Nine great reasons to own a franchise...
Nine great reasons to own a franchise…
Ian Bradley, our Franchise Director, has worked within the industry for over 25 years. As well as a previous Board Director of the British Franchise Association, he has franchised brands such as Riverford Organic Vegetables and his own business, Hospital Entertainment.
Here, Ian explains and gives an insight into nine great reasons why it is great to own a franchised business.
It’s a fact that a franchised start-up business is less likely to fail than if the individual tried to “go it alone”. If you follow your franchisor’s training, Operations Manual and systems, you are on your way to owning a winning business. You just need the enthusiasm, determination and willingness to implement proven techniques to get over that risk factor.
There is no doubt that starting your own business, even a franchised one, can be tiring and sometimes stressful. That is why the best franchisors put in place various support mechanisms, whether it is a formal meeting, or even just a friendly chat on the phone. Quarterly regional meetings and an annual conference also mean that you get to meet with your piers, to acknowledge that other franchisees experience the same things as you do and to let your hair down too!
There is no point in owning your own business, unless you can reward yourself in doing so. Whether it is some valued time off with the family, an early finish or even a pay rise, you are the boss, so take advantage. A franchisor will reward you too; even a simple acknowledgement of a job well done goes a long way.
An exclusive territory for you to exploit
With an ethical franchise, you will own an exclusive territory for your personal gain. No one else can enter your protected area using the same brand, knowledge, IP and know-how. It’s yours to make the most of.
A franchisor will ensure that you are trained properly and on an on-going basis. Our training is mostly conducted on line, allowing you to choose the format in which you wish to learn, whether it is audio, visual images or written. Businesses change and training is that all important learning curve to get things done properly.
Access to Finance
A reputable franchisor will be known to the major banks franchise teams and other franchise finance specialists. This allows a potential franchisee, in the start up phase, or a franchisee that requires additional working capital to expand their business, easier access to finance. The support of a major bank and an experience franchisor will make the raising of capital much easier.
A franchisor will drive the change required within a business. Far to often, businesses fail because of a lack of change or adaptation to the market place. A part of the franchisors responsibility, is to continually monitor markets, products, training and even Health & Safety, to then adopt those changes via the Operations Manual, for the benefit of the network.
An independent kite mark, gives that stamp of confidence that franchisees can benefit from. It means that the franchisor has been vetted and approved by the British Franchise Association. Having gone through the process, the franchisor still has to commit financially to membership. This should give applicants and current franchisees the confidence that the franchisor is doing things properly and is serious about a franchised model.
Marketing techniques, marketing materials and administrative support
Remember that the wheel HAS already been created here; you don’t have to create anything, you just have to implement it within your exclusive territory. A Franchisor will create websites, social media pages, marketing materials, brand exposure and PR opportunities for you. This applies to the administration of your business too. They will cut down your admin time without you even knowing it!
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