Begin at the beginning

By the time you read this, it'll be 2008. Congratulations, you made it through 2007, a less than stellar year that's made grown men and women weep. Floods, financial crises, housing slumps and the prospect of a Britain-less Euro 2008 added up to an annus horriblis.

Still, it's now time to take advantage of a brand spanking new 2008, and what better way to ring in the new than with a franchise?

Odds are that you're in the wrong job. Long hours, poor pay, lack of recognition: they've left you feeling demoralised. A franchise, on the other hand, allows you a greater amount of freedom and the prospect of far greater financial benefits. The franchisor allows the franchisee to trade under that company's name, trademark and system.

But before you make that leap of faith, it's worth pointing out all the risks and potential pitfalls. For one thing, in most cases there's the problem of finding the money to fund your franchise. Most franchises require a substantial investment level, so you'll need enough money for that and enough to act as back-up in case of initial problems. With that in mind, you'll also have to realise that business doesn't create itself - you'll have to put in the work to see results, and even then it doesn't happen overnight.

If you're willing to put in the work, though, and have the sufficient funds, then a franchise could be just what you're looking for. So it's time to put your plan into action. Start by determining what exactly it is you want. There are many types of franchises out there, so choose one that reflects both your interests and personality. For example, if you're the quiet type, a home-based franchise will be more your cup of tea. And if you wish to work normal hours, then a franchise that operates in retail may be the one for you. There's a franchise for practically every pursuit - even keep- fit, acting, flower artistry and music. Find out which one's best for you.

A good way to decide this is to stack up as much knowledge as possible. Attend one of the franchise exhibitions that take place throughout the country during the year and speak to the franchisors there. That way you'll get a good impression of what they're like (and vice versa). Also ask for financial projections to get a good idea of the income involved and to ensure these figures are within your resources. It's also worth sending off for franchise prospectuses and other literature.

Money is an important part of deciding your perfect franchise. Find out how much you can afford in your chosen realm - if there's a particular area you're interested in, find out all the different franchises available, and decide on the cheapest option that should bring in the best financial rewards. It's also worth paying a visit to your local bank to see if they'll help you out with funds in the form of a loan. A lot of banks have specialised franchise departments or have information systems that allow them to make an informed decision as to whether or not it's financially viable to lend you the money.

If all goes well, hire a solicitor to review the franchise agreement for you. If you're both happy with this agreement, the solicitor will also advise you on when to sign on the dotted line - all subject to your getting the loan through and also (when applicable) getting your premises. If the bank has given the green light for your loan, then you can finalise the lease. Just be warned, though: don't sign anything concrete until you have formal acceptance of the loan and the franchise agreement has been finalised.

After this, you're free to begin your new working life. Congratulations, there will be a lot of work to begin with, but in the long run it'll be worth it.

Here's to a much happier and prosperous 2008!