If you are thinking of buying a franchise, you might be furiously Googling the top things to think about when buying a franchise There are different types of franchises and different levels of investment needed when you start up. There are also different levels of packages available with some franchisors, and that means different levels of help and support. In this article we will look at what you as a franchisee should expect to receive for your financial investment, and what to look out for when researching your potential franchise.
What should a franchisee expect to receive for their financial investment?
In short, franchisees should expect to receive the product or service they have paid for, as well as support, marketing, IT and legal support to set up the franchise to match what is outlined in the Franchise Agreement. This is the contract between the franchisee and franchisor that clearly details what is expected from each party.
This can differ from franchise to franchise, and you should carefully research and ask questions before you sign anything. You need to know exactly what you will get. For some industries, franchises get a more light-touch approach and receive some help with branding and marketing materials only, while others give more in depth help and support with things like IT systems, operations, HR and legal assistance.
If you are interested in a home care franchise for example, like GoodOaks Homecare, we offer a high level of help and support. We believe we offer one of the best packages out there, at a great price. With a GoodOaks Homecare franchise we provide training and ongoing support in many areas from our internal IT systems, marketing and recruitment to how to provide award winning care to your community. We are with you every step of the way and there is an experienced and committed team on hand to help at any time.
What should a franchise agreement have in it?
The details of the contract should include:
- Who is involved.
- The exact agreement, including who will pay what to whom, what the responsibilities will be and how this will be overseen, what support will be provided to the franchisee and what the expectation of ongoing partnership support will be.
- The operating and legal requirements.
- The ongoing rights and responsibilities of the franchisee and franchisor.
- The terms of the contract, including how to renew your franchise and what happens if you want to leave the franchise.
- The fees and what the franchisor will do in exchange for these.
Can I get a loan to fund my franchise?
The short answer is yes, but it depends on the franchise, on your lender and on you as a potential investment for the lender. As with any loan situation, you should think very carefully about the best option for you and research thoroughly before deciding.
Most banks recognise franchises as a good investment, creating profitable and sustainable businesses. At GoodOaks Homecare, our franchise model is tried, tested and trusted. You will benefit from our years of experience in setting up your business – giving you a blue-print to follow and a road map to success. We have written an article all about funding and loans for your franchise which you can read here called – can I get a loan to buy a franchise?
How do I set up a Home Care business?
If you are thinking about setting up a home help business in the UK – we can help. We have years of experience helping franchisees set up and run successful, caring, home help businesses. GoodOaks Homecare provides non-medical home care, which means we help people with day-to-day tasks they are finding difficult. Our help means that people can live more independently and comfortably, in their own homes for longer. If you would like to talk to us about becoming a franchisee, please click here.