Franchise Q&A Ask the


experts Steve Bolton


Founder and chairman of Platinum Property Partners


A: Many people aspire to start their own business, but the prospect can be daunting. Franchising off ers you a proven business model to follow, supported by training and a strong brand, and the opportunity to work within a network of others who have the same goals. But you should ask yourself some key questions when considering franchise opportunities. Firstly, does the franchise’s industry,


product or service interest you? Is it something that suits your own interests and abilities? Would you buy it yourself? Does it inspire you? A lack of passion for a product or service could mean you tire of the franchise quickly and therefore fail to make the best of the opportunity. Secondly, make sure you fully understand the level of initial and ongoing investment and earning potential or return. Get clear information about the capital


Q: What are the key questions that I should ask a


potential franchisor?


necessary to invest, starting fees and monthly fees. Assess these alongside what you will get in return in terms of profi t, income, training and support. Thirdly, fi nd out what existing franchisees say about the franchise. A good source of information during your due diligence is case studies, which can provide clear examples and stories of other people’s experiences, views and expectations. Forum reviews and Google searches for third-party opinions can go a long way, too. Ask to be put in touch with existing franchisees.


At Platinum, we value integrity and


are committed to making sure we work closely with people to understand their objectives and motivations. It is just as important that we are the right business for them to partner with as much as they are the right people for us.


20 | BusinessFranchise.com | March 2018


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