5 Good Reasons to Select a Franchise
Joel Caws - Technical Director, Select Your Franchise
Choosing a franchise to start up in business can be a great route to a successful business. Like everything, there are always two sides to an argument, but in this article I will look at 5 key benefits that a franchise can offer over and above a non-franchised business opportunity.
1. The Franchise Formula
The heart of any franchise business is its formula. This is primarily made up of the processes and procedures that make the business work and that make it successful. These form a core part of the franchise manual which should be provided to new franchisees as their business ‘bible’ to read and follow in order to replicate the success of the original franchise pilot businesses.
2. Proven Track Record
The good thing about a franchise is that you can often talk to other aspiring business people, just like yourself, who are already running the franchise you are considering as a business. The franchisor will usually be able to provide a list of franchisees that they are happy for you to contact which can act as references for the franchise. It can give you extra peace of mind to meet and speak to people who have already travelled the road you are on and have already taken on and are running the franchise.
3. Training & Support
Unlike starting up business for yourself, franchise opportunities are usually provided with a level of training and on going support. This is to enable you to run the business effectively and successfully by understanding the franchise formula and how to apply it to the day to day business activities.
4. Financing
The majority of the high street banks have franchise sections that specialise in funding franchise business start-ups. You will still need to prepare your business plan but having the weight of a franchise system behind you can give the bank some extra assurance that you are working with an already established and proven business concept.
5. Franchise Association Support
There is plenty of help and support offered to those considering franchising as a route to starting a business. In the UK, the British Franchise Association is an organisation of which many franchise businesses are members. The Association exists to promote ethical franchising in the UK and it can therefore give some extra peace of mind if the franchise system you select is a member. Additionally, the BFA can be a resource for any other help you might need such as pointing you in the right direction for franchise professional guidance for example legal and financal issues. Other countries have similar franchise organisations in place to hope promote franchising in their respective countries.
Finally, its worth bearing in mind that, a franchise is a business like any other. A willingness to work hard, be determined and dedicated to the franchise system, are all essential to give you the best possible chance of success. A franchise in itself is no guarantee of success, but it does give you the chance to get out of the starting blocks running.
Tags: franchise, franchise business, franchise opportunities, franchises in the uk, joel caws, uk franchises
Starting up in Business with an Internet Franchise Opportunity
Nick Strong, MD - Select Your Franchise
In mid 2010, reports show that more than 51 million people within the UK were making use of the Internet. This is an amazing 82.5% of the UK population. The Internet age, although still relatively young, has presented a fantastic opportunity for businesses which are focused on the Internet and the Web as their resource of customers and earnings. Everyday more of these type of businesses are springing up.
The benefit of deciding on an internet franchise is that you’ll be investing in a proven concept. The principle benefit of a franchise system is the franchise operator should have successfully piloted their idea and tested its ability as a viable business proposition. The method and formula which helps to ensure the business operates successfully, can then be documented and replicated by another who wishes to purchase the franchise concept.
It’s not hard to see why the franchise model has become widely adopted in the UK. For the franchise operator, it provides a good way to develop their network, their revenue potential and multiply their brand interest. For a potential franchise operator, it’s a ready-packaged, tried-and-tested business formula to dedicate themselves to along with training and backup support.
You will find a spread of different Internet franchise opportunities in the UK, for example:
- Local area/services website advertising local companies
- Website design businesses
- Web Consultancy
Other advantages of deciding on an Internet franchise system would be:-
- A good number of them can be run from the comfort of your residence
- No tangible products or stock to shift
- Low setup expenditure with a good number Internet franchises under £10,000 investment fee
You may not require any previous experience to take on an Internet franchise as training and backup are usually supplied by the franchise operator, though being able to make use of a computer and possessing an interest in the Internet could obviously be a plus.
For further research, you can see a good selection of Internet franchises by visiting our Internet franchise opportunity directory.
Tags: franchise, franchise opportunities, franchises, franchises in the uk, internet franchise, nick strong
Considering a Consulting Franchise Opportunity
Joel Caws - Technical Director, Select Your Franchise
A consulting franchise is typically business-to-business and focuses on the provision of consultant orientated services. If you like working with people, particularly on a corporate level, to improve their businesses then a consulting franchise could be just the sort of franchise you are looking for.
There are quite a range of consulting franchise opportunities available in the UK, such as:-
Business Training
A franchise opportunity that provides business training can be very rewarding. The purpose of these franchise businesses is to provide training to a company management team or their staff with the aim of improving business efficiency, productivity and competence.
Business Coaching
A Coaching franchise usually focuses on coaching the management team or business owner in relation to the strategic development and growth of the business. Some business experience might obviously be helpful here and some franchisors might require it.
Cost Reduction Services
A cost reduction franchise business works with a company to provide lower cost business services with the aim of reducing overheads. Many tend to work on the basis of no up-front-fee but a percentage of the savings made as a result of reduced cost services. This makes them a ‘no brainer’ when it comes to selling the service.
These are just a few of the consulting franchise opportunities available in the UK. Whichever one attracts your interest, make sure you research properly to ensure you have a the best possible chance of success. The following points may help for you to consider:-
- Do your homework. Read up all you can about the franchises you are interested in. Using the Internet for research is quick and efficient for this but you may also consider attending a franchise exhibition or reading other franchise publications.
- Talk to your bank. Many high street banks have dedicated franchise sections who can help with funding for a franchise business start-up – you might will be able to afford a franchise that you thought was outside of your budget.
- Consult the British Franchise Association (BFA). The BFA are there to promote ethical franchising in the UK. Checking with them to ensure any franchise systems you are considering are BFA members can give you extra peace of mind.
- Meet the franchisor. Take some time to visit the franchisors you are interested in. It will give you a chance to meet them face-to-face and ask about their support and setup.
- References. Get franchisee references from each franchisor that you can call and ask them how the franchise has worked for them.
- Legal and Professional Advice. We highly recommend talking to professionals who are familiar with the franchise industry to ensure you are fully informed with the commitment you will be making in becoming a franchisee. Check with the BFA for approved professionals who can help.
Once you have gone through these steps you should be ready to make a decision. Whichever option you choose remember thats its your determination, dedication and hard work that will ultimately decide whether your new franchise business is a success.
Tags: consulting franchise, franchise, franchise opportunities, franchises for sale, franchises in the uk, joel caws
