Franchise Focus The perfect fit
Graeme McKinnon, managing director at Select Appointments, on how to determine if a franchise is right for you
INVESTMENT LEVEL: FROM £7,250 Graeme McKinnon “C can lead to divorce! It may seem an obvious first question
but are you suited to being your own boss? Self-employment is not for everyone; it requires hard work, dedication and you will have to make sacrifices to succeed. Giving up the security of a waged job with set hours is hard for most people. Having said that, the rewards from your own business can be far greater both in financial and emotional terms. The key thing to remember is that a franchise relationship will only work if both parties are pulling in the same direction. It is in the interest of any good franchisor that the franchisee is successful, so at the recruitment stage it is important that the franchisee has a realistic idea of what running their own business will entail. Buying a franchise is not buying a job. Yes, you will have the backing and support of an established company behind you, but at the end of the day it is your business and the more effort you put in, the more successful it is likely to be. Can you follow a system? Surprisingly enough, entrepreneurs often make the worst franchisees. Someone who is too maverick or wants to constantly impose their own
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Businessfranchise.com | October 2014 hoosing a
franchise is a bit like choosing a partner. Get it right and it can be bliss, get it wrong and it
ideas may not be able to follow the franchise business model. This does not mean franchisors don’t want people with initiative but they have spent considerable time developing a formula that works so someone who does not adhere to the system is unlikely to run a successful franchise. What type of franchise would suit you? There are thousands of different opportunities out there. What sort of working environment and culture would you be happy in? What level of investment do you have available to start a franchise? What level of return are you looking to make? How many hours per week are you willing to commit to your business? Recruitment consultancy is by its nature mostly office-based (whether at home or a serviced office) but you will also be out and about building your business and meeting with candidates and clients.
“Like any good franchisor, we provide comprehensive training and ongoing support”
We at Select do not specify that potential franchisees need to come from a recruitment background but any previous business or commercial experience and a flair for business development would be advantageous. An outgoing personality is also important, as you will need to create a rapport with candidates and clients alike. Like most good franchisors, we provide a fully comprehensive training programme and ongoing support to ensure you are equipped with the knowledge and skills to become a successful recruitment business. We also provide a whole range of back office support services such as payroll, compliance, HR, marketing, invoicing support and finance to reduce the time taken up by administrative tasks and to help you concentrate on developing your business. One of the things potential franchisees often underestimate is the financial resource needed to start up a franchise business.
There will inevitably be a gap between starting the business and beginning to generate revenues. You must, therefore, have some contingency funds to cover day-to-day living and business operating expenses. At Select, we have a range of different programmes for franchisees at different stages in their journey. We appreciate that not everyone will have the necessary resources to open an office-based recruitment business on day one and we have low-cost options that allow you to begin from a home-office base and gradually build up your business.
How do you know if the franchise is being run on an ethical basis? As a franchisee there is a lot of due diligence you can carry out to check out a franchise opportunity. If the franchisor is a member of the British Franchise Association (bfa), they will have satisfied the body that they are a bona fide franchise and have agreed to abide by the code of ethics. The bfa also run a number of seminars throughout the country where you can find out more about franchising and whether it might be right for you. Check with Companies House that the financial performance of the franchise matches what they claimed and ask the franchisor for existing franchisees to speak to about their experiences. Attending a franchise discovery day is also vital in order assess the credentials and culture of the franchisor. Are they open and honest in answering questions? If you are put under any undue pressure to sign up be very wary – it is a major decision that will affect you and your family so it is important that you take time to do thorough research. Most franchise agreements are for five years so you must feel comfortable with the people you are going to work with. Franchising must be a win-win for both parties.
Choose the right franchise and it could be a match made in heaven!” n
SELECT APPOINTMENTS
WEBSITE:
www.selectfranchising.co.uk EMAIL:
franchiseteam@select.co.uk PHONE: 07793 054 233 / 0115 828 1263 CLASSIFICATION: B2B / recruitment
Investment:Under £10k
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