FRANCHISE ADVICE


Give and take T


hose readers old enough to remember and have appreciated Monty Python’s Flying Circus, will know the


‘What have the Romans ever done for us?’ sketch. The premise is that downtrodden


British serfs are being encouraged to rebel on the basis that the Romans took and gave nothing in return. Of course, it then turns out that the Romans had brought many things to our country when they invaded – from buildings and roads, to sanitation, to the language we speak, numbers, the use of money – the list goes on. What reminded me of this was


thinking about what franchisors do for franchisees, and the opportunity you have at The British & International Franchise Exhibition at Olympia London where you will have an opportunity to ask franchisors: “What do you do for your franchisees?” Without retreading the events of the


last two-plus years, there is no doubt in my mind that Covid brought out the best in people and certainly encouraged great behaviour from franchisors. Almost overnight they had to turn their business models on their heads and, whilst trying to help their own business through the challenges, were also faced with helping franchisees survive. The industry as a whole reached out to its community – the British Franchise Association invented ‘The Power Hour’ – a weekly forum which continues today in which franchisors, whether or not they are bfa members, can come online and share their issues and challenges and hear solutions from others who have been there before, or collectively find a way forward Advice is willingly and freely given.


30


A two-way street When you invest in a franchise you receive: 1. A proven business concept. 2. Access to ongoing support, information and problem solving. 3. A franchisor who will take care of central, national marketing, websites, call centre and, possibly, centralised administration alongside product sourcing and supply chain, negotiating purchasing prices that individual business owners cannot achieve. 4. The knowledge that the marketplace is attractive for the product or service (somebody starting up in business often has to take some quite big leaps of faith in starting their business.) Starting your own business is a big


risk but buying a franchise reduces that risk. Finding funding to start a business is not easy but banks particularly support franchising which makes it possible for people to borrow more than they might if starting from scratch. The franchising relationship is built on trust – the franchisor has the proven business formula, methods and model – the franchisee has the drive to follow and build a business. Both work in collaboration for the franchise business to reach its potential and both have interest in seeing this succeed. So, ask yourself some questions as to whether or not you would like to go into business completely on your own, or as a franchisee. In doing that think about how your own situation may play out and answer these questions: - How supportive are your family, and those closest to you, of your plans to start your own business? - How much consideration have you given to the financial impact of starting a


ick Willias on the franchise relationship dynaic


new business? - How could you manage a drop in household income for perhaps more than a year while you generate business activity.? - How effectively can you deal with pressure and stressful situations? - How open are you to receiving guidance and support, especially if it does not necessarily reect your own views or opinions? - How exible is your work mentality and can you apply focus to different jobs as may be required and multi-task effectively? - Do you usually have a positive mindset, and plenty of drive, determination and perseverance? - Do you accept that self-employment, including franchising, often requires harder work and longer hours than employed positions? - Do you accept that a franchise does not bring a guarantee of success, but is more likely to be successful if you work hard and follow the proven business model?


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  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116