Franchise advice


n these times of almost full employment, why would anyone look at starting their own business? Going into


business for yourself is not an easy option, with high numbers of failures still being seen. However, the world of work these days


is one of short-term contracts, little job security and, for some people, multiple redundancies, but without the cushion of generous exit payments. At the same, employers are expecting


more for less – leading to an increasing number of people looking to take more control of their own future. Franchising can be a better option for


many, with support and training from the outset and a network of fellow franchisees, as well as the franchisor to provide ongoing support. So, could franchising be for you and how


can you find the best one to suit your skills, experience and ambitions? Before you do anything else, a period of


introspection is called for. Spend a bit of time thinking about your own skills: what are you good at and what areas would you need help to excel in? Is there something you have always wanted to do, but perhaps didn’t feel you had the chance to go into on leaving school or university? Now is your opportunity to really think about your plans for the future – franchising has something for everyone, with a range of opportunities from fast food to furniture restoration, domiciliary care to dog holidays, and car repairs to coffee shops. Focus on what you would like to do now


– being in business for yourself, even as part of a franchise operation, can mean plenty of hard work, so it needs to be a business that you really enjoy. You will also need to consider how much


money you will be able to invest into a new business venture. Many franchises will allow you to start up from home, which


can keep overheads down, but if you are looking at fast food or retail for example, a much higher level of capital will be needed to start up.


"Be honest about


your reasons to change what you are doing. Do you want to build


something bigger and better than you have the opportunity to do so currently?"


Be honest with yourself about your


reasons to change what you are doing. Do you want to build something bigger and better than you have the opportunity to do so in your current employment? Or is it more a case of wanting to step back and have more time for yourself? If it’s the latter, there are some franchises marketed more as either a part-time opportunity or an investor arrangement where you are not so hands on. What are your ambitions and do they match what the franchisor is looking for? For instance, at Revive! Auto Innovations,


we are very clear about the fact that we need franchisees who are keen to build a substantial business, taking on employees as they grow. So someone looking to scale down and enjoy a more relaxed ‘second career’ is not going to be right for us, which also means we won’t be right for them! However, there are a number of franchises where there is less of a focus on growing a business and more on lifestyle factors, which would fit much better. Having this honest look at what you


want out of a franchise will help you to narrow things down to industry sectors and investment levels that suit what you


have established as key requirements. If there are several brands offering


franchises in your chosen sector, you can begin to research and compare what they offer. Look beyond the initial sales pitch and franchise fee, and drill down to understand how the franchisor will help to train and support you. What proportion of the franchisor’s


staff are there to support you? Does the franchisor work with existing franchisees to help them grow or is everything based round recruiting new ones? How will you acquire and retain customers, where does your business come from and what help is there from the franchisor? Is the franchisor financially stable and able to support a growing network of franchisees? Speak to existing franchisees and find out how their early days went, what the pitfalls were and whether they received the support and training they expected Look at the British Franchise Association’s


(bfa) website for a list of questions to ask a franchisor, as there may be areas you hadn’t considered. You can also do a free online course through the bfa and gain the Prospective Franchisee Certificate. Many high-street banks have a guide to becoming a franchisee and these resources can help you ensure that you make your decisions based on facts and figures, not just on a slick sales process where the franchisor can gloss over the details. Buying a franchise isn’t without risk. But


if you are honest with yourself at the outset and then research your options thoroughly, taking the process seriously and giving it the time and attention it deserves, you will give yourself the best chance of success. Self-employment is not for everyone, but in these times of uncertain economic impacts, taking a greater control of your own future has never seemed more attractive. Just don’t try to take any shortcuts on your way to finding and researching your perfect franchise. l


BUSINESSFRANCHISE.COM 177


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  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180