Be your own Boss with a Franchise Business
Joel Caws - Technical Director, Select Your Franchise
These days many people dream of being their own boss; to get off of the corporate ladder or away from working for someone else, and start to build their own business. Some of the biggest attractions are not having to answer to anyone else, choosing your own working hours and can being happy in knowing the money you earn is going straight into your own pockets.
To be your own boss! It seems like the perfect ideal right? Well, if you can achieve the right balance then yes it could be. In experience, reality can be much harsher than the dream. Whilst its true that you might find greater flexibility in your work, having the motivation to work is something quite different.
If you decide to setup your own business from one of your own ideas, make sure you have someone you can talk to that can inspire and spur you on. It may be a trusted friend, a business associate that you look up to, or your bank manager. Whichever you choose its important to know there’s someone there that can listen if things are tough and you are feeling unmotivated.
A franchise business provides an opportunity to work for yourself and effectively be your own boss. The advantage of most franchises are that you usually have the support and backup of the franchisor who will often provide you with an ear to listen when things aren’t going so well, offer tips and advice and also on going training to help you make the most of your franchise business.
Whether it be through a franchise business or simply a business idea you set for yourself, you will need to be prepared to work hard, be dedicated to your business and constantly motivate yourself to succeed in being your own boss.
Tags: be your own boss, business opportunities, business planning, franchise business, franchise opportunities, joel caws
Franchise News: Franchisor of the Year Awards 2010
Cathryn Hayes - HSBC Head of Franchising
Franchisors are invited to enter this year’s bfa & HSBC Franchisor of the Year Award to recognise excellence in franchising. Unlike previous years, the 2010 Awards will not focus on a specific theme. Instead they will be judged on the strategies, developments and achievements as outlined in the three award categories below.
The bfa & HSBC Franchisor of the Year Award is the top industry award and will be presented to the franchisor that can show outstanding ethical management, leadership, innovation and support. Open only to full members of the bfa, you should submit a written entry describing the developments and strategies you have taken to create outstanding management, support, innovation, growth or success in your business, why you have taken these actions or encouraged others to do so and what effect this has had on the franchisees and the franchise network as a whole. You should also outline why you should be considered for the bfa HSBC Franchisor of the Year awards.
The HSBC Support for Franchisees Award is open to bfa full members, associate members and provisionally listed companies. This Award is your opportunity to show how you have put systems in place to ensure that your franchisees have the best possible chance of success and your franchise business as a whole is realising its potential as a result. Your entry should consider what developments you have made to ensure the best possible support for your franchisees, how and why you have implemented these systems and what effect that this had has on your franchisees’ businesses. You should also detail any franchisee involvement in this development.
The Express Newspapers Brand Builder of the Year is also open to all bfa franchisor members. This award recognises franchisors who have found innovative and effective routes to building and increasing the strength of their brand. With a strong brand being one of the major benefits to franchisees a franchisor must add maximum value to the network; ensuring the brand stands out and continues to develop and grow. Your entry should consider how you have developed your brand, whether you are still in the early stages or have a long established name. Also detail why you have taken this approach, the change in your brand presence as a result of your work and the wider effect of these developments.
All entries must be received by 31st March 2010. Copies of the entry form, including guidelines on how to enter, can be downloaded from the Members section of the bfa website.
The winners of the three awards will be announced at a Gala Dinner on 2nd June 2010. Good luck to everyone who enters!
Tags: awards, cathryn hayes, Franchise awards, franchisor
Starting up a Sales Franchise
Joel Caws - Technical Director, Select Your Franchise
Selling is the driving force of any business so it could be argued that pretty much any franchise could be classified as a ‘sales franchise’. Today we will look at sales franchises that are predominantly focused on selling products or services and usually require retail or business premises through which to operate. Sales franchises place a heavy emphasis on dealing with and selling to people whether it be consumers or other businesses. Lets look at a few of the options:-
Retail Franchises
These are usually high investment since they require purchase of retail space usually in town centres or places where the business will get noticed. They focus on selling products or services to either consumers or businesses depending on the target market. They will usually also require recruitment of staff depending on the size of the outfit.
Business To Business Franchises
Again these are targeted at selling products or services but primarily to businesses. Most businesses will buy products or services over the phone or online and so a high-street type shop may not be the most suitable option. Depending on the offering, it may be possible to work from home or to work from rented commercial office space which will obviously be less costly than prime retail space.
Whichever sales franchise option you choose its wise to do your homework. Buying into a franchise is an investment and so you should check the background carefully of any franchise system you might be interested in investing into. Also try and talk to their existing franchisees to ask questions like “Are you pleased you took on this franchise?”, “What kind of support does the franchisor offer to you?” and “If you were me would buy this franchise?”. Remember that those franchisees were in your shoes once so they will probably give you an honest opinion and might also give you some tips. Consult your bank also so that you know what finance you have available to you and a lawyer who can help with the legalities of becoming a franchisee as you will certainly have legal contracts involved in the process.
