Select Your Franchise - Information on UK Franchises and Directory of Franchise Opportunities

Why buy a franchise resale?

August 17th, 2015 by Brittany Lamb in Franchise Tips
 

iphone-624709_640As with any transaction, it is important to understand what you will receive in return for money paid. In this case, you would be paying that money to a franchisor.

The franchisor will provide assistance to the franchisee in exchange for the fees they receive, however not all franchisors are identical. The amount of assistance received from the franchisor depends on the strengths and strategy of the business model.

You should recognise why you may be buying into one franchise rather than another and what expectations it can bring before making a final decision.

There are multiple advantages of buying a franchise resale. Listed below are a few of them:

  1. Reputable track record. You will be investing in a franchise concept that has products and services that have already been sold successfully. You can also learn from the trading history of the franchise and plan your future ambitions for the business more pointedly.
  2. Instant cash flow. Unlike starting a new business, a resale will offer instant cash flow. With starting a new business, it can take many months to make a profit.
  3. Support with marketing. For independent business owners, marketing is very costly. By buying a franchise resale, the marketing strategy is already in place which you can take advantage of. The franchisor will usually supply franchise owners with marketing campaigns, as laid out in their franchise agreement.
  4. Brand recognition. As a franchise owner, you can take full advantage of the name recognition that a franchise resale provides. Whereas with starting a new business, building that brand recognition can take months, if not years.
  5. Experienced staff. Staff will have been trained and have experience in the daily running of the business, meaning less time and energy used for recruitment and training.
  6. Risk is reduced. Many banks will be favourable to helping finance a franchise resale rather than a start-up business. The risks are reduced also in terms of whether or not you will be successful and if you will turn a profit. Both of which are more likely with a franchise resale.

For details on resale opportunities, visit Select Your Franchise’s Franchise Resales page.

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Questions that you should ask when considering your future in franchising

August 10th, 2015 by Nick Strong in Franchise Tips
 

Select Your FranchiseKnow yourself and clarify your options. When considering your future it all starts with you. It’s worth first of all taking a minute to consider who you are and what drives you. This exercise will help determine if self-employment, and more specifically franchised self-employment, is right for you. So let’s get started with a few easy questions. Are you a:

  1. Planner?
  2. Calculated risk taker?
  3. Communicator?
  4. Self-starter?
  5. Doer?

If your answer is NO to any of the above questions then when it comes to self-employment of any format you might want to think again. Should you be a YES to all then keep reading as business building could be right for you.

So what about the way you work – the manner in which you approach tasks? Do you like to:

  • Know the plan before you start?
  • Have a proven modus operandi from the off?
  • Work for yourself but not in isolation?
  • Work hard and measure your success against short medium and long term goals?
  • Focus on activity that builds revenue?

If you have answered YES to all the above then you sir or madam are franchise material.

A franchisee is someone that will enthusiastically follow a proven, profitable and replicable business system. They will enjoy working through established trading systems under a protected trade mark. They will be passionate about their franchise and the brand. They will put great energy into building their local business with the franchisor’s guidance.

So is franchising right for everyone? Franchising is not for you if you are:

  • Highly experimental
  • Unwilling to follow a system
  • Expect the work to be done for you
  • An Entrepreneur that wants to do things on their terms only

Are you still with me?

If yes then it’s time to make sure your support system is in place. Have you discussed your aspirations for self-employment and won the backing of your family? Will those that are close to you endorse your aspirations? Do they believe that this path is right for you? Be brave and seek their opinion. When it comes to franchising most succeed. In fact over 90%+ of franchisees interviewed in the British Franchise Association/NatWest Franchise Survey declared profitability. This does not mean the ride will be easy. The bottom line is that you need your family’s backing on multiple levels. They must be behind you!

Still with me?

Now it’s time to find the franchise that is right for you. Start with brain storming what is important to you. Franchise contracts are normally for five years so you must be passionate about the franchise of your choosing. Think about how you like to work. Are you a blue or white collar person? How much capital can you raise and how will you pay the bills until you start invoicing and get paid? What do you want to do with your time?

Speak to franchisors and professional advisers

Now is the time to get your hands dirty. Do your on-line research. You are welcome to visit our website www.SelectYourFranchise.com. There you can resister for information and research franchise options. Visit www.thebfa.org to learn more about franchising from the British franchise Association (BFA) and visit BFA supported franchise exhibitions and speak to franchisors and advisors face to face.

The final mile

Once you’ve done your initial research you need to whittle down your options to just one. Consider the testimonial of existing franchisees. Check out the social buzz around the brand and consider how well you are looked after by the franchisor.

If you have the money, family backing, passion for the brand of your choosing then it’s time to make a big decision and plan the BIG next steps into your new life as a franchisee!

And finally

I wish you every success. Work hard and enthusiastically follow the proven system. This is the best recipe for success in franchise business development.

Connect with Nick Strong

Select Your Franchise
Managing Director

Nick Strong
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What you need to know about starting a cleaning franchise

August 6th, 2015 by Brittany Lamb in Franchise Industry News
 

If you are looking to go into a cleaning franchise, then Select Your Franchise’s most recent Hangout On Air might be a great online resource for information for you. The event, broadcasted on 16th June, features Gurmukh Randhawa explaining all about the residential cleaning industry.

The Managing Director at MyHome is an expert in the subject and shares important advice on the business. The interview was broadcasted online within Select Your Franchise’s Hangout On Air programme. The event was hosted by our Managing Director Nick Strong.

Did you find this video interesting? We have more on our YouTube channel! You can also add Select Your Franchise to your circles on Google+ and we will notify you about future events.

Our Hangouts On Air happen on Tuesday, at 12.30.

Share your questions about franchising on Twitter and Google+ using the hashtag #FranchiseQuestion before, during or after the event.

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