Franchise Q&A


A: When looking to invest in a franchise it is important to go through a logical process, from defi ning the size of your investment (is it £25,000 or £2.5million?), through to asking yourself some soul- searching questions, such as: • Can I really see myself doing this? • Will it suit my family, lifestyle and earning aspirations?


• Will I enjoy doing this? Matt O’Neil


Head of partner recruitment at Expense Reduction Analysts


Q: Are discovery days worth attending before I invest in a franchise?


As you whittle down the options, you may eventually arrive at four or fi ve brands that you like the look of and are aff ordable. Once you reach that stage it is really important to put the iPad down, get off the couch, and go and visit the franchisor. Many franchisors will hold discovery days or an open day. They are a great way of getting to know more about the franchise. You can meet the owners, directors or franchisees without any obligation. You will also meet like-minded people who are also interested in the brand, and you may benefi t from the questions they ask.


Remember, it is a two-way process.


You are looking at the franchisor to see if the business opportunity is what you are looking for. The franchisor is also looking at you to see whether you are the right person to represent their brand. You will have a good idea at the end of the day whether you want to pursue the brand or not.


A: Let’s fi rst of all think about how your territory has been constructed. The franchisor will typically divide the country into a number of territories that will enable its franchisees to develop sustainable businesses and capitalise on the market opportunities available. Jackson Fire & Security, for example,


has created territories that match the head offi ce territory for size and opportunity. In our case, as our franchise is B2B, our unit identifi er is number of businesses in a territory, so our franchisees will be able to grow a business that mirrors ours.


Dependent upon your franchise choice, be sure that there are enough of your


target market, whether that’s people of a certain age group, demographic or profession. The franchisor should provide you with this information. Secondly, consider what drives demand and whether that demand is likely to grow or diminish over time in your territory. For instance, fi re and security services are constantly required; however, you will also need to consider competitive pressure and how the franchisor will help you exploit the opportunity in your territory. Finally, be sure to carry out careful market research in your territory or chosen location. Are there many or a just a few competitors in your area and what diff erentiates your off ering?


Jeff Williams


Franchise manager at Jackson Fire & Security


Q: How will I know if there is enough demand for the product in my territory?


October 2017 | BusinessFranchise.com | 21


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