So how do you know what is the best franchise to buy in a recession?

Firstly it is vital to discuss your aspirations with your family and anyone else that might be involved in your decision to buy and develop a franchise business.
Consider the capital you can make available from cash savings, shares and equity in your home. Agree the level of financial risk you will take.
After that research franchise opportunities that are currently available in the UK. Use the web, printed media and exhibitions. Our on line service that you may use for free is www.selectyourfranchise.com.
Next identify a short list of best franchises that you can see yourself doing and enjoying and request further information.
Read the details forwarded to you by the franchisor and reduce the options you have selected to two or three best possibles.
Speak to the franchisors of interest to you over the phone. Make a appointment to visit the franchisors during the working day. Meet the team and decide if you have confidence in them as well as the system you are considering and seeing in action.
Speak to the franchisees. Ask how they are doing in the good times and the economic downturn. Are they currently trading profitably? Are they happy as a franchisee of the system? If they were in your position would they start a new franchise outlet?
Finally you need to check the legal contract and make sure you have access to the initial and working capital you will require.
If you need to borrow capital then make sure you speak to the leading banks franchise departments. In recent interviews Lloyds TSB, RBS and Nat West all declared that they are still lending up to 70% of capital required for established franchise brands.
Speak to a British Franchise Association accredited lawyer about the contract. Check you are happy with the obligations you will have to meet. The contact is binding on both you and the franchisor. It works to protect the brand and everyone that operates under the brand. You can see a list of professional accredited advisors for banks and lawyers at http://www.thebfa.org/members.asp?category=1.
Once you have done all your due diligence then you are in a position to pay a deposit and agree your training and franchise launch date.
Yes we are in difficult times. However, business goes on and via a proven franchise brand, that is the best franchise for you, you could secure your future.
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