If only I’d started a franchise years ago!

IF 2018 is the year you have vowed to start your own business, a franchise might be the easiest way.

It allows you to set yourself up, but with the help of an existing, successful business.

The parent business, the franchisor, grants you a licence to own and operate a business using the brand, systems and proven business model of the franchisor.

You pay an initial fee for the right to operate the business and, usually, on-going monthly fees based on your business turnover. In return, the franchisor provides initial training and ongoing support.

Julian Field had 20 years’ experience of running his own businesses before he invested in a Tutor Doctor franchise in York last year.

‘I had started businesses from scratch and knew the risk and effort involved,’ says Julian, 56. Tutor Doctor franchisees match families with local tutors. The franchise costs £29,700.

‘I knew there was a proven business model and Tutor Doctor sets up a website for you and even prints your business cards. I know from experience that things like this are time- consuming and energy- sapping. Now I look back on my career and wonder whether I should have started with a franchise earlier.’

Before you invest in a franchise, research franchising and the wide range of options available.

Start by looking at the British Franchise Association website, thebfa.org. It can also help to visit a franchise or business start-up exhibition. TUTOR Doctor, 0800 011 9729.