Franchise Q&A


[Bio] Frank Orchard is head of franchising at CeX


your daily work life, or tend towards thinking outside the box and pushing the boundaries of convention. Contrary to popular belief, franchising is less about entrepreneurship and more suited to people who have the ability to follow a leader and comply with a tried-and-tested formula rather than reinventing the wheel. To determine if owning and managing


a retail business is for you, my advice would be to take some time off to actually work in a retail environment for at least a week or two if you haven’t done so before. The disciplines of retailing can be very demanding.


Key considerations are:


l Retailers are open seven days a week and often 364 days a year, which is a huge responsibility and can, therefore, place big demands on your work-life balance


Q: How can I


determine whether I’m suited to franchising and, more specifically, to a retail business?


A: There are a number of approaches that may be taken on board when deciding whether you are the kind of person who could make a success of franchising. Recruitment consultants can provide guidance by applying psychometric evaluations and questionnaires to determine one’s suitability and ability to comply with a franchised business model. Reputable consultants can be found on the list of British Franchise Association affiliates. Whilst theoretical tests may attempt


to predict an outcome, they may be inaccurate. Be practical. Ask yourself whether you prefer to be guided in


l Do you have the ability to: manage and motivate staff, deal with hiring and firing, set team goals and motivate people and be responsible and accountable for your business?


l Dealing with customers, especially demanding ones, is the most important aspect of any retailer’s day, so conflict management and customer service require you to be actively engaged in the business


l Developing the skill to monitor the financial drivers of the business, eg stock control and risk management, understanding the principles of margin and profitability


l Merchandising is extremely important and has become almost a science in retailing circles. It is a highly competitive industry so in-depth product knowledge and the ability to identify customer behaviours is crucial So, in summary, retailing is hard work but very rewarding, and this, coupled with a proven franchise model, could be the recipe for success you have been waiting for.


30 | Businessfranchise.com | March 2015


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