Franchising FAQs | Questions around Franchsing

Franchising FAQ’s

Here are just a few of the most common franchising frequently asked questions:

Why own your own franchise?

Take control of your career, be your own boss and run your own business but do all of this whilst being part of a well-established and recognised brand who can support you every step of the way. Be successful as a business owner and benefit from all the positives that this brings.

What is the right franchise for me?

Clearly there are a plethora of franchise opportunities but there is no point exploring something that you know nothing about or have no interest in. Firstly, you must love what you do so number 1, you need to ensure that the franchise is something you are passionate about. It also must fit your financial situation and allow you the lifestyle you want. Once you have established this you need to ensure the franchise is located correctly, has a proven track record and is the right solution for your chosen marketplace.

Why should I invest in a franchise rather than start my own business from scratch?

It is all down to the infrastructure, by purchasing a franchise you get full training, comprehensive and ongoing support, a proven and successful business model and an established business solution. All you need is the right attitude and hard work to make it profitable.

How expensive is a franchise?

That all depends on the type of franchise, its size, its location and what is included. Other key factors will be, do you need a shop or retail outlet? Will you need an office space? Is it a mobile business or can you work from home? Also, is the franchise brand new or are you purchasing an existing one? Typically, from the outset you will need an upfront cost of 30% of the total franchise price.

Do I need a business partner?

No, but if you do want one then that is fine also. It depends whether you want sole ownership or if you would prefer a partnership approach.

What are my best franchise options?

You can only determine the best opportunity when you have explored all the options. Things to consider will include start-up and ongoing costs, network and support, brand recognition, stability and franchise fees.

Can buying a franchise help a lifestyle change?

Yes absolutely, most professionals wanting to become a new business owner explore the route of a franchise thanks to the time and financial freedom which is on offer. You can work as hard as you need to, control your working hours and increase your earning potentials.

Can I borrow money to start a new franchise?

Of course, there are some excellent business start-up loans available, all of which can be tailored to suit the needs of an individual. Any new franchise will need a cash injection and therefore business finance is the ideal solution.

If you have any questions or need any help in relation to any aspect of franchising, please free to call us on 01993 706403 or e-mail hello@ngifranchisefunding.co.uk.

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