Multisolo

Franchised Business

There are a number of key things you need to consider when planning to purchase a franchise. It is worth thinking about the following:

• Assess yourself to see what kind of franchise, if any, will suit you.
• Find out what franchises are available and draw up a shortlist.
• Assess franchise opportunities carefully, ask questions and talk to other franchisees.
• When you find a business, investigate its financial prospects. Base this on thorough research of performance figures. Include an analysis of three years' accounts - if they have been trading for that period - and management figures.
• If you'll need to raise finance, ask your bank if it will consider a loan for the type of franchise you're considering.
• Do your own market research into the business and the competitors in your area.
• Draw up a business plan.
• Check the franchise agreement and get professional advice.

Multisolo can help from the business plan right through to running your company finances with our innovative product for franchisees and franchisors. Click here to find out more.