You must already be interested in working for yourself or you wouldn't be using this website. So you will have no doubt thought out why it is that you are taking this daunting step. Whether it's simply dissatisfaction with your current job or the desire to achieve a more affluent lifestyle, either way you'll be needing some help along the way. Firstly you'll need to decide whether to attempt to set up in business on your own or to buy a franchise. Here's a small chart listing the pros and cons of both:   Franchise Independent business Recognition With a franchise you should have a well recognised brand name. One of the major plus points of selecting a franchise is that your customers will be able to recognise the brand and trust the product or service you will be offering. It is obviously important to do your research and check that your chosen franchise has a good reputation. You'll be starting from scratch and it may take some time to build your brand locally. Some marketing skills would be a benefit as you wont have anyone to fall back on. Proven market If the franchise you are researching is really worth considering, it will have proven it's value with at least a successful pilot operation. Franchise operations with many successful franchisees will be a good indication of whether the chosen route will be a success for you. When setting up your own independent business, you will have a gut feel for its potential success. You will have to rely on observing how similar businesses have fared to gauge the value of your own business idea. Finance In certain circumstances, particularly for less experienced applicants, the bank may be more willing to lend to a franchise company. With proven systems, there maybe less risk than with a similar non-franchise operation. If you wish to borrow money for your business plan you'll need to convince a bank that your plan is a good one. You should take advice from as many people as possible including an accountant. Draw up a business plan and cash flow analysis before going to see the bank. Training Training is essential in a new career. With a reputable franchisor you should be given training in order to prepare you to conduct your chosen business. You may need financial guidance, training in the company's products or services, staff management skills and so on. With an independent business you are much more 'on your own' and you will have to rely on your existing skills. Training courses may be available but will be less 'tailored' to your chosen business. You will see that franchises have many advantages over setting up on your own. If you do choose the franchise route there will be several more choices to make. We've tried to break down the route to your final choice of franchise into several easy to follow steps. Step 1 - Investment level Firstly, consider how much you have to invest. Talk to banks, accountants or anyone you know with experience of franchising. Knightsbridge have information on many of the country's franchise companies. Tell us what you're after and we can guide you in the right direction. Step 2 - Your qualities Secondly and perhaps most difficult to quantify, what are your own strengths. Remember that franchising is not an easy option. There will be help along the way, but in the end your success will be down to your own hard work, enthusiasm and commitment. What are your skills? Are you happy to be doing manual labour? Are you happy dealing with the public? Basically what are you most suited to. Don't let a lack knowledge of a certain industry sector put you off. If franchising is about one key thing, it's about training people with little or no experience to manage a new business. Make sure that the training offered will fill in those gaps in your abilities. Try and decide what you want from a business and whether a certain franchise will provide you with the earnings level that you require. Step 3 - Industry types Choose an industry sector that you think has long term possibilities. Avoid fashions and fads and stick to something tried, tested and with a long term future. Step 4 - Homework As your list of potential businesses gets smaller you can start on doing some really in-depth research. Talk to the franchisors. Ask for references from their franchisees. Talk to your bank manager, accountant or solicitor. Some banks, such as The Royal Bank of Scotland, have dedicated franchise teams, who may be able to help you decide. Step 5 - Final decision Compare your short list of franchises. Be objective. Only when you are 100% happy go ahead.

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