Inquisitive nature

Enquire, delve and explore - why curiosity is essential when searching for a franchise. Peter Williams explains

I am told that on social occasions medical professionals often prefer to remain incognito and not mention their vocations for fear of being waylaid by those who regale them with individual experiences or ask questions concerning some personal matter. Franchise consultants, on the other hand, have no inhibitions of the kind and can be generally relied upon to talk about their specialism to anyone, anywhere and at any time!

Such an occasion arose quite recently when I was travelling by train. A gimlet-eyed fellow passenger spotted my British Franchise Association lapel pin and asked me what I did. He explained that he had done some homework on franchising and during the journey we engaged in an interesting conversation.

At first I was quite impressed with his understanding of our industry; but as our discussion developed it became apparent that his actual knowledge was lacking simply because his researches had been too remote and had not gone far enough. In consequence, some of his assumptions were fundamentally mistaken and it transpired that he had decided several well known and highly regarded franchises were inappropriate, either because his career background rendered him unsuitable or by virtue of some other aspect, which appeared to have been hastily misjudged.

In order to reach the right conclusions a decidedly inquisitive approach is called for and rather than assume anything, it is far better to inquire, delve and explore in order to get the full picture. Start by taking the broadest view of the possibilities and, within the scope of a realistic budget typically comprised of personal capital plus a bank financing package, look at all the options and think about the types of business you might want to run.

Never mind that you may be completely unfamiliar with a particular activity because, usually, it doesn't matter. It is important to bear in mind that most franchisors make clear that previous experience is not a requirement and I know of some that actually prefer franchisees who have never done anything similar, because they embark on the training course without any preconceived ideas and take on board all the necessary know-how much more readily.

The gentleman I met on the train, incidentally, was worried about the task of selling and I know from past experience that many people initially share that concern although I really don't understand why. Basically it's about being a good communicator and we all need to talk to prospective customers, whatever the business.

Accordingly, franchisors usually include sales and marketing within the training programme and as an overall measurement of its efficacy, it is worthwhile to note that among the ever-increasing number of successful franchisees in the UK, relatively few have come from the ranks of sales professionals.

Primary research is made relatively easy by calling for the prospectuses or information packs that franchisors make readily available, which provide a variety of useful facts and figures. These are essential reading for potentially interested parties and provide an insight to available opportunities from which a start can be made on preparing a short list.

However, at this stage there could be points arising which you are uncertain of and rather than reject something prematurely you would be well advised to talk to the franchisor concerned and seek clarification. Having done so and achieved a satisfactory outcome, an essential step will be to meet the franchisor personally. Depending on whereabouts, this may involve travelling some distance and possibly an overnight stay; but it will be time well spent, bringing everything into context and enabling both parties, franchisor and prospective franchisee to view each other objectively at first hand, answer each other's questions and facilitate decision making.

In conclusion, it is important to remember that going into business is all about the fulfilment of ambition and to achieve success, a diligent approach at the outset can make all the difference. Many people only become a franchisee once and often stay profitably in place for years, by way of renewable franchise agreements. Getting it right first time is of the essence.