Franchise Q&A
looking for a partner that can support with you with fi nancial planning and accounts. The opposite applies if you are a real bean counter and don’t like the rollercoaster journey of sales; you are then looking for a dynamic, outgoing salesperson to work with you. Many Green Motion franchises
Richard Lowden Founder and CEO of Green Motion
Q: How risky is it investing in a business with a family member?
A: Having any partner in a business can prove highly benefi cial and rewarding, but it also carries its own risks.
When starting your business, you need to consider from your own perspective your strengths and weaknesses: what do you enjoy doing, where do you excel, and, perhaps more importantly, what elements of the business do you not like or are simply not capable of fulfi lling? Answering these questions requires a lot of honesty. If you excel in sales but fi nd it diffi cult to concentrate on numbers, then you are
are owned and operated by families. Sometimes, these are mothers and fathers working with their children, but in some cases we have brothers and sisters, and husbands and wives. When we review the dynamics of each and every one, it is immediately apparent to see that they play their own part in the business and bring their own individual skillsets to the forefront. Every dynamic is diff erent and you
therefore need to think long and hard about how the stresses and strains of launching and operating your business will impact on family life and relationships. If you’ve all got your own distinct roles where you can truly deliver and there is a solid management structure in place, then working with family can prove to be enjoyable, rewarding and, above all, very successful.
Piotr Haladus UK country manager at Promedica24
Q: Why choose a franchise over setting up my own business?
A: Franchising is a great opportunity for anyone considering taking the route to self-employment. Most importantly, it is a well-known fact that individual startup businesses have a higher failure rate compared with franchise businesses. We all know that experience is key in any successful business, and any ethical franchisor will off er a tried-and- tested business model that is proven and reduces the risk of business failure for their franchise partners. Franchising also off ers the added benefi t of operating a business that has a recognisable brand with a clear target market, and will produce marketing materials that have been prepared and designed to attract its targeted consumers. In addition, although they may have a strong desire or passion to run their own
business, many people would be reluctant to start a business in a market that they don’t have any or much experience in. In a clearly structured and effi cient franchise business, the franchisor will, at least, support, if not take full responsibility for high barriers to entry in any given sector, such as regulations, legislation and licensure. Therefore, this makes it easier for the franchisee to break through these barriers and focus on what matters the most: running their day-to-day operations and building their business. While focusing on building their business, franchisees will also receive ongoing training, support and guidance from their franchisor, giving them the opportunity to work for themselves but not by themselves.
October 2017 |
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