There are a number of step by step systems in place to enable prospective franchisees to narrow down the large number of opportunities out there. Whilst there is no guaranteed fit to personal circumstances it is important that your search for the right franchise has some structure to it so that you are not just using your instincts.

A more detailed and defined approach to research can be found in the bfa book How to evaluate a franchise as part of the bfa franchisee guide or by attending a bfa seminar.

Step 1
bfa membership - Of the 759 franchisors operating in the UK 338 are members of the bfa. 61% of new franchisees make bfa membership a part of their criteria for assessing a franchise. Whilst it is not a guarantee of a system, it does ensure that the franchisor has been independently measured against a code of ethical franchising. Visit our directory of bfa opportunities

Step 2
Your finances - Understand right at the beginning what you can afford to invest and what borrowings you are prepared to take. Also pay attention to the returns that the business will generate for you. Do this before you fall in love with something that you cannot afford or that cannot support you or your family. Find out about Raising Finance in the UK

Step 3
You - What are you good at doing, what do you want to do and what will your family life and personal circumstances prevent you from doing? If you cannot bear the public then consumer facing businesses may not suit. Equally if you take the kids out every weekend a business that requires weekend work is not the best fit. You don’t have to stay in the industry that you have worked for your whole life but you should be going into something where your experience as skill will benefit you. Are you suited to franchising?

Step 4
Research the market - Speak to trade associations for the operational business. Use the internet to research the business that you will be involved in. Those entering franchising are sometimes blinded by owning their own business, they need to understand what that business actually does and the market in which it operates. Evaluate the market

Step 5
Research the franchise - Speak to current franchisees, of your choice. This may be managed and not every franchisee wants to speak to you, but don’t just settle for the ones you are given. Look for franchisees with a background like yours or ones at differing stages of development in different areas. Also research the franchisor. What is his/her background? How has the business grown? Have they lost any franchisees? Evaluate the support, the value in the costs and the nature of the agreement. They will all the while be assessing you to decide whether they want you. Assess the Franchise

Step 6
Be sure - Take your time in this process not somebody else’s. Make sure that the short listed companies have been compared against a standard benchmark or measure and that you have been through in your research. During your due diligence you will need to take professional advice from banks, solicitors and accountants. Make sure that when you do they illustrate understanding in franchising with bfa Affiliate membership. The most important aspect is if you are unsure then you haven’t researched enough and with a decision for 5 or 10 years of a franchise agreement you will have plenty of time to reflect on a mistake. So try not to make one.