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Regardless of whether they’re set up as sole traders or limited companies, small businesses and micro businesses comprise the majority of trading entities in the UK. Many of these businesses, often comprised of 1-5 members of staff, have the skills and experience required to maintain their business operations on a day-to-day basis, but often lack key skills required to grow, change or streamline their business.
Consultancy franchises work best when they’re serving these small businesses in an important but little-understood area of business. Whether you’re planning on running a management consultancy or an SEO consultancy, you need to ensure that your skills and experience remain relevant, and that you can generate enough income from businesses in your area to sustain your business.
With a consultancy franchise, you usually need to ensure that you are fully versed in the area your consultancy operates in. Sometimes the necessary training can be provided by the franchisor when you buy the franchise, but in some areas such as IT, business law and tax, you will need to be suitably qualified yourself, or employ staff who hold the necessary qualifications. Talk to the franchisor to find out more about what skills and qualifications are required before committing to a purchase.