BRITISH FRANCHISE ASSOCIATION
As with any new business venture, the importance of good research and due diligence cannot be overstated. It is critical that anyone considering this as an option spends the necessary time and energy to look at considerations that will directly affect their success. These types of considerations will include start-up costs and initial investment (fees, supplies, operations, staff, sales, and marketing), the franchise agreement, the reputation of the franchisor, your local market and competitors, the list goes on and on. A good franchisor will guide and advise through much of this and some may include some, or all these costs, in the initial fee, but the ultimate responsibility will certainly be on you as the ‘business owner’. So how can you tell that you are talking to a ‘good’ franchisor? Well, most experts will begin any response to that question by talking about professional accreditation. In the UK, the British Franchise Association is the body that upholds standards and ensures that its members adhere to a professional code of conduct. As ‘The Trusted Partner’ in franchising, everything they do revolves around promoting ethical franchising in the UK, and ensuring standards are maintained at the highest level. Membership of the bfa denotes that
the business has passed through exhaustive accreditation processes, and is operating professionally and ethically. When considering this route, it is also key to consider your own suitability for this as a potential path for you. Good franchisees come in many shapes and forms, but, interestingly, many success stories in this arena come from an armed forces background. Experts believe that the reason for this is that these are people used to following the rules and operating within a highly regulated system. If you have dreams of wild creativity, for designing your own brand and for coming up with unique, pioneering, or unconventional ways of doing business, then it is likely that franchising is not the path for you. It is worth remembering that the most successful franchisees are ‘implementers, not innovators’. So, there is a lot of work involved, but why would you want to become a franchisee? Well, buying into a franchise gives you much of the independence of running your own business, whilst providing you with many of the benefits of joining an already established brand. For a start, the risk of failure is dramatically reduced when you come on board with a proven business concept and operating model.
When joining a well-run franchised business, you can also expect all sorts of other benefits such as training and ongoing support, shared marketing costs with the franchisor and other franchisees, and support in difficult times from the franchisor. On top of all that a good franchisor will be carrying out constant product and service innovation, which can be difficult to find the time for when you are busy with day-to-day operations. Add into the mix the financial benefits of franchising, such as increased buying power through economies of scale, being part of a franchise group, easier-toobtain finance from banks and other lenders, and the increased chance of a successful sale of the franchise upon exit, and it is easy to see why franchising is such an attractive prospect to many budding entrepreneurs. For those weighing up what the future holds right now, and thinking about striking out on their own, franchising should definitely be a consideration. It can be an extremely rewarding way of going into business ‘for yourself, but not by yourself’, and it really feels like this is the moment for UK franchising to step forward into the limelight. For more information, guidance and support about franchising please visit the British Franchise Association at www.thebfa.org
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award winning, recession free pet food franchise
Franchise and mega franchise packages available Different levels of investment ranging from £7,900 - £50,000 Don’t miss out unique recession proof in demand opportunities available in Scotland #homedelivery | #recessionfree
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