Q&A

Franchising is a complex business and it is often hard to know where to turn for reliable advice.

Help is at hand - ask our carefully selected panel of industry experts who use their experience and expertise to offer invaluable advice on franchising in every issue of Business Franchise magazine.

Q: How effective is franchising as a retirement option?

Q: What core qualities should I look for in a franchise?

Q. As a potential franchisee, how can I make the most of a franchise exhibition?

Q. How do I go about securing funding?

Q. What do franchisors look for in a franchisee?

Q. Are young people disadvantaged in franchising?

 

Q: I am retired. Will my age count against me when buying a franchise?

 

 

Q: Should I be wary of a discounted franchise?

Q: Do franchisees need business insurance?

 

Q: If you've had a failed business before, does this count against you?

 

 

Q: After visiting a franchise exhibition, what should I do next?

 

Q: What should a franchisee be looking for in a franchise’s marketing package?

 

Q. What does the initial franchise fee usually cover? And what other fees may I have to pay?

 

 

Q. Is it safe to invest in a pilot operation?

 

 

Q: Can I request a franchise’s sales figures from the franchisor?

 

Q: Will a business course or qualification help me get into franchising?

Q.  How much of my personal funds should I use to start a franchise?

 

Q: Can I negotiate my franchise fees?

 

 

Q: Where does a company stand if they feel that another company offers a similar product, which is described as "unique"?

 

Q: How long does it take to start making a profit after the franchise fees have been paid back?

 

Q: Is web promotion of a franchise more effective than printed promotion?

 

Q: Is buying an existing franchise better or worse than starting my own?

 

Q: I have a great music recording business which is about to expand. I will probably expand 'in-house' but may consider franchising - what are the pros and cons for either?

 

Q: I am interested in possibly investing in a home-based franchise, and would need to borrow around £10K. Should I just get a small loan rather than a specific franchise loan?

 

Q: I want to expand my franchise into Europe, starting with Ireland, as I know there is great market potential. To do this, do I need to consult a British or Irish-based franchise lawyer or both?

 

Q: When franchisors join the BFA, what criteria must they fulfil before they are awarded any level of membership?

 

Q. I need to take out a bank loan to fund my franchise, but I'm concerned about securing my loan as a homeowner. I'm worried that if my venture fails and I cannot meet the repayments on my loan, my house may be repossessed. Do you think that this is the best option, or are there other forms of security that my bank will accept? Or can they offer me an unsecured loan?

 

Q. I have not had the expected degree of success that I had hoped for with the franchise I have been with for a year. I now want out - what are the legal implications for this?

 

Q. I have done months of research and attended numerous franchise exhibitions and am in a bit of a dilemma. I have narrowed done my list of potential franchises to invest in to two. One has a well-established network of franchisees, the other is just about to launch its franchise programme, and is looking for its first franchisee. So I would, in effect, be a guinea pig. I have had extensive meetings with both, but wondered what the experts thought was the best choice?

 

Q. Am I entitled to see actual accounts that support the financial projections that my prospective franchisor has provided me with?

 

Contact our panel of experts