Useful tips when considering a Franchise – Part 2
Joel Caws - Technical Director, Select Your Franchise
In the second part of our ‘useful tips’ guide, we will look at some of the resources available and the final steps in choosing the right franchise for you. If you missed the first part you will find it here.
Finance
It’s likely that you may need additional finacing in order to start up your franchise business. If you already have some savings which will cover it then thats great. If not, then you may need external investment whether it be from a family member who has capital to invest, an outside investor or from the bank. Most of the popular high street banks have franchise sections dedicated to arranging finance for franchise start ups.
Expert help is at hand
The process of buying a franchise can be bewildering for the unintiated. The good news is that there are franchise consultants available that can assist you through the process. These experts have a wealth of experience in the process of becoming a franchisee and so can offer invaluable insight and help along the way.
Aquire Legal Advice
Taking on a franchise has legal implications. You will be signing an agreement as to what you can and can’t do as a franchisee. Taking the agreement to a franchise legal expert is an important part of the process so that they can advise you of the implications of signing it in plain english.
British Franchise Association (bfa)
The bfa is another important resource for anyone considering buying a franchise. One of its main functions is to promote ethical franchising in the UK. Franchisor members of the bfa must satisfy a range of selection criteria in order to qualify as a member which helps to ensure they meet a certain standard as a franchisor.
Getting down to it!
Whatever you decide to do, at some point you will have to get to work! A franchise might be based on a proven business model but its YOUR business and to make it successful you will have to commit yourself to it and be willing to work to make it succeed.
Tags: BFA, choosing a franchise, franchise advice, Franchise consultants, Franchise Finance, franchise opportunities, joel caws, select a franchise
Non-BFA Franchisors invited to BFA event
Non-bfa member Franchisors invited to Heritage Motor Centre to find out more about the bfa
Hosted at the Heritage Motor Centre in Warwickshire, The British Franchise Association (bfa) is inviting non-members to attend an Open Day Luncheon. Thursday, 23rd June will be a fantastic opportunity to find out more about the bfa and all the benefits of becoming a member.
Becoming a bfa member allows you to display the prestigious bfa members badge which gives confidence to potential franchisee prospects, as well as access to bfa approved franchise service providers, exclusive bfa members forums and more.
The open day will run from 11am – 2pm and includes lunch. You will also have the opportunity to browse the Heritage Motor Centre’s impressive car collection at the end of the open day.
If you are a franchisor who is a non-bfa member and wish to attend, please contact the bfa for an invitation at:-
British Franchise Association, Centurion Court, 85f Milton Park, Abingdon, OX14 4RY
Tel: 01235 820470 Email: mailroom@thebfa.org
2010 bfa HSBC Franchisee of the Year Award – Winners Announced
Cathryn Hayes - HSBC Head of Franchising
I had the pleasure of announcing the winners of this year’s bfa HSBC Franchisee of the Year Awards, co-sponsored by Express Newspapers, on 30 September during a black tie event held at the National Exhibition Centre, Birmingham.
Of the 16 Regional finalists 5 regional winners were announced, each receiving £500 courtesy of HSBC, who then went on to compete for the coveted title of ‘bfa HSBC Franchisee of the Year’.
Collecting the Gold Award, a cheque for £5,000 and the title of bfa HSBC Franchisee of the Year Award was Gerald Thompson who operates 2 McDonald’s outlets in Manchester and Oldham. We clearly saw that “Gerald’s key to success is the relationship with his local community, particularly among young people. Despite being part of a global corporation, he has successfully created local restaurants for local communities”.
The Silver Award and a cheque for £3,000 went to Frank Sutherland who owns an Autosmart franchise, covering Aberdeenshire. Frank dramatically reorganised his business by delegating all non-sales duties and converting travelling time into selling time. He has twice as many customers as the average Autosmart franchisee and runs the highest earning Autosmart territory in Scotland.
Collecting the Bronze Award and a cheque for £2,000 was Peter Morrison a Granite Transformations franchisee running an outlet in Cambridge. This tightly-run family business revitalises kitchen and bathroom surfaces. Peter has developed this into a multi-million pound franchise and his unique marketing strategy has been adopted by the UK wide network following his success.
The other Regional winners were:
- Guy Whittaker, Dairy Crest, Guildford
- Nick Bourne, Cash Generator, Weymouth.
Many congratulations to all of the winners and finalists!
For more information about all 16 regional finalists and photos of the event please take a look at the photo album on the HSBC Business Network site.
Tags: BFA, cathryn hayes, express newspapers, Franchise awards, Franchise Finance, franchisee of the year, franchising, hsbc franchise unit
