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How to Select Your Franchise – PART II

September 9th, 2015 by Nick Strong in Franchise Events, Franchise Tips
 

Nick Strong, Managing Director of Franchise Intelligence explains how to select a franchise,
the benefits of franchising and what it takes to be successful.
Recorded at the British Franchise Exhibition 2015 in Manchester.

Part II: What are the benefits of franchising?

(Video segment: 3:18 – 9:04)

Franchising is not for everyone. If you’re thinking of going into business, what is your motivation? Have you got a great idea that you want to find your own clients for? Are you experimental or adventurous? Are you entrepreneurial? If that’s you, then franchising is not for you. This is because when you invest in a franchise you are investing in order to replicate what the franchisor has already proven. You are not there to take your own ideas into it; you are not there to tell the franchisor how you can improve their business system. You are there to see what works, how it works in practice, to see proof of this, and to see yourself doing that business.

If you are not entrepreneurial, the benefit is you don’t have to go through that long, painful and high risk process of putting your own capital into experimenting with what works and what doesn’t work.

We know that about 90% of people who go into business by themselves will fail in the first 3 or 4 years. One of the great things about franchising is that you can flip that statistic around. Around 90% or more of franchisees will succeed in business. This is because the business is proven, profitable and replicable.

The franchisees that are the most successful and make the most money are those who enthusiastic and passion about the brand. They love getting up and going to work, and replicate the business model enthusiastically.

Some of the most successful franchises are those such as McDonalds, Burger King, and Dominos. Using these as an example, you know exactly what you are going to get when you walk into those places. There’s no variation from the theme and there’s no variation from the model. The franchisee follows exactly what they’re told and the fantastic thing is they don’t have to experiment. The franchisors duty for the franchisees is to take all the risk out of it. They do this by doing the experimentation themselves.

As a franchisee you are taking on a system that is proven. However, you need to make sure you believe in the people, the system and that you can see next 5 years of your life building your revenue streams everyday through that particular franchise business.  That is important for you to remember and it’s important for the franchisor. The last thing the franchisor wants is someone who takes on the system and then after 6 months decides it doesn’t suit them.

Franchise requirement is probably a poor phrase; it should be franchisee and franchisor selection because it can be quite a different process when you choose a franchise. Both parties are selling themselves, with the franchisee selecting the franchisor whilst the franchisors both sells their system and chooses their franchisees. It’s a hybrid between selling and selecting.

It is not like applying for a job. You are going to be investing a lot of money, but don’t think that there is absolutely no risk. As far as the franchisor is concerned the risk is when it comes to taking you into their system. This is because a franchisors reputation depends on franchisees success. Don’t be surprised if when you speak to a franchisor, whilst being enthusiastic about the idea and have the finances, the franchisor says to you they do not think they can take your money. They may have concerns about whether you would enjoy the role, or that your skill set does not meet the requirements. The last thing the franchisor wants is any franchisee failing. It is not good for the brand, it is not good for the people and it’s not good for anyone involved.

Be aware that whereas it is a two-way sales process, it is also a selection process. This is for everyone’s benefit and everyone’s financial wellbeing. There are benefits of following a proven system and there are checks and balances at the point of meeting, discovering, and deciding whether a particular franchise is the right one for you and you are right for the franchisor.

This is part two of five posts.

Read part I here.

Connect with Nick Strong

Franchise Intelligence
Managing Director

Photo©John Cassidy The Headshot Guy®www.theheadshotguy.co.uk07768 401009
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How to Select Your Franchise – PART I

September 4th, 2015 by Nick Strong in Franchise Events, Franchise Tips
 

Nick Strong, Managing Director of Franchise Intelligence explains how to select a franchise,
the benefits of franchising and what it takes to be successful.
Recorded at the British Franchise Exhibition 2015 in Manchester.

Part I: Proven, profitable and replicable.

(Video segment: 0:00 – 3:18)

If you are considering franchising in your future, you need to know what you are getting yourself into.

Firstly, how does a business become a franchise? Most businesses start because someone has a bright idea. They see a niche in the market and invest their money and in doing so put that money at risk. They initially make lots of mistakes but go on to find successes. When they do find these successes they write them down which then becomes part of their business system.

It takes time, it takes risk capital and it takes quite a bit of money to get a business to the point of where it is proven and it’s profitable. That is the first step for anyone who is thinking of franchising their business has to get to: proven and profitable. The third thing that a business has to be able to do before it franchises is make sure that the business is replicable.
You may be thinking to yourself that you have the most amazing idea that you are going to franchise. When in actual fact you cannot franchise an idea. Franchising is all about what’s proven. So in order to reach that stage, rather than ask others to risk their money on your idea, you have to risk yours instead.

You need to ensure it is proven, it can make a profit and that others can follow your system in order to replicate your success for themselves. Once you have done that and you have proven that, then you are ready to speak to people about becoming your franchisees.

Franchisors have a very big responsibility to anyone considering going into franchising with them in their future. A franchisor will be inviting you to invest quite a lot of money, more money than you can afford to lose. They have the responsibility of working with you to replicate their success.

They often say that franchising is working for yourself but not by yourself which is one of the main benefits. When you go to select your franchise, you want to make sure that you’re not only choosing the right brand but also a proven, profitable and replicable business. You want to see demonstration that that is the case. If they don’t pass that test, they are not a franchise and they should not be calling themselves that.

If you are worried about whether or not a business is a franchise, have a look on the British Franchise Association website and see which have been vetted for.

This is part one of five posts.

Read part II here.

Connect with Nick Strong

Franchise Intelligence
Managing Director

Photo©John Cassidy The Headshot Guy® www.theheadshotguy.co.uk 07768 401009
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Manchester welcomes regional franchising opportunities for aspiring entrepreneurs

April 8th, 2015 by Guest Contributor in Franchise Events
 

The British Franchise Exhibition will offer visitors invaluable insight into the world of franchising at EventCity, Manchester on the 19th and 20th June 2015.

logo manchester exhibWith the recent announcement by The Chancellor of the Exchequer George Osborne, confirming his commitment to the continued investment of an economic ‘Northern Powerhouse’, 2015 is set to be an important year for Manchester and the North West.

The North of England has already seen significant economic expansion over the last 10 years, with towns such as Warrington increasing its number of successful new businesses by 30% from 2004 to 20131. Confidence in the UK economy is continuing to grow and with support from The British Franchise Exhibition, ambitious entrepreneurs are given the opportunity to start their own businesses and contribute to the strength of the local and national economy.

Returning to EventCity this summer, The British Franchise Exhibition will showcase the benefits of running a business, and offer visitors the chance to discuss potential ventures with franchise brands offering regional opportunities. Attendees will also gain exclusive insight into the proven success of the franchise model which currently boasts the employment of over 500,000 Brits across the UK and 92% of franchises operating profitably.

Sponsored this year by global gym brand, Anytime Fitness, the two-day event will bring together industry experts, key franchise brands and potential franchisees from across the north of the UK. Attendees will have the rare opportunity to meet face-to-face with top brands, all of which meet the British Franchise Association’s (bfa) strict guidelines.

Exhibitors from a wide range of industries including property, care, food and drink, cleaning, home improvement, white collar, van-based and fitness, each with a range of high to low investment options will be on hand and keen to speak with aspiring business owners to answer any queries regarding their business. Established brands such as McDonald’s, Clarriots Care, Mac Tools, Anytime Fitness, Esquires Coffee, Platinum Property Partners and Ewe Move will also be showcasing all the exciting new opportunities they have on offer.

franchise-exhibitions-headerAdrian Goodsell, franchise sales director at Venture Marketing Group comments, “With the North of England set to see an increase in power and growth, this is prime time for ambitious businessmen and women to speak to regional experts about possible business ventures. The British Franchise Exhibition is an exclusive opportunity to meet with British Franchise Association (bfa) approved brands to gain trustworthy advice and see how franchising could work for you.”

A variety of free and informative features as well as first hand guidance from industry experts will also be available to those attending the exhibition. This includes an extensive conference programme offering over 40 free seminars, finance clinics, and panel discussions.

New to this year’s exhibition, the ‘Growing Your Own Business’ workshops offer a great opportunity for anyone looking to expand their current business and gain invaluable first hand business advice on  topics such as SEO, creative marketing, PR, social media, sales and crowdfunding. The event will also feature keynote speakers offering their inspirational stories and personal experiences. Speakers include Joshua Cook, managing director at Zeven Media who recently gained the backing of Deborah Meaden after appearing on Dragon’s Den; and Helen Lawson and Sophia Lucop-Leech, who started up their company Inspired Goodbyes with the help of Business Growth Hub.

The British Franchise Exhibition takes place at EventCity, Manchester on 19th & 20th June 2015. Visitors can gain free entry by registering online at www.franchisetickets.co.uk and entering the promotional code BFE1 (saving £10). Follow the event on Twitter @UKFranchising, Like the FranchiseInfo page on Facebook and join The Franchise Exhibitions on LinkedIn for more updates.

1Cities Outlook 2015
2 NatWest 2013 bfa Franchise Survey  

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