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Consider Franchising Ever fancied running your own business - then franchising might be for youThe motivations for investing in a franchise are many and varied. From the desire to escape the 9 to 5 routine, be your own boss, improve career prospects and lifestyle, as well as spend more time with family and have a more flexible routine, franchising is seen as a very realistic option for many people who want to start their own business. There are clear advantages to franchising: * You do not have to come up with an idea - someone else has had it - and tested it too! * Larger, well established franchise operations will often have national advertising campaigns and solid trading name. * Good franchisors will offer comprehensive training programmes in all business skills, including sales. * Good franchisors can also help secure funding for your investment as well as, for example, discounted bulk-buy supplies for outlets when you are in operation. * You will be in business for yourself but not by yourself - although you run your ‘own show’ you are part of a much larger organisation and will have the backing of a franchisor support team. Next Steps With any life changing decision and significant investment, there will of course be important factors to consider and anyone thinking of starting a franchise should carry out thorough due diligence in advance. This should include:- The British Franchise Association (Bfa)Membership Of the 759 franchisors operating in the UK 338 are members of the bfa. 61% of new franchisees make bfa membership a part of their criteria for assessing a franchise. Whilst it is not a guarantee of a system, it does ensure that the franchisor has been independently measured against a code of ethical franchising. Your finances Understand right at the beginning what you can afford to invest and what borrowings you are prepared to take. Also pay attention to the returns that the business will generate for you. Do this before you fall in love with something that you cannot afford or that cannot support you or your family. You What are you good at doing? What do you want to do and what will your family life and personal circumstances prevent you from doing? If you cannot bear the public then consumer facing businesses may not suit. Equally if you take the kids out every weekend a business that requires weekend work is not the best fit. Research the market Speak to trade associations for the operational business. Use the internet to research the business that you will be involved in. Those entering franchising are sometimes blinded by owning their own business; they need to understand what that business actually does and the market in which it operates. Visit an exhibition The industries operating in the franchise sector are many and varied. Going along to one of the 5 franchise exhibitions supported by the bfa is an ideal way of seeing the breadth of opportunity available to prospective franchisees. You will also be able to meet face-to-face and discuss your suitability with a number of franchisors. Research the franchise Speak to current franchisees, of your choice. This may be managed and not every franchisee wants to speak to you, but don’t just settle for the ones you are given. Look for franchisees with a background like yours or ones at differing stages of development in different areas. Also research the franchisor. What is his/her background? How has the business grown? Have they lost any franchisees? Evaluate the support, the value in the costs and the nature of the agreement. They will all the while be assessing you to decide whether they want you. There is no shortage of choice when it comes to finding an industry that suits your needs and aspiration. The biggest problem faced by those coming to franchising for the first time is knowing where to start their search and how to go about navigating their way through the maze of information out there. The British Franchise Association is the voluntary self regulating governing body for franchising. The UK market encompasses many franchise opportunities and we hope that this website will help you to make a more informed choice about which one of those franchises best suits you. All of our members have chosen to be vetted against a strict code of business practice - they endeavour to be good franchisors that can deliver the success that you want. As well as promoting good franchising practice in the UK the British Franchise Association help the industry develop credibility, influence and growth, an important part of our work is to provide training and guidance for those either new to franchising or seeking a structured approach to researching their options through the educational evening seminars and one-day workshops that we run around the country. For more information on the educational seminars and the bfa, visit thebfa.org or call 01865 379892 another website with more information on franchising is Which Franchise. A FREE pocket guide to franchising (for residents in the UK and Ireland) is available from Which Franchise. This essential guide to franchising in the UK is packed with step-by-step information and advice for buying a franchise, as well as case studies of successful franchisees, the guide is vital for anyone considering franchising as a route to starting their own business. |
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