I
nvesting in a franchise is a big decision. And like all big investments in life, that means it can be confusing to know where to start, how to get the right information, and whose
advice to rely on. If you’ve ever bought a house or a new
car, you no doubt researched the market thoroughly, took time to consider your options and sought expert advice before signing on the dotted line. The same principles are no less important when you’re exploring a future in franchising. That’s why the British Franchise Association (bfa) and Lloyds Bank have teamed up to create and launch a new free online course, the Prospect Franchisee Certificate (PFC), which offers clear practical advice and tips.
What is the PFC?
Forget sales pitches. The bfa doesn’t like them either. A not-for-profit organisation, the bfa was formed in 1977 to set and maintain the standards for franchising in the UK. It is here to inform, not sell, and
helping potential franchisees is a central part of what it does. The PFC offers an impartial franchising education on how to find, research and run the right business for you. Taking less than a day to complete (there’s no time limit if you prefer bite-size snippets), a series of video modules cover everything from identifying and evaluating franchise opportunities, through to business planning, legals and final interviews with a franchisor.
“…the British Franchise Association (bfa) and Lloyds Bank have teamed up to create and launch a new free online course, the Prospect Franchisee Certificate (PFC)…”
Videos are delivered by renowned experts in their field and include sections from experienced franchisors, as well as professional advisers. Each module includes a short online assessment to ensure an understanding of the topic covered.
After completing all the assessments, you’ll be the proud holder of a PFC and armed with the facts you need to make an educated decision on your future business.
What’s covered?
Do you know what should and shouldn’t be included in a deposit agreement before you pay one? Are you aware of how to evaluate a franchise and the people behind it? Do you know how to project cash flow, turnover and profits for the next 12 months? You soon will. There are 13 modules, with each one focusing on a different aspect of becoming a franchisee:
• An overview of franchising • Evaluating the opportunities • Business structure • Understanding financial accounts • Confidentiality and deposit agreements • The franchise agreement • Business planning • Operations manual and disputes • Planning for finance • Franchisor expectations • Interview process • Support • Top tips
Why take it?
The PFC will give you the tools you need to start your franchise journey with your eyes wide open and primed for success. After completing the course, you’ll stand out as knowledgeable and skilled – a serious prospect willing to take time to learn all you can about selecting and starting a franchise. This can be vital when it comes to securing the franchise you want: as you’ll be running your business under their brand, any franchisor worth joining is extremely selective about who they welcome into their network. Ethical franchisors aren’t looking for the biggest quantity of enquiries; they’re looking for the highest quality of prospects. This certificate identifies you as one of them.
The bfa is working extensively with franchisors, who fully support and welcome this initiative; the more informed potential franchisees are, the better business people they make. With a firm and proven grasp on the standards and systems involved in good franchising (and why they exist), you will be better placed to maximise your potential for success. That’s because the best franchisees in the business are those who have found the right opportunity for their personal circumstances and goals, and have researched it inside out before investing. They know what to expect before, during and after launching their business. They recognise the advantages that come with being part of a wider network with shared experiences, passions and solutions. They’re confident in their business plan and financial projections. As a result, their businesses run more smoothly, perform better and aren’t prone to surprises later down the line.
“After completing all the assessments, you’ll be the proud holder of a PFC and armed with the facts you need to make an educated decision on your future business”
For expert advice, you can also visit
the bfa’s free seminars at the National Franchise Exhibition at the NEC, Birmingham, from 30 September to 1 October, which feature a whole host of invaluable information, as well as real- life experiences from current, successful franchisees.
October 2016 |
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