Encouraging Women into Franchising – Research
Cathryn Hayes - HSBC Head of Franchising
The Encouraging Women into Franchising group (EWIF) held its first meeting of 2010 at Munday’s Solicitors, Cobham on 9 February.
Having been established for 18 months now, the group are continuing to develop the help and assistance they can give to women looking to purchase a franchise, franchise their existing business or existing franchisors looking to recruit women franchisees.
To ensure EWIF provides the relevant services required by prospective franchisors and franchisees, we strive to carry out ongoing research. These research findings allow us to influence decision makers within the franchise industry.
We would really appreciate your help by completing the survey that applies to you:
Potential franchisee
Potential franchisor
Existing franchisor
In return for your time, we are offering:
- A free half hour consultation with a member of EWIF e.g. franchise consultant, franchise solicitor, franchise accountant, franchise marketing agency or an existing franchisor
- Free tickets to all 2010 National Franchise Exhibitions
- A free copy of our annual survey results.
If you would like more information about EWIF or would like to get involved please visit the EWIF website.
For the date of the next EWIF meeting take a look at the events calendar on HSBC Business Network.
Tags: cathryn hayes, encouraging women into franchising, ewif, franchise for women, franchises for women, hsbc
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
Franchise business plan examples
Cathryn Hayes - HSBC Head of Franchising
Lenders always worry about the ability of a new franchise to provide enough income for the owner to live on and service any borrowings they have, particularly in the early years. Luckily, many franchisees have a supportive partner behind them who often continues to earn a regular wage.
The additional household income reduces the franchisee’s dependence on the profits of the business. It is therefore important that a franchisee includes a summary of all their domestic income and expenditure in the business plan. This demonstrates just how much money needs to be taken out of the business for them to survive.
Understand the figures
Franchisees often present figures given to them by their franchisor without really understanding what they mean. As a franchisee it is important to take ownership of the figures – particularly the cashflow forecast.
If a franchisee cannot explain them in a convincing fashion, they are likely to be turned down for the finance they need to get the business off the ground.
It’s not just a cashflow forecast
In contrast to the above, we are sometimes presented with a cashflow forecast and little else. The bank won’t just focus solely on figures. The business plan needs to demonstrate that the franchisee has fully researched the local competition and that they understand their market. Whilst the cashflow forecast tells a lender what will happen, the business plan explains how it will be achieved.
It’s not just about the franchisee
With over 800 franchises active in the UK, it can be a mistake to assume that the lending manager knows all about every single franchise, although our specialist franchise units minimise this risk. It is therefore helpful for the franchisee to explain exactly what help they will be receiving and the track record of the franchised business when they present their business plan.
Whilst the majority of business plans are perfectly adequate, we hope these few pointers will help make it easier for franchisees to obtain the finance they need.
