Buying a franchise tips

  • by Sam Lewis 

Business video

About:
Tips on what to look out for when buying a franchise
Starring:
Neil Copland, franchisee
Business:
Expense Reduction Analysts, a business franchise

Neil Copland with four tips on buying a franchise...

“You need to prepare yourself mentally for self-employment. The thing about a franchise is that you’re buying a proven business model, so there is that comfort in the background that the model works.

Don’t try and invent the wheel, use what you’ve been trained to do and adapt it over time to a way that is right for you

“Secondly, really take advantage of the training. Make sure when you come out of training you implement fully what you’ve been trained on.

“Don’t try and reinvent the wheel. Use what you’ve been trained to do and adapt it over time to a way that is right for you.

“The third thing is to network with the other franchisees. Speak to other franchisees because we’ve all been there and everyone, particularly with Expense Reduction Analysts, is very keen to help new people and share their time and knowledge with you.

“And the fourth tip, make sure the franchise you’re looking at is a member of the British Franchise Association and their due diligence process is in line with BFA advice – that’s very important.”

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