This is an interesting question. Can you clarify though whether you are referring to a successful franchise system or a successful single franchise (as operated by a franchisee)?

Thanks,

Andy.

Holly Briscoe

Posted on Oct. 7, 2010

I was referring more specifically to a single franchise, for my husband and I are in the midst of trying to get involved with one in particular. I know my question is pretty general but I wanted to know what people either think or know from experience what things or characteristics a single franchise needs to be successful? Thanks for any help!

Andy Salmon

Business Advisor, Contributing to business success through advice, planning & the development of innovative solutions

Posted on Oct. 7, 2010

Hi again Holly,
I understand your position now... As a potential franchisee I'd consider the following;

1) How many units do they have currently operating?
2) How long has the franchise been operating for?
3) What EXACTLY are you getting for your money in terms of tangible benefits?
4) Existing franchisees - Often franchises will give you details of one or two of their "model" franchisees to get in touch with. I'd ask for a complete list and I'd choose which to ring. I'd also mystery shop a few of them too.
5) The brand - How established is it and what sort of reputation does it have within the marketplace?
6) How discerning are they in terms of who they allow to take up a franchise?
7)Do they operate in more than one country? If so and one of their territories is the UK feel free to send me a private e-mail and I'd be happy to do a bit of checking up on them at no cost of course.
8) Have a look at the length of the commitment as well as what options are available at the end. Also an important question is what happens if you decide to sell the business - Does the new purchaser have to pay the initial establishment fee again for example?
9) The earning potential - Could you reasonably expect to earn a similar amount within a reasonable timeframe if you went it alone? If the answer is yes then perhaps you should consider that option.
10) Do you already have expertise in that area? If not then how good is the training?

Feel free to get in touch with me privately if you have any questions that you'd rather remained confidential. In the meantime, I wrote a brief on franchising which can be viewed here;

http://www.focus.com/briefs/small-business/what-exactly-franchise-and-how-do-...

I wish you the best of luck with whatever you decide,

Andy.