Advice from whichfranchise.com

Looking for the right franchise for you? Then whichfranchise can help!

www.whichfranchise.com, the official online partner of the British Franchise Association, provides prospective franchisees in the UK with free and impartial franchise information and advice, as well as a directory of bfa-only franchise opportunities. Our website will guide you through all stages of your decision-making process including:

• All about franchising - research the ins and outs of buying a franchise
• Franchise self-test - take our self-test to discover if franchising is for you
• Franchise directory - search for franchises opportunities available in the UK 
• Franchise resales - find existing franchises for sale in your area
• Raising finance - understand the costs involves and how to go about request financing
• Legal issues - identify the legal issues involved in buying a franchise and find a franchise solicitor in your area
• Franchise news - read the latest UK franchise news 
• Franchisee success stories - hear from franchisees in the UK and why they got into franchising
• Franchise newsletter - sign up to our newsletter to be kept up-to-date with the latest goings on in franchising
• Franchise videos - hear from franchisees and franchisors on their franchise opportunities

And much, much more...visit www.whichfranchise.com and see for yourself how we can help you.

Meet with whichfranchise experts and hear from successful franchisees

www.whichfranchise.com, the official online partner of the British Franchise Association (bfa), is running a free seminar for prospective franchisees at the British & International Franchise Exhibition in London, 19th & 20th March.

The speakers, from popular franchise brands such as McDonalds, Expense Reduction Analysts, Dream Doors, Xpress Legal, Platinum Property Partners and Signs Express, will give prospective franchisees a taste of what being a franchisee is really like, and how they went from being an employee for someone else to owning their own franchise business.

Attendance to the seminar is FREE but as places are allocated on a first come, first served basis, early arrival is recommended to ensure your place.

whichfranchise.com will also be available on stand D40 on both days to answer any questions that prospective franchisees or franchisors may have.

If you have any queries you want answered prior to the show, or want to arrange an appointment with us, please contact suzanne@whichfranchise.com

Please also contact us for FREE exhibition tickets that will also give you access to both the show and the Franchisee Panel.

Take the whichfranchise.com self-test to see whether franchising suits you.

"Franchising...a safer route into business start-up"

By Johnny Sellyn, whichfranchise.com

You want to be your own boss, but keep asking yourself "what can I do?" Sound familiar??

For the majority who are used to working 9-5 for someone else, taking that leap into the unknown of starting our own business can be scary, especially if you have no solid business idea, no support and no management experience. If so, then all is not lost as franchising could be the ideal route into business start-up for you.

Buying a franchise allows you to be your own boss whilst being part of a larger support network. It permits you to work in a particular industry where you don't necessarily need to have previous experience, and as you are ultimately buying into a tried and tested formula so the risks are substantially lower. The latest Natwest/bfa Franchise Survey highlighted that 90 per cent of franchisees claim to be profitable.

Who's ideal for franchising?

Franchisees come from all walks of life and backgrounds, with ready-made business opportunities offered across a wide variety of industries - fast food, cleaning, B2B, motoring, home furnishing, pet care, children services, gardening, health and fitness, beauty, printing - to name just a few; franchising is no longer restricted to fast food and coffee!

Big brand names such as McDonalds, Thorntons, Domino's Pizza, Snap-on Tools, Rosemary Conley, Apollo Window Blinds and, Bang & Olufsen are all franchises. However, before you start visualising yourself as the next owner of one of these top-name businesses you need to undertake serious research, because as wonderful as it sounds, franchising unfortunately isn't for everyone.

Franchising requires a particular mind-set and attitude, like the willingness to stick to someone else's system, without wanting to make changes. You will also have to manage, market, promote, and sell, as well as undertake the many other tasks that need to be completed on a day-to-day basis. In essence you will be the director, sales executive, IT guru and admin person rolled into one!

You therefore need to figure out if you want to take on a franchise - and whether you are able to do it.

Here are some questions that will help you to decide. Some of these questions will involve discussing the idea with your partner and working out your financial position.

• Is your physical health good? Have you had any problem that would prevent you obtaining a life assurance policy, for example? If you are not in good health then franchising is not for you.

• Calculate the financial commitments you have at present - mortgage, rates, etc. Could you afford the drop in income that usually occurs in the early life of a new business? During the early months of new business cash flow problems may result in income from the business being lower than expected. Are your financial commitments such that you could manage on less income than you have now?

• Do you think your partner will be willing to give you full support? There are always problems and difficult periods even in a successful franchise, and it is during these times that you may need a bit more family support than usual. You should of course discuss the franchise idea fully with your partner. Many franchisors positively encourage the involvement of spouses or partners in their discussions with franchisees. But you should also ask yourself whether your relationship would stand the strain of the sacrifices, which are inevitably involved in starting your own business. Be sure your partner is not going along with your ideas just to make you happy; make sure he or she is as committed as you are.

• How many extra hours above a standard 40-hour week would you be prepared to work as a franchisee? As you will be aware, running a franchise could involve you in much more than a 9am to 5pm weekday job. You may have said that you would be willing to work 20 or more hours extra. Is this realistic - what would you give up in a week to work those extra hours? If you said two or three hours or more, do you really have the commitment necessary to succeed in a new venture? It is your business and you will be responsible for all your decisions you have to spend all of the hours necessary to make the business work.

• What reaction would you have to receiving strict guidelines by the franchisor on how to run your business? If you value a high degree of autonomy and want to make your own decisions on how to run and develop business, then franchising is possibly not for you. The franchisor is in ultimate control and resentment of this in your part will make the relationship very difficult.

Choosing the right franchise for you

Finding the right franchise can be a daunting task, however, if you approach it systematically you should easily be able to arrive at a short list of suitable opportunities. It's a question of matching the skills and type of experience required to run a franchise with what you like doing, and are good at. Usually what you're good at will tend to be what you're best at!

You need to consider the way you want to develop your business, for example do want to run a single unit franchise opportunity or do you want to develop an area or a region.

Look at your previous achievements and experience, are you good at managing people? Good at selling or are you good at working with your hands creating or fixing things? This will determine the franchise type most suited to you.

Franchisors are very clear in what kind of partners they are looking for - you should also be clear in your mind what franchise opportunities match your needs and skills.

Addressing the following areas should help with your research:

What type of experience do you have?
• Identify the skills you have developed over the years in order to ensure the franchise you chose fits your skills and experiences.
• Have you managed staff? Many franchisees are geared to a franchise employing many staff with managed skills.
• Have you been involved in administration? Many franchise systems involve extensive administration work therefore it would be beneficial to have some experience in this area.

What would you like to do?
• Note down your strengths and weaknesses, this will give you a clearer idea of the type of work you would be good at and enjoy doing?
• Do you want to work in a shop?
• Do you want to work in an office?
• Do you want to be mobile, i.e. out and about?

What do you enjoy the most?

• Talking on the phone?
• Motivating people?
• Working with your hands?
• Driving?

Evaluating the market

You need to ensure that you thoroughly research the franchise you are interested in. There is no point get carried away with the idea of running your own franchise without finding out whether that business is viable.

As it is the franchisor that makes any decision regarding changes or developments to the product or service provided, you must be 100 per cent certain that the franchise you are buying has potential.

All successful businesses need to have a strong understanding of their potential and existing customers, and the marketplace they will work in. This will help you to target potential opportunities, market your product/services effectively, and identify and understand your competitors.

You should undertake your own research of the market, covering all the following points:

• What is your target market? Who you would be aiming to sell your product/service to. Is it a specific age group or sex, income, etc?

• Is the market for this product/service expanding rapidly, growing slowly, static or declining? You need to take into consideration the local market as well as general market. Does the local market have the same characteristics as the market in general? Is the product particularly suitable for your area? How dependent is success of the business on particular lifestyles or levels of income? How profitable are other franchisees in your local market or in a similar demographic area?

• Does the product/service have special USPs, which will help it to sell? Does it warrant a premium price?

• Who would your competitors be and how competitive would your product or service be in relation to them? Do competitors have any technical or price advantages? Could you improve on the service offered? What is their level of advertising? If there are no competitors ask yourself why there are none.

Undertaking a SWOT analysis should help with your research - strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal factors and relate to your actual business/product/service. Opportunities and threats relate to those external factors and trends in the market place that could affect your business.

A SWOT analysis will allow you to look at the potential franchise business from the point of view of your target market and your competitors. It allows you to uncover opportunities that you could take advantage off and weaknesses of the business you would need to manage.

Evaluating the franchisor

You must have confidence in the franchisor you choose, and so you must ask questions about their business at the early stages.

Firstly, is the franchise a member of the bfa? This is the organisation that acts in the interest of the UK franchise industry accrediting franchise companies and helping to maintain and develop the standards of good franchise practice in the UK.

Other questions you should ask the franchisor are:

• Is the franchisor financially sound?
• What is the director's background?
• What did they do previously and why did they go into franchising?
• Does a comprehensive operations manual support the training?
• Has the franchisor run outlets in similar areas to yours?
• How successful is the franchisor and existing franchisees?
• How thorough is the training at the start-up stage and thereafter?
• How many franchises have they opened in the last 12 months?
• How many applicants do they reject?

One of the most important sources of information on a franchise company is the franchisees. You should visit existing franchisees to learn from their experiences and to find out their opinions on the services provided by the franchisor. Good franchisors will always allow you free access to any franchisees in their network and, in most cases, existing franchisees will be happy to talk things over with you.

Some of the questions you should ask are:

• Is your franchise profitable now?
• Is the franchisor aware of changes in the marketplace and quick to adapt?
• If there is illness, does the franchisor offer to help?
• What kind of on-going support do you get?
• Did you get good training, systems and manuals?
• Is the franchisor keeping their end of the bargain?
• How long did it take to recoup your investment?
• Does the franchisor welcome suggestions from franchisees?

One of the most important sources of information on a franchise company is the franchisees. You should visit existing franchisees to learn from their experiences and to find out their opinions on the services provided by the franchisor. Good franchisors will always allow you free access to any franchisees in their network.

For a complete step-by-step guide to buying a franchise in the UK, a well as franchise opportunities for sale, please visit www.whichfranchise.com

 

Women and franchising - A successful combination

By whichfranchise.com - official online partner of the British Franchise Association (bfa)

Women are at last making their presence in franchising known. In the past 10 years, the number of franchisors looking to specifically recruit women has tripled. This has been reflected in the increasing numbers of successful women who are now running their own franchise business across a wide variety of industries - health and fitness, fast food, B2B, cleaning, estate agencies, home furnishing, pet care, children services, gardening, beauty, printing, care services - to name just a few.

With one in five small businesses failing within their first year of operating, this can be a major financial and social commitment for most to undertake. However, the concept of franchising as a tried and tested system helps reduce the risks considerably, making it an ideal route into business start-up for women.

So what is it that makes women suitable to franchising...and franchising suitable to women?

If the men can do it, why can't we! More and more women are realising that starting their own business is not as daunting as it sounds, and in fact they have the ideal skill set for running a successful business. This includes:
• Being good listeners and building lasting relationships more easily
• Many women prefer fulfilling work in a pleasant culture to building empires
• Ability to prioritise and being detail-oriented
• Being organised and having the ability to handle numerous tasks
As with any small business, franchising can require the franchisee to be director, sales person, IT guru and admin person in the same day...women are born to multi-task!

"Many women who have been running a home and raising a family have many of the attributes needed to run a business successfully - they are decisive, energetic, organise well and are used to doing at least three things at once! If you have these qualities you may be well suited to running your own business but if you are unsure what to do, then franchising could be just the thing."
Cathryn Hayes, National Franchise Manager, HSBC

Supporting you all of the way...

"A third of the female population would start a business if it wasn't for the fear of failure."
Global Entrepreneurship Monitor 2003

As the cliché goes..."get into franchising for yourself, not by yourself". One of the major benefits of franchising is the ongoing support you will receive. A franchise network is only as successful as the individual franchisees; franchisors know this and so invest heavily into their support and training programmes. So though you would be your own boss, you would also benefit from a network of people at your disposal to provide help and support when needed.

This support is particularly sought after from women as it not only gives reassurance and peace of mind, but more importantly the drive and motivation to achieve your goals in a business of your own. The "glass ceiling" doesn't exist in franchising; women in franchising can be as successful as they want. The harder you work, the greater the rewards.

The support and experience of the franchisor is particularly important for those women re-entering the workforce after a length of absence, such as raising children. Many feel "out of touch" with today's working environment, in particular with advancements in technology, and so feel they no longer possess the necessary experience, skills and knowledge to successfully start-up and manage their own business.

By buying a franchise, you are buying into the training, support and experience of the franchisor, allowing you to choose to get into a business that is different from what you did previously. You would receive comprehensive introductory training, including general skills as well any specific training required for the type of business you are buying into. Your franchisor would also assist you in setting up the business, provide you with an operation manual on how to manage the business, assist with undertaking marketing activities and provide ongoing support and advice. All you need to run a successful business!

Flexible working arrangements

"80% of women compared with 17% of men are responsible for looking after the children or arranging childcare facilities."
The Barriers Start to Fall, Barclays 2000

The lack of flexible working arrangements is a major issue for those women with, or planning to have, children. It upsets the requirement for balancing work and family life.

Women who want to temporary leave employment to have children are usually unable to re-enter business at the same position in which they left. Instead they can be forced into unwanted part-time and temporary positions, usually involving low skilled work.

With franchising, an opportunity is created for experienced and ambitious women, seeking greater job enrichment to continue operating at a high level, whilst also providing the flexibility you require to juggle your home life with work.

Franchising therefore offers you the flexibility and creativity of a smaller business with the assurance and efficiency of a larger organisation.

This all adds up to one conclusion...women and franchising make a successful combination.

To find out more about buying a franchising, as well as franchise opportunities for sale, please visit www.whichfranchise.com