It is important businesses that are considering becoming a franchisor avoid costly mistakes. New franchisors should take proper advice when changing their business into a replicable business format franchise. It is vital that the potential franchisor makes the most of their resources and does not waste time or money.
NatWest’s Franchise Development Director Mark Scott says, “We advise that all businesses considering becoming a franchise avoid costly mistakes by using only respected BFA advisors. Avoid seeking advice from people or businesses that have simply paid their way to the top of web searches.”
The banks are very supportive of well set up and managed franchise businesses. When the bank reviews the structure of a franchise it looks for strong systems with robust management and advice from a BFA accredited consultant and lawyer.
- Don’t be caught out by results at the top of search engines.
- only use a BFA affiliated adviser.
- It may cost you more in the short term but the long term benefits will outweigh them
To avoid making costly mistakes, businesses becoming a franchisor need to approach the BFA for guidance. Get experienced and knowledgeable advice on how to structure a good franchise.
A referral to a BFA consultant can ensure that the correct structure is in place. They will work with a lawyer and in time introduce the concept to the Banks’ franchise teams. Working with BFA professionals will make becoming a franchisor easier in operations and access to funding for your business and your franchisees.