New Year is traditionally a time for making life changing decisions, but if your New Year’s resolution is to go it alone with your own business then you could be forgiven for being cautious given the current economy.

As the New Year approaches, one of the UK’s largest franchisors ServiceMaster, a company that has supported over 900 business start ups in the UK, is on hand with some invaluable credit crunching business start up advice for budding entrepreneurs.

Hannah Banfield of ServiceMaster says: “Starting up your own business is never easy, if it was everyone would be doing it, it takes hard work and commitment. Having said that franchising is a great way of taking some of the stress out of becoming your own boss and can help people avoid many of the risks usually associated with start ups.

It has a much higher success rate for new businesses so you do have some peace of mind that your investment is relatively secure. A franchise provides entrepreneurs with the best of both worlds; it offers the security of a proven business model as well as the support and guidance of the franchisor but also gives the business owner the room to run their own business along with all the benefits that has to offer.

As a British Franchise Association (BFA) registered franchise, all the major banks will fund your investment as they are investing in a proven business model. They currently offer up to 70% financing of the initial fee and equipment package plus an overdraft facility to cover the VAT, subject to credit approval.”

ServiceMaster currently operates ServiceMaster Clean, Furniture Medic, TruGreen and Merry Maids franchise networks across the UK. To find out more about owning and operating a ServiceMaster franchise, visit www.servicemaster.co.uk or call Ken Dennis at ServiceMaster on 0116 275 9000.

ServiceMaster’s Guide to Getting into Franchising

To help out any would be entrepreneurs the team at ServiceMaster have pulled together their top tips on how to get into franchising:

1. Most importantly do your research. There are lots of resources out there to help you find out about franchising including exhibitions, magazines and websites. The industry body The British Franchise Association will also provide valuable information.
2. Get as much advice as possible. Talk to your bank manager, solicitor and any friends or family who have experience of owning their own businesses.
3. Check what is on offer from the franchisor. What training and support is provided and how will they continue to support you after start up.
4. Talk to existing franchisees and ask lots of questions. What problems have they faced, how successful are they?
5. Investigate the franchisor. It is important that the franchisor has the financial resources to support a franchise network and the experience of operating a proven business model.
6. Make sure you are clear about the financial investment and any on-going costs you may also need working capital depending on the franchise.
7. Check any legal agreements – has the franchise agreement been checked by a franchise specialist solicitor?
8. Take your time – however enthusiastic you are. Make sure any decision you make is right for you.