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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

What to consider when buying a franchise

There are various routes you can take to become a business owner. You can start your own business from scratch, or become a franchisee by taking ownership of a local branch or studio.

If you tend to lean towards caution, then the latter option is certainly safer. You are, after all, buying into a brand that's established, and successful enough to be capable of expanding its number of outlets.

That being said, it's not a venture you should embark on too hastily. There are numerous matters, pertaining to both the business in question and your own personal situation, that must be taken into account. Here's what to bear in mind.

Key franchise considerations

First, as always, is the matter of finance. You need to find enough money, or an easy method of payment, in order to buy your franchise.

Numerous funding options are available to you, such as applying for a business loan, seeking assistance from a private investor, or paying the sum in stages.

You should also consider the location of the franchise you're looking to buy. You don't want to purchase a place that's too far from where you live, nor do you want to buy a franchise that's based in a location that won't often be frequented by customers. Ensure that the franchise is conveniently located for you as well as your clientele.

The perks and drawbacks of franchising

Of course, being a franchisee can mean enjoying a few perks. For example, people hoping to buy a franchise, such as one from F45 (the multinational fitness brand), may find that set-up costs are kept low due to deals with suppliers, or may find they can profit substantially from an already-established membership model.

Another aspect to consider is that, in buying a franchise, you'll be managing the branch's operations according to a system developed by the brand's creators. This is a way of ensuring that every branch operates in line with, and is properly representative of, the parent company's policies and promised services.

A local branch representing a national chain cannot have different approaches to their product or service, a different managerial structure or different administrative procedures from the brand's other franchises. Comprehensive brand guidelines will be in place, and must be followed to maintain that consistency.

The final word

Of course, business savvy and strong leadership skills are also an important part of buying a franchise. But if you've got a solid financial plan and a well-situated establishment in your sights, and you're willing to operate according to an already-implemented, proven system, then you're well on your way to franchise success.

Featured post made possible by Joshua Craig White, digital content writer.

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