Considering a major career change is a challenging time. One that often leaves you with many questions. The answers to which can bring more questions than solutions. But if you are considering franchising, we want to help!
Below are the top 5 questions we have been asked during our 18 years within the franchising industry.
Top 5 Franchising Questions
1. How much does it cost to open a franchise?
The cost of opening a franchise within the UK varies dependent on the brand, industry and sometimes location of the business. Franchises fees can begin at a few hundred pounds to well into the thousands. On top of this, there may also be additional setup fees, for instance when a premises is needed, and working capital requirements.
Ongoing royalty fees may also be applicable, and these will also vary from franchise to franchise. Some may charge a percentage of your turnover whilst others may have a flat monthly fee. These fees should be part of your financial consideration when conducting your due diligence.
2. What support does a franchisor provide?
A franchisor will normally provide some support to its franchisees but the level of this will vary from brand to brand. Some brands, like here at Aspray, offer a full support package meaning they cover all areas of the business from operations, finance, sales, and marketing. Others offer lower levels of support and discussion around this area is crucial before making a purchase. If you are considering franchising, it’s a good idea to ask to speak to some of the people providing the support. Giving you the opportunity to ask specific questions across all areas.
3. How do I choose the right franchise?
To choose the right franchise for you, there are several factors you should consider. Most importantly, you should consider whether the franchise meets your skill set and interests and meets your financial requirements. Part of your due diligence should include speaking with current franchisees, assessing current market conditions within your chosen industry and considering the financial viability.
4. Do I need prior business experience to purchase a franchise?
Although you do not need to have prior business experience to purchase most franchises, it is important that your skillset matches the requirements of the business. Some franchises, depending on the sector, may require specific skills and/or qualifications so it is best to discuss these with the franchisor before making a decision to purchase.
5. Can I sell my franchise?
Yes, you can sell your franchise. However, it is important to note that there may be some restrictions. For example, the franchisor may wish to have approval of the new franchisee to ensure they meet the requirements of the business.
Having an exit plan is important with any business and this includes franchising. You should have the final goal in mind when researching franchising to ensure the business meets your long-term goal requirements.
Franchising for You
There are many different franchises available across the UK, and if it is a route you wish to choose, you are likely to find something that aligns with your goals and aspirations for the future.
If the property or insurance sectors are of interest to you, take a look at Aspray. Our franchisees benefit from a scalable business model and higher earning potential.
Meet Our Franchisees
Aspray (London South)
Next Generation Franchisee winner 2021 (BFA Awards) Jack has a background in construction and project management. Coupled with a strong work ethic, Jack is growing his business exponentially.
Aspray Franchisee of the Year 2021, Sara gained admiration from the network due to her handling of severe storm damage in her territory. An example of devotion, hard work and tenacity.