you make your decision, take the time to research the support you’d get; for example, the afore-mentioned Dickeys barbecue pit franchise offer numerous support options, such as extensive training at the Barbecue University, support with start-up costs and access to experienced teams in construction and real estate to help you get the business up and running.Related reading
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Bottom line: A franchise can be a smart way to run a business with a proven system behind you, but it isn't a shortcut to easy money. Success still depends on your capital, your work ethic, and how well you understand the franchise agreement before you sign it.
Frequently asked questions
How much money do I need to start a franchise?
Costs vary widely depending on the industry and brand, ranging from a few thousand pounds for a home-based franchise to several hundred thousand for a well-known food or retail brand. Beyond the initial fee, you'll need funds for equipment, premises, staff, and working capital to cover the first several months while the business builds a customer base.
What's the difference between buying a franchise and starting my own business?
With a franchise, you're paying for an established brand, a tested business model, training, and ongoing support from the franchisor. Starting your own business gives you full control and no ongoing royalty fees, but you carry all the risk of building a brand and systems from scratch.
What should I check before signing a franchise agreement?
Look closely at the fees, royalty structure, territory rights, and length of the contract, and ask to speak with existing franchisees about their real experience. It's worth having a solicitor who specialises in franchise law review the agreement before you commit.
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Can I sell or exit a franchise if it doesn't work out?
Most franchise agreements allow you to sell your franchise to another buyer, though the franchisor typically has approval rights over who takes it on. Exit terms differ between brands, so it's worth understanding the resale and termination clauses before you sign.
