FRANCHISE ADVICE
A franchise represents a route out of being held at the mercy of an employer making hasty decisions which are not to their benefit. It is evident that younger people are coming into franchising. The sector offers much to anybody who has the right attitude, aspiration and enthusiasm to build a business. Skills are less important as those can be trained and introduced to a willing recipient. So, let us look at this first from
a potential franchisee point of view: I want to buy a franchise but I am uncertain. Well, everybody should be cautious of course and so you should carry out clear due diligence across a number of areas, for example:
1) The franchise proposition itself, and the business behind it. There are articles in abundance on
businessfranchise.com about how to assess a franchise proposition and what questions to ask a franchisor in your research
2) The business sector in which the franchisor trades – is it Covid resilient?
3) The general economic climate. There are a number of factors in play, for example, the US has taken to the polls, not to
"There have been periods of upheaval over the last 30 years but the lesson to be learned is that life goes on ... and business goes on"
mention the UK is leaving the European Union plus the fluctuation in Covid Tier status across the country.
As a potential franchisee you can do your research now, make enquiries and take interest to a certain level but the timing of your launch to start a business is one that you will have to judge carefully with the franchisor in whom you intend to have trust. It should be a joint and carefully thought-through decision as to when that launch takes place because it is not in the interest of either party – provided you are dealing with a reputable franchisor – to set off at the wrong point.
If you are interested in
franchising your operation, then franchise business growth is a business strategy not just for now but also for the longer term. It will take you six months or more to be ready to start recruiting if you are beginning from scratch and doing the development work steadily. But
it can be done over a period of time (ideally with the support of consultants who understand the risks, pitfalls and who have expertise to offer) so that as the green shoots of optimism start to reemerge with the spring, and into the summer, you can be ready to take advantage of the interest of those people looking for a franchise. There have been many periods
of economic upheaval over the last 30 years and there will be many to come. The lesson to be learned is that life goes on and business goes on so think, prepare, be professional, and more than ever take seasoned experienced advice. Lastly, to return to the cinema
theme, a good movie has to have a happy ending and I similarly predict sunnier days to come for all of us in 2021.
NICK WILLIAMS is managing consultant at Ashtons Franchise Consulting
BUSINESSFRANCHISE.COM
BUSINESSFRANCHISE.COM
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