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In these times of economic change many are thinking about what they might do with their futures. Many of us are pushed forward by motives of being made redundant, ambition or sometimes retirement preparation and may look at franchise business as a step in the right direction. Clearly franchise business and self employment is right for some and not for others.

Below are some tips for deciding on the best franchise for sale for you. The tips will help you decide if in fact franchising will work for you.

1. Think about what it is you are best at and most enjoy doing. Deciding on a major lifestyle move will usually work the best if your work activity is focused around doing what you do best and your interests.

2. Talk to your partner or spouse and tell them about wanting to build your own business. Its important that those close to you that could be most affected by any move in your employment understand your motives. Ensure that those close to you will be there for you emotionally and if possible financially.

3. Understand that business is not an easy ride and can have its ups and downs. Replicating a proven system is what franchise business is all about so this helps to reduce the downs and makes the most of the ups. You can see why its so important that its necessary to follow a proven system.

4. Visit information rich sources online such as franchise directory sites and reading franchise publications where you can study information about franchising and genuine franchise business options that are of interest to you.

5. Arrange to visit the franchise companies that interest you the most. Meet the key people that would train and support you. Do you get on well with them? Could you work with them? Do you come away from your visit feeling confident?

6. Ask for contact details of their franchisees. Speak to the franchisees and ask about their experiences. You could ask questions like, do you feel happy with running this franchise? Do you make a profit? What support do you get? How has the recession effected your sales and profit? Would you buy this franchise if you were me?

7. Having completed your research, identify which franchise opportunities are of genuine interest to you. Draw up a short list of options.

8. It is vital now to speak to a lender. Ask the bank for a report of what they know about the franchise systems of interest to you. Lenders tend to keep records about UK franchises they know about. With this information you can gain an independent report about the bank’s opinion of your preferred options.

9. Banks will often lend up to 70% for a proven franchise start up. This is because over 90% of UK franchisees run profitable businesses according to the British Franchise Association National Franchise Survey and this gives the banks a lot of confidence to provide lending to franchise start up owners.

10. The final step will be to pay careful attention to the franchise contract from the system you have identified to move forward with. This document governs the agreement to trade between the franchisor and yourself. Consulting a British Franchise Association accredited lawyer is highly recommended.

After completing the above steps you will be in a position to make a choice of which franchise system suits you best. The next steps would then be to sign the contract, arrangement payment of fees, set up training and agree on your franchise business launch programme.

Don’t be rushed, find the right franchise system to suit you and then work hard with your franchisors and customers support to build your own successful business.

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