Franchise Q&A
A: Once you have researched the diff erent franchise opportunities available you may arrive at a shortlist of four or fi ve opportunities to research further. By attending a discovery day, you will gain a better understanding of the industry you are considering entering into, how it makes money and what are the most profi table aspects of the business. You will also get a feel for your individual role within that business, whether it will be hands on delivering the product or service, or a management franchise like the Jackson Fire & Security opportunity.
It is important you get to meet the team you will be working with. It’s a two-stage process to see if the business opportunity
is right for you and the franchisor is looking to establish if you are the right person to represent the brand. At a discovery day you should also get a much better understanding of the level of training and support available from the franchisor. Following on from a discovery day, if you think a particular franchise could be the right fi t for you I would encourage you to go back and spend time with the diff erent departments of the business. For example, at Jackson Fire & Security we encourage a second visit for an engineering discovery day so that our potential franchisees can see where and how the money is being made and how profi table they can make their business.
Rachel Evans
Marketing manager at Jackson Fire & Security
Q: Should I attend a discovery day fi rst before investing in a franchise opportunity?
Q: Should I get to know the franchise sector inside and out before investing?
Frank Orchard Director at CeX
A: Research at the outset is a necessity for any budding franchise owner. It sets the scene and uncovers a broad understanding of the playing fi eld that makes franchising such a successful business model. The insightful annual NatWest Franchise Survey is readily available from the British Franchise Association. Once franchising at a macro level is grasped, this makes way for detailed industry specifi c analysis, for example, if the franchise is a retail concept, what makes it stand out among its peers? Brand, location, buying power, systems, customer service and product may be the diff erentiators. Each industry will have its own unique selling points, successes
and failures, so the key is to fi nd the top 30 per cent of franchises that are profi table, sustainable, resilient and deliver constant innovation to ensure a higher chance of succeeding. The next question that must be
answered by any prospective franchise owner is a very personal one: Will I make a suitable franchisee? The term ‘intrepreneur’ defi nes an ideal franchisee who is able to follow and execute a proven business format.
Knowledge of the sector and what makes it tick is important, but choosing the right franchise in the right industry to complement your skills and your ambitions is paramount.
March 2018 |
BusinessFranchise.com | 21
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