Franchise Advice
taking on employees as they grow. So someone looking to scale down and enjoy a more relaxed ‘second career’ is not going to be right for us – which also means we won’t be right for them! However, there are a number of franchises where there is less of a focus on growing a business and more on lifestyle factors, which would fi t much better.
Having this honest look at what you want out of a franchise will help you to narrow things down to industry sectors and investment levels that suit what you have established as key requirements. If there are several brands off ering franchises in your chosen sector, you can begin to research and compare what they off er. Look beyond just the initial sales pitch and franchise fee, and drill down to understand how the franchisor will help to train and support you. What proportion of the franchisor’s staff
are there to support you at the start and ongoing? Does the franchisor work with
existing franchisees to help them grow or is everything based round recruiting new ones? How will you acquire and retain customers, where does your business come from and what help is there from the franchisor? Is the franchisor fi nancially stable and able to support a growing network of franchisees? Speak to existing franchisees and fi nd out how their early days went, what the pitfalls were and whether they received the support and training they expected. Look at the British Franchise Association’s (bfa) website for a list of questions to ask franchisors, as there may be areas you hadn’t considered. You can also do a free online course through the bfa and gain the Prospective Franchisee Certifi cate. Many high-street banks have a guide to becoming a franchisee and these resources can help you ensure that you make your decisions based on facts and fi gures, not just on a slick sales
process where the franchisor can gloss over the details.
Buying a franchise isn’t without risk. But
if you are honest with yourself at the outset and then research your options thoroughly, taking the process seriously and giving it the time and attention it deserves, you will give yourself the best chance of success. Self-employment is not for everyone, but in these times of uncertain economic impacts, taking a greater control of your own future has never seemed more attractive. Just don’t try to take shortcuts in researching and fi nding your perfect franchise.
About the author
Cathryn Hayes is franchise director at Revive! Auto Innovations and was previously head of business support at the bfa
September 2017 |
BusinessFranchise.com | 53
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