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Franchise advice


L


ike many others, you may dream of being your own boss but have no idea where to start. You need to


be a jack of all trades, which is not easy if you do not have the relevant training, support or experience. Therefore, an ever- increasing number of people are turning to franchising. If you are successful in selecting a good franchise, you will receive quality training and support, allowing you to achieve your goal of becoming ‘the boss’! When joining a franchise, you’ll be given


the necessary tools to successfully run your franchise business. You are given a model to follow, or a ‘business in a box’, leaving you to put all your energy into a proven system that should deliver predictable and consistent results. Just make sure you do not run out of cash! This is down to your management. You must be alert to what is happening in your business; this means knowing how much cash you have and how much cash you need. Fundamentally, you need to have a clear destination in mind when setting out on your business journey; you can then plan your route accordingly. This route plan is your business plan, or business satnav. What are your business objectives? When you know this, you can devise your strategies to effectively achieve these objectives. The financial element of your plan needs


three key elements: Ÿ The projected profit and loss account. Based on estimated sales and cost assumptions, are you likely to make a profit or a loss? Is it worthwhile doing what you want to do the way you are planning to do it?


Ÿ The cashflowforecast. This tells you how much cash you will need each month in order to stay on track. Can your business afford what you are planning to do?


Ÿ The projected balance sheet. This is a snapshot of your business, what your business owes and what your business owns at a given moment in time


Hopefully, you have properly planned


your business journey. Now, you must ensure you have the necessary tools and knowledge to keep on track! In order to effectively manage your business, you must be monitoring performance. Doing so enables you as the business owner to take corrective actions if you run into trouble, or to maximise opportunities along the way.


“You are never alone in franchising”


You don’t need me to tell you that business performance is impacted upon by multiple factors, both internal and external. It is therefore crucial to be reactive and flexible. From one perspective, you may be lucky enough to take advantage of an opportunity that presents itself, such as a local competitor closing down. Alternatively, your business may be impacted upon negatively by a downturn in the global economy and decreasing disposable income, in which case you must be able to react accordingly in order to


minimise the negative impact. You want to be the boss. You want


to be successful. Start with the right mindset and remember the following: Ÿ Invest in training and development (such as Franchise Finance’s Understanding Business Finance and Accounts course)


Ÿ Decide on your business objectives and plan your strategy accordingly


Ÿ Build your business and financial plan around these objectives


Ÿ Don’t be a busy fool! Don’t waste energy in an activity that will not impact on profitability


Ÿ Measure and monitor your progress against your comprehensive business plan


Ÿ Remember the golden rule: turnover is vanity, profit is sanity and cash is reality


You are never alone in franchising. Your


franchisor should be on hand to help with all aspects of running your franchise business. Similarly, you are part of a wider network of franchisees who have been there, done that – they are only a phone call away! There are also numerous companies affiliated with the British Franchise Association that have the sole purpose of helping you make your franchise business a success. If you wish to find out more about business planning, funding your franchise or finance training, get in touch to find out how Franchise Finance can help. l


Rob Orme QFP is the franchise relationship manager at Franchise Finance www.franchisefinance.co.uk


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