Cathryn Hayes from HSBC gives some excellent advice on guiding your new franchisees through applying for finance:
“Franchisors know the importance of building strong relationships with the banks to help their potential franchisees raise the funding they need to start their new venture.
There are a number of areas where franchisors can help their network of franchises in their dealings with the bank:
Franchisees need to understand and own their business plan
We see many examples of franchisees simply presenting figures given to them by their franchisor, without really understanding what they mean. As franchisors, it is essential that you encourage your prospective franchisees to take ownership of their figures, particularly the cashflow forecast. If they are unable to explain these to the bank in a convincing fashion, they could be turned down for the finance they need to get their business off the ground.”
Tags: business planning, cathryn hayes, finance, franchise, franchise business, franchise development, Franchise Finance, franchise growth, franchise information, franchise investment, franchise recruitment, franchise research, franchise success, franchise suppliers, franchise tips, franchisees, franchises, franchising, franchising in the uk, franchisors, hsbc, Self employment
The next installment of Sarah Cook’s series sees the Founding Director of Coconut Creatives give more ideas for how to maximise your franchise recruitment efforts over the summer.
“Autumn is probably one of the busiest franchise recruitment seasons of the year. The important franchise exhibitions of the latter half of the year are scheduled and booked already. And, routinely, many franchisors will be attending the same shows as last year. Unfortunately, more often than not this also means that they misrepresent their franchise and brand every autumn.
But how do you avoid that?
Be noticed! Not just for the sake of being noticed though, but as a high-quality opportunity! You are in a room full of other franchise brands competing for the attention and contact details of the same visitors. So making the most out of your initial contact with a prospect is key to exhibiting successfully.”
Tags: business planning, franchise a business, franchise business, franchise development, Franchise exhibitions, franchise growth, franchise information, Franchise Marketing, franchise recruitment, franchise research, franchise success, franchise suppliers, franchise tips, franchising, franchising in the uk, Sarah Cook
Rhea Samrai of Dennis & Turnbull discusses the 2013 bfa conference:
“The Annual British Franchise Association (BFA) Conference was held just a few weeks ago at London’s prestigious Senate House.
BFA members and affiliates from across the UK gathered to share in what is one of the industry’s most important events, with d&t thrilled to support as Bronze sponsors.
The BFA conference held annually over 2 days offers members the chance to view the franchising landscape, examining how it has developed with time to become a thriving industry. With exhibitors holding stands in the main theatre sessions, visitors are offered an opportunity to speak with some of the best professionals in the industry and gain their advice on matters of interest or concern. Specialist led seminars provide all those attending with best-practice experiences and break-out opportunities for networking and socialising.”
Tags: BFA, British Franchise Association, franchise a business, Franchise awards, franchise business, franchise development, franchise information, franchise news, franchise success, franchise suppliers, franchising, franchising in the uk, franchisors, Rhea Samrai