COUPLES FEATURE G
oing into franchising with your partner could be the foundation for the perfect business double act. Working towards the same goal
can provide a harmonious environment, especially as you’re with someone you fundamentally trust.
While some may worry about mixing business with home life, playing off each other’s strengths can make the success all the more satisfying, and even bring people closer together. Not only that, you’ll be an attractive prospect to banks, who will likely view the relationship as a sturdy investment. Franchising, despite its many inherent benefits, still requires commitment and work
from the franchisees. And it’s important to get the business basics in place, such as agreeing from the outset who is responsible for different aspects of operations. But if the effort and communication is there, franchising could open up a much more flexible work-life balance, making life at home more enjoyable, too. If you’re intrigued by the double whammy of an established brand and reciprocated success, then going into business with your partner could be a match made in heaven. Here, three couples explain why they decided to join forces, combine their skills and start their franchising journey together…
Did you know?
• There are now 1.4 million companies in the UK that are run by couples • Women earn 27 per cent more on average after going into business with their partner
Source: FreeAgent
“Our work-life balance has 100 per cent changed and Simon is much less stressed”
PLATINUM PROPERTY PARTNERS
For a long time, Simon Whelan had planned on retiring by the time he was 55, but at 53 he still had no strategy for achieving this goal. He’d already taken the step to improve his work-life balance by setting up his own business as a construction consultant, but needed to find a way of generating an alternative income within the next two years. Along with his wife, Liz, and encouraged by his 35 years’ experience working in the construction industry, Simon began looking at buy-to-let investments as a possible vehicle to take him to early retirement. But, after thorough research among friends and colleagues with varied property portfolios, the couple from the West Midlands came to the conclusion that investing in property wasn’t worth the time and effort – at least not for a four per cent return. When hosting a dinner party Liz and Simon overheard one of their guests talking about a specialist buy-to-let investment model that generated more than £15,000 gross profit per annum, per property.
How did you find out about PPP? Simon: We kept dipping in and out of this conversation about property investment at our dinner party. All I kept hearing was this £15,000 figure and I was intrigued. We talked to David Pearce, our guest, about it later that evening and met up with him soon after to try and understand what PPP was all about. Impressed by the ethical and professional nature of the business, training and support, we joined within two months of first hearing about PPP.
How have you found the franchise network’s help and support? Simon: We weren’t concerned about the construction and refurbishment element of building a portfolio; however, finding the right property, planning and tenant management were skills we needed to develop.
The mentoring process was fantastic, and we’ve had support on all planning applications from Alison at head office and lettings advice from the power team. If you add up what these services would cost you each time, then it does show how much
PPP really does offer value for money. And then there are all of the changes and challenges that landlords have to endure and comply with. I just wonder how I would have dealt with all of that if it was just Liz and me.
Why join a franchise in order to create income from property rather than going it on your own? Liz: At first, we weren’t quite sure why we had joined. Simon had a lot of experience in property already. But when we look back over the past four years, we honestly and truthfully say that we would not have been in the position we are now, with five properties, if it had not been for PPP. You get on the PPP train and you don’t stop at any stations. It motivates you to grow. It’s invaluable.
How have your lives changed? Liz: We have really enjoyed ourselves and been able to do more things together. I even enjoy going to look at bathrooms! Our work-life balance has 100 per cent changed and Simon is much less stressed!
June 2018 |
BusinessFranchise.com | 53
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