search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
FRANCHISE ADVICE


So – where did I start this journey? Firstly, I listed all my skills, as well as my interests and ambitions, and discussed with my wife all the franchise opportunities that I had shortlisted from the exhibition. I knew that her support would be vital and wanted her to be part of the decision making. Then I called the companies that


I was interested in and arranged meetings. I wanted to see for myself the offi ces and the people who ran the business. My priority was to ensure that the business was well established with a good long-term demand for the product or service with a growing customer base, had a stable franchise network and a long-term plan for development. I also wanted to be quite sure


that I would be properly trained, both initially and during the life of the franchise, and supported as I grew the business. I had learnt from the exhibition seminars that personal support from the franchisor and the franchise relationship staff, one to one meetings, group meetings and training sessions are the lifeblood of a successful franchise. Narrowing my choice down to three


I asked for more detailed fi nancial information, and I also asked if I could


"I narrowed the search down to a fra nchise that was sound, had a good long-term future, would quickly repay my investment and give me financial security"


talk to existing franchisees to get an insight from the front line. I was asked to sign Non-Disclosure Agreements, which I gladly did as it showed that the franchisors were willing to show me the inside track and were confi dent of their offer. The NDA allowed me to involve my


accountant and a solicitor – which is really important for peace of mind. It also allowed us to narrow down the search to the one that satisfi ed all my requirements and got the green light from the solicitor and accountant. Talking to the existing franchisees


was very useful – their willingness, or not, to be open about their progress and the franchisor’s help and support, told me more about the franchise and the franchisor than I could have ever imagined – in fact this did as much if not more than anything else


to help me make my decision. After several more meetings with


the franchisor, we both agreed that I had the right background and skills and would be a good fi t with his network. The fi nancial illustration that I was shown tallied with what some franchisees had been willing to tell me about their business, and I was satisfi ed that the business was sound, had a good long-term future, would quickly repay my investment and give me fi nancial security. We agreed the area that I would buy. Signing the Intent to Proceed letter


and paying the deposit to secure the agreed area gave me 12 weeks to prepare my business plan and raise the necessary funds. I knew that I would need to raise some funding for the initial payment in order to preserve my available cash for working capital. The bank or lender will want to see a well-thought-out plan, based on the fi nancial information provided by the Franchisor demonstrating that the business is fi nancially viable, which shows how you will use the funding to start and develop the business and how you will repay the loan. It is always good business practice to


develop a plan covering: the immediate short term – year one, the medium term – the fi rst three years, and the long term – the life of the franchise and beyond. My accountant helped me construct the plan including the information lenders will need to see. I see my business plan as a dynamic document that will change as the business develops and allow me to measure actual performance against budget. My franchisor wanted sight of the plan as well to ensure that I was not either setting my goals too


BUSINESSFRANCHISE.COM


29


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100