In Episode 4 of the Business Owners Podcast, we discuss the pros and cons of becoming part of a franchise, and look at the key questions you should be asking before engaging with a franchisor, including:
- Are you suited to the systematised nature of a franchised business?
- Can you see yourself being involved in the day-to-day operations of this franchise – is it a product or service you are passionate and excited about?
- Have you got advice on your franchising agreement?
- What payments and expenses will you need to make during the lifetime of your agreement?
- What restraints will be imposed on you once the agreement ends?
*Please note that any strategies discussed by Martin and the franchising panel are general in nature and do not take into consideration any of your personal circumstances. You must seek individually tailored advice to ensure you properly address any issues you may have around your business.