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	Riding the credit crunch storm
Press release date: 24-Jul-2008 Mike Goddard, CEO of Belvoir and Chairman of the British Franchise Association advises on why a franchise is the best way forward, both during and after the credit crunch. “The current financial climate is an ongoing international problem that has resulted in the much talked of credit crunch and inevitable job losses. Whilst this situation will not last forever, nobody can predict how long it will take for the depression to lift. However, the situation is not all doom and gloom and the franchising sector could offer a glimmer of hope. By viewing setbacks as challenges and challenges as opportunities it is possible to remain positive and view redundancy or job loss as the perfect opportunity to start researching and investing in a new business. “So why invest in a franchise rather than an independent or new start up? Quite simply, a franchise is a safer bet. It is important to remember that during a credit crunch the public wants to do business with familiar names and reputable organisations and franchised businesses are both of these. Belvoir is a member of the British Franchise Association and is an extremely reputable organisation with a very high profile brand name. Belvoir can provide franchisees with access to massive marketing campaigns and the ability to negotiate huge discounts through collective purchasing power. All of this is impossible for an independent or new start up. “In the UK the general public is not always as knowledgeable about franchising as in America or Australia, which is why franchisors should be shouting from the roof tops that they are franchises and get involved with the bfa’s Proud to Franchise initiative The more the public knows about franchising and the benefits it affords them, the more they will want to do business with them. “In addition, franchising has an extremely high reputation with the banks, which makes negotiating credit facilities and loans much easier than for a non-franchise business. This also helps to reinforce the message to the public that is always a good idea to deal with a franchise, as they are financially more stable. “Because of the credit crunch there is a larger pool of potential franchisees for franchisors to choose from. Belvoir recognizes this and is currently investing in its recruiting and training department so that we are ready to welcome many more franchisees. It is always in the interests of franchisors to ensure that their franchisees succeed and we pride ourselves on recruiting people with the right background, attitude and training to ensure that they will become highly successful members of the group. “The best franchises to invest are those that offer a recession-proof business. The lettings business is such an opportunity – although the residential sales market is depressed, this means more people are choosing to rent for a year or so to see how the market turns. More people are entering the lettings market than ever before and Belvoir’s figures are up 30% on 2007. Well-established landlords that are in it for the long haul are being attracted back by the prospect of higher rental yields, and are able to pick up some real property bargains. “Potential franchisees should review their business plans carefully and ensure there are sufficient funds available for future investment, so that they are in a strong position to become market leaders when the recession lifts. Ask plenty of questions about the training that the franchisor will provide. As well as intensive induction training – Belvoir provides a three week residential course – there should also be ongoing training and mentor support to help people cope with depressed market conditions and develop plans to cope with the credit crunch. Reputable franchisors will also provide support and advice to existing franchisees. Belvoir is currently introducing new training modules to help franchisees and their staff cope with the credit crunch. “One thing that Belvoir is very keen to encourage is that franchisees recruit and retain the very best staff that they can get. All staff should play a key role in the business and actively contribute towards its development and the standard of customer service. This is much more important than panicking and cutting back fees to try and beat competitors. It is vital to ensure that a business is perceived by the public to provide the best product and customer service in the market place. The public will then always choose them over their competitors, both during and after the credit crunch.”

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Riding the credit crunch storm - BELVOIR THE LETTINGS SPECIALIST Franchise