Getting to know you
The value of one-to-one meetings with franchise representatives cannot be overestimated. Norman Grossman details the best ways to get the most out of events and a little face-to-face time
Maybe you’ve decided on a career change and are considering self-employment? Franchising could be an ideal option. According to the latest NatWest/bfa Survey, the proportion of franchisees reporting profitability in 2010-11 was 90 per cent. This compares well in comparison with the failure rate of small independent businesses where, according to The Times 100 Business Case Studies as many as 1 in 3 close in their first three years.
The starting point
There are many specialist franchise recruitment websites, such as businessfranchise.com and franchiseinfo.co.uk, where you can find a comprehensive list of franchise opportunities. Select those franchises that reflect your previous experience or appeal to you. Check the set-up capital involved. You will also find details of forthcoming franchise exhibitions held nationally throughout the year.
Visiting a franchise exhibition
Franchise exhibitions enable you to establish personal relationships with major players in the industry, including franchisors, financial services advisors and other affiliates in a ‘one-stop shop’ environment.
Take time to plan
To make the most of your visit, a little preparation would be helpful. From the list of exhibitors, choose the stands you wish to visit first. The range of business ventures is very wide. Members of the bfa have the best credentials.
Do attend the seminars
Find time for the seminars. Perhaps on the following day – the National Franchise Exhibitions, for instance, are two-day events. Seminars and keynotes are an ideal opportunity to gain a basic understanding of how the franchise concept works. Don’t be afraid to ask questions, that’s what the speakers and panels are there for, and they are only too happy to answer.
Meet the people
Rather than sign up and hand over a cheque there and then, you want to make a priority of meeting the people behind the brand, obtaining a better understanding of their business model and of the competition. Review your impressions afterwards. This is a good time to get a feeling for the franchise, the brand and its culture and what sort of fit you might make together. It is at these national events that franchised companies will be represented by some of their most important employees and ambassadors, so now is the best time to grab some attention.
Professional advice
During your visit, speak to some professional advisors. They have the knowledge to offer advice on starting a new career. You may need funding and banks will usually lend up to 70 per cent of the cost for reputable franchises.
Don’t fall asleep at the wheel!
Keep to the motorway discipline! It will be a full day and your head may suffer from information overload, so take time out before fatigue sets in and enjoy some refreshment and a chance to relax. You’ll return to the challenge in a much better state.
Discovery Seminars
At the exhibition, you may have selected some franchises that appeal to you. The next step is to plan a visit to their offices. Many franchisors hold regular free discovery seminars. These opportunities are very valuable. You will be able to explore the fundamentals of running their franchise – see if it is something you can do and enjoy. You will meet the head office team who provide your initial and ongoing training and support. Will you be comfortable working with them? Ask as many questions as you like and make sure you are satisfied with the answers.
One-to-one meetings
If both parties wish to continue a dialogue, a meeting can be arranged, usually with their franchise recruitment manager or managing director. You must be ready to ‘put your best foot forward’! Most franchisors are seeking new franchisees. You will have to demonstrate that you have the right personal and commercial qualifications to be successful in their network.
At this time, you can assess if their offering is really for you and whether you share the same values. A business plan may be examined which should include the cost of the franchise and working capital requirements. If there is a shortfall, it may be addressed by external finance. Most franchisors are able to steer you in the right direction.
And finally...
It’s your responsibility to carry out due diligence on the proposition and have your professional advisors check it out for you. It’s also very important to talk to some existing franchisees before you make up your mind.
The last step would be to sign
your franchise agreement and thus become a proud member of your chosen franchise! I hope you find
your perfect match!
You may also be interested in...
