Gaining the right advice
You may have already seen the many recommendations that reinforce the message that you need to gain the right advice when considering a franchise opportunity.
There is a considerable amount of research that you will want to conduct yourself prior to seeking professional advice, however, some areas will require outside expertise.
Legal advice in franchising
The franchise agreement is a substantial document, which will differ from most general business contracts. You need to understand what it contains, your commitment, your limitations and any clauses that may result in you losing your business. Do not use just any solicitor – such as your family solicitor or the person who did your house conveyancing – use a specialist franchise solicitor. Not following this advice is likely to result is wasted time and money. Read our advice on the Legal review of the franchise agreement.
Financial advice in franchising
The money required to finance a franchise opportunity will need to include working capital, which will be used to operate until you turn a profit. Whilst you may already have access to the required finance, for many a loan from a bank will be necessary.
Banks look favourably on franchising and very favourably on bfa members. However, to get the best expert advice and support, make sure you speak to the franchise department of the banks, rather than your usual bank manager. There are only a handful of banks with recognised franchise departments and it is with these that you need to speak.
Accountancy advice in franchising
Franchising does have a few characteristics that other businesses do not. When setting up the finances and how you are going to manage the business, you may gain an advantage from speaking to an accountant who understands franchising. See the bfa’s full list of accredited accountants.
For those who want a much more general overview of all of the above, including an understanding of whether franchising is right for you, it is worth attending one of the bfa’s one-day educational franchise seminars.