THE BRITISH FRANCHISE ASSOCIATION
THE UK' S VOLUNTARY S ELF - REGUL ATING GOVERNING BODY FOR FRANCHI SING
PIP WILKINS Chief Executive, BFA
Great to see you W
elcome to the National Franchise Exhibition (2 &3 October, Birmingham NEC),
we look forward to meeting you! Read on to find out a little more about us – and make sure to come and say hi!
Who are the BFA? Since 1977 we have acted as the self- regulatory body of the franchising industry. We do this via our Code of Ethics for Franchising1
which lays down how
a franchisor must behave in relation to advertising, selling and running their franchise opportunity.
BFA members To become a member of the BFA, a franchisor must have their business audited against every point in the code, pledge to always uphold the code and undergo a membership renewal process every two years. We currently have over 350 franchisor members, whose businesses are listed on our website, along with information on the costs, what’s involved in running the franchise and case studies from existing franchisees.
Buying a franchise safely For most people, investing in a franchise will be the biggest financial commitment they'll make after buying a house, so we urge all prospective franchisees to do a large amount of due diligence before signing on the dotted line.
What does this mean to you? Whilst we always recommend potential franchisees carry out personal due diligence no matter who they are buying from, when you buy a franchise from a current BFA member, you can be assured that their business model has been checked, and found to meet all our criteria for ethical franchising. If you have any concerns, do not hesitate to contact us.
performing very well, one who would be considered middle of the road and one who is struggling? An ethical franchisor should be willing to share this information with you. In addition, you should talk honestly about money with everyone involved: the franchisor, your accountant, your bank manager and your family/partner. Underestimating costs can be a recipe for disaster. Make sure you have enough money not only to buy the franchise but to sustain you during the first year when you are building up the business from scratch (unless buying a resale). Always consult a franchise specialist
Top tips for starting your journey: Take our free online Prospective Franchisee Certificate2.
solicitor before signing the franchise agreement. We keep a list of them on our website. Franchising is a very specialist area and needs an expert in the sector rather than a generalist solicitor. Their advice could be the only thing that saves you from a costly mistake3
. We want to ensure you have a clear A deep dive into
the realities of owning a franchise; do large amounts of research; visit the BFA website and read up on franchise-related advice; have some searching questions ready for franchises that hold your interest, for example: 1. How many franchisees have left in the past 12 months and why? 2. What support will a franchisee receive in the first 12 months and beyond? 3. Can you provide contact details for at least three franchisees, one who is
and comprehensive understanding of what it means to be a franchisee, both the benefits and the risks. If you cannot find the answer to any of your questions on our website, visit us on stand J110 at the exhibition or email
mailroom@thebfa.org where we’ll be happy to help. We hope you enjoy your visit.
To read more about the BFA, its members and the standards they and the Association uphold, visit:
thebfa.org
BUSINESSFRANCHISE.COM 7
1
https://www.thebfa.org/wp-content/uploads/The-Code-of-Ethics-for-Franchising.pdf; 2
https://franchisee.training.thebfa.org/; 3
https://www.thebfa.org/advisors
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