Special Feature
the way I believe business should be conducted. Also, it’s easy to buy into the principle of making a long-term difference to clients without exposing them to risk.
“Having a franchisor to lean on and ask for advice can make the difference between success and failure”
Expense Reduction
Analysts Andrew Beer
Andrew is a former equities trader and was made redundant from an investment bank in 2012. He lives in Billericay, Essex, where he runs his Expense Reduction Analysts franchise. His interests include sport, politics and current affairs, reading and “saving companies money”!
What did you do before you went into franchising?
I was an equities trader at a global investment bank and spent 20 years in the industry. From 2003 to 2006 I founded and ran a security company, which I sold before returning to the City.
Why did franchising appeal to you after redundancy? From previous experience I know how difficult it can be to start a business without any support, particularly if the reality differs from the business plan. Having a franchisor to lean on and ask for advice can make the difference between success and failure.
Why Expense Reduction Analysts (ERA) and why this sector? I did a lot of research into which type of franchise would suit my own skillset and hold my interest in the longer term. I wanted to remain in the financial world but also challenge myself to do something a bit different. Of all the companies I spoke with, the Expense Reduction Analysts’ approach to its clients seemed to most closely match
How did you discover this franchise? On the British Franchise Association website in the first instance, but when I dug a little deeper I discovered that a former colleague had also joined the franchise.
How did you go about signing up, raising the funds and taking the plunge with ERA? The first hurdle was deciding with my wife, Rebecca, that it was the right decision for our family. The next step was to go to head office and meet the whole support team, plus speak with several current franchisees, which I think is vital. Once I was comfortable with the whole package I built a detailed business plan with the help of ERA to ensure that the numbers stacked up. I held quite a number of detailed conversations with Matt O’Neill, the recruitment manager, to ensure that I was right for ERA and vice versa – after that, signing on the dotted line was easy!
How was it in the early days and how’s business so far?
As with any new business it took a little while to get things rolling, and this can be particularly the case with a business that takes a consultative, relationship- based approach to its clients. It wasn’t immediately cash-generative but that was expected and that’s also why proper business planning is essential. I am now four years in and have a very nice portfolio of clients, some of whom are household names, and it gives me a great sense of achievement to know I have made a meaningful difference to them all.
How did your former career experience help when running your franchise? The benefits of my former career were more intangible than direct. Although trading equities gave me an understanding of finance and balance sheets, that didn’t link directly to procurement, saving money and supply chain efficiencies. However, I was used to dealing with senior board-
level executives, talking their language, and presenting myself well personally. This experience gave me the confidence to make the transition from one branch of finance to another.
What kind of training and support did you receive? There was initially five weeks of training: three at head office and two away. By the time that was done I had a much better understanding of the ERA methodology and ethos, and even had enough knowledge to take on the simpler small procurement projects for myself, which surprised me greatly. Just as in any business, training and development has to be constant, and the opportunities have always been there to do just that. What has been invaluable though is that whenever I have asked for help in the intervening four years it has been readily available.
What do you envisage for the future? At the moment I’m not looking beyond building my business and continually improving the job I do for my clients. I expect to be with ERA far beyond the end of my original 10-year agreement, but I suppose it would be nice to think that the business will provide for a nice retirement sometime in the future.
“It gives me a great sense of achievement to know I have made a meaningful difference to all my clients”
Any advice for potential franchisees? Don’t buy a franchise thinking solely about the money you could earn. The early days of any business can be tough, and at that stage you have to love what you’re doing. Given time, if you’re good at what you do, the money will follow naturally. Always carry out plenty of due diligence and don’t be worried about walking away if it doesn’t feel right for you. It’s vital to have access to support once you’re out in the field, so make sure your franchisor has a good track record in that area. Ask plenty of difficult questions – a good franchisor will be open and honest with you, and find some other franchisees to ask questions of independently rather than just the ones given to you by the franchisor. Once you’ve satisfied yourself that you’ve checked all you can and your heart tells you it’s right… go for it!
February 2017 |
BusinessFranchise.com | 67
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