Franchise Tip 7: Further research on your chosen Franchise Opportuntities
Nick Strong, MD - Select Your Franchise
Welcome to our next franchise tip. You can read all our previous franchise tips by clicking here.
Once you have narrowed down your franchise options its important to know as much as you can about the franchise business you are interested in.
Researching using the Internet is certainly the easiest place to start and will present a wealth of information on whatever franchise opportunity you are considering.
Companies House
The companies house website is great for finding out some basic information about the company you are dealing with. There are free tools to search by company name and find details such as how long the company has been around and find out who the Directors of the company are. You can also see any other companies the Directors might be involved in. This can help to build up a picture of who you are dealing with and how long they have been established.
Social Media
Social media can be a fantastic feedback platform. You can ask friends or colleagues in your social network if they have any knowledge of the company you are considering. Chances are your friends, one even one of their friends, might have heard of the company or had dealings with them. This could be a source of valuable and trusted feedback. You can also use the search facility on social networks such as Facebook, LinkedIn or Twitter to see if the franchise business has any discussion groups, business pages, or active conversations going on about them.
Google them!
Do a Google search for the franchise and check out any online reviews, discussion forums groups or message boards where people have commented about their experiences with them.
You could use the above ideas for preliminary research before actually making contact with a company. Or you may have already set up a meeting but wish to be prepared and knowledgeable so that you know who you are dealing with.
Either way, its important that you know as much as you can about who you are dealing with before making an investment in any business venture.
Franchise News: UK Economy continues to grow
Joel Caws - Technical Director, Select Your Franchise
In recent news, it has been reported that the UK economy grew again in the third quarter of 2010 by 0.4%. This is the third successive quarterly growth figure that points to an encouraging trend for the UK economy.
This will come as welcome news to UK businesses, especially for those that have ridden out the turbulent last few years. Many franchise businesses, like any other business, depend heavily on provision of products or services to the consumer or business markets. Although many deal with essential services, its natural that in times of economic uncertainty everybody tightens their belt. Even if those customers do not cease to buy completely, almost everyone has been reviewing their costs and seeking to negotiate better deals. Reports of growing economy can help to give confidence to consumers and businesses alike and this in turn can help to loosen up the wallets and promote spending again as everyone feels a little more comfortable.
The encouraging figures obviously come in the light of the recent spending cut reviews by the government so its probably too early to tell how much confidence actually filters through to those that spend.
Franchise News: Franchise Wins HSBC Start Up Stars 2010
Cathryn Hayes - HSBC Head of Franchising
More than 250 leaders from the worlds of business, politics and the media gathered at the Dorchester Hotel last week to celebrate the 2010 HSBC Start-Up Stars Awards.
The overall winner of this year’s HSBC Start Up Stars Award is Mazuma.
Founded by Lucy Cohen and Sophie Hughes in 2006, Mazuma offers affordable bookkeeping and accountancy services to small businesses.
Their company began life in a spare room after the 27-year-old friends spotted an opportunity to serve sole traders and micro-business owners who often struggle to find a suitable and affordable accountant.
Today Mazuma employs 19 people working from a central hub in South Wales, with another 30 based in franchised offices throughout the UK.
Head of Business Banking for HSBC, Huw Morgan, said: “Lucy and Sophie’s story is a perfect demonstration of two entrepreneurs with a great idea, who then carried it through to create an impressive brand”.
Click here to see the winners being interviewed on Sky News.
For more information about all of this year’s winners take a look at the HSBC Start Up Stars website.
This is yet another example of the strength of franchising in the UK, following on from those seen in this year’s bfa HSBC Franchisee of the Year Awards.
Tags: cathryn hayes, Franchise awards, hsbc, mazuma, start up stars
