Fra nchise advice
offer. Look beyond just the initial sales pitch and franchise fee, and drill down to understand how the franchisor
will help to train and support you. What proportion of the franchisor’s
Or, is it more a case
of wanting to step back and have more time for yourself? (If the latter, there are some
franchises marketed more as a part-time opportunity or an investor arrangement where you are not so hands on.) What are your ambitions and do they match what the franchisor is looking for? For instance, at Revive!
Auto Innovations, we are very clear about the fact that we need franchisees who are really keen to build a substantial business, taking on employees as they grow. So someone looking to scale
down and enjoy a more relaxed ‘second career’ is not going to
be right for us – which also means we won’t be right
for them! However, there are a number of franchises where there is
less of a focus on growing a business and more on lifestyle factors, which would make a much better fi t.
Analyse the opportunity Having this honest appraisal of what you want from a franchise will help you to narrow things down to industry sectors and investment levels that suit what you have established as key requirements. If there are several brands offering
franchises in your chosen sector, you can begin to research and compare what they
staff are there to support you? Does the franchisor work with existing franchisees to help them grow or is everything based around recruiting new ones? How will you acquire and retain customers, where does your business come from and what help is there from the franchisor? Is the franchisor fi nancially stable and able to support a growing network of franchisees? Speak to existing franchisees and fi nd out how their early days went, what the pitfalls were and whether they received the support and training they expected.
Make clear-headed decisions Look at the British Franchise Association’s (bfa) website for a list of questions to ask a franchisor, as there may be areas you hadn’t considered. You can also do a free online course through the bfa and gain the Prospective Franchisee Certifi cate. Many high-street banks have a guide to becoming a franchisee and these resources can help you ensure that you make your decisions based on facts and fi gures, not just on a slick sales process where the franchisor can gloss over the details. Buying a franchise isn’t without risk. But
if you are honest with yourself at the outset and then research your options thoroughly, taking the process seriously and giving it the time and attention it deserves, you will give yourself the best chance of success. Self-employment is not for everyone, but in these times of uncertain economic impacts, taking a greater control of your own future has never seemed more attractive. It's a momentous decision, so avoid the temptation to take shortcuts, and make sure you're thorough in fi nding and researching your perfect franchise. l
Cathryn Hayes is franchise director at Revive! Auto Innovations and former head of business support at the British Franchise Association
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