Franchise Advice
be the only franchisor operating in this market. Some people will want to join an established franchisor with many existing franchisees. Some, however, may prefer to look at an opportunity with a business, which might be new to franchising, while having the experience of operating their company-owned outlets. These ground- fl oor opportunities often have the benefi t of having more available territories, and may even off er a lower entry franchise fee for their fi rst franchisees.
It is a good idea to make a shortlist of franchises that meet your criteria and that look interesting to you. This may include ‘safe’ options, in a sector you are familiar with, but may also include more ‘exciting’ options in market sectors you may have had no previous exposure to. You should then apply for information on their franchise off ers, research their websites, and commence your investigations. This will then lead to
meetings with those that most interest you. During these meetings and subsequent conversations, both parties will decide if the other is right for them. A key point to think about is: what can the franchisor off er me for my franchise fee that others don’t, or that I couldn’t get by spending my money setting up my own business instead? The answer to this will vary from franchise to franchise, but could include better buying power from suppliers, centralised services, bespoke operating software, and many other aspects that may be specifi c to that particular franchise. In all cases, however, this would include being able to trade using the franchisor’s brand, being trained in tried-and-tested methods, and having the help and support of people who have done it before and are willing and able to help you to run your own business as part of their brand. Every year around 3,000 people make the decision to purchase a franchise in the
UK. Some will take a new territory, and some will buy an existing franchise as a resale. Around two thirds of these new franchisees come from an employment background, with only around one in six having been previously self-employed. Giving up your job, or ‘sacking the boss’, can be a daunting prospect, but can also be very rewarding. Gain control of your own future, manage your own calendar, have that work-life balance that may have been just out of reach as an employee. Taking on a franchise is being in business for yourself, but not by yourself, and may just be the decision that changes your life for the better.
About the author Alan Wilkinson is the senior
franchise consultant at The Franchising Centre
May 2017 |
BusinessFranchise.com | 39
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84
