Select Your Franchise - Information on UK Franchises and Directory of Franchise Opportunities

How to Select Your Franchise – PART V

October 12th, 2015 by Nick Strong in 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 FIVE: Further research on your chosen franchise opportunities

(Video segment: 17:20 – 22:40)

There are always risks with starting any new business but franchising is a way of entering into successful trading.

Make sure you do as much research as you need to do until you feel comfortable. One thing a franchisor should be open with you is speaking to other franchisees. The other franchisees are taking the advice, following the system, and will tell you themselves what the business is like. You will be able to find out more in terms of trading relationships, the support offered from the franchisor, what is it like following the business system, and what it is like building a business on a local level.

It you are going to speak to franchisees, you can usually find them on social media however it is courteous to speak to franchisors. Make sure you get a full list from the franchisors, not just the top 3 franchise owners.

Whilst researching, it is beneficial to take advantage of the resources available to you. Because of the internet, there are more resources available than ever before.

On a final note, before you buy into a franchise, it is of utmost importance that you have the support from your family and friends behind you. If you are going to go into franchising, you will need the support through good and not so good times. When it comes to financing the franchise, you may be taking their financial security along with your own into the business. With this in mind, you will need them to support and back you and the business during the low times and the high times. Whilst you are considering a franchise, if you do not have the backing of your family – your spouse in particular – then it is preferable that you waiting until such a time when it would be more suitable.

For more information about how to select your franchise, we have a free ebook available for you.

Click here to download the ebook

This is part five of five posts.

Read part IV here.

Connect with Nick Strong

Franchise Intelligence
Managing Director

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How to Select Your Franchise – PART IV

September 30th, 2015 by Nick Strong in 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 FOUR: How do you research franchises?

(Video segment: 11:52 – 17:19)

The beginning part of the exploration is all about self. The second part starts with the system. And the third part starts with real due diligence which happens online, talking to your family, and it happens through networking at events.

If you find a franchisor that you want to speak to try not to be overly analytical at the beginning. Many of you will do online research before speaking to a franchisor face-to-face and if you are planning to go to a franchising event you may have come up with a shortlist. This is the best way to go when it comes to selecting a franchise. This way, you can speak to the franchisor with a more detailed insight to the business.

When researching you should be looking at which brands you think look interesting. Find out if there are clear biographies about the directors, and perhaps look them up on LinkedIn. Check out other social media platforms such as Twitter and Facebook to do searches around the brands. This way you can find the franchisees and follow them for updates or to ask them questions. You can learn so much about a franchise through your own research that by the time you speak to the franchisor you can know a significant amount about them.

There are three parts to franchising; there is you and what you are bringing, there is the franchise brand and within that the people you will be working with and you have the clients themselves. Through the internet you can access comments around the brand on all three levels. So by the time you speak to the franchisor of your choice you can have a thorough insight as to who they are, what there are passionate about as people, what the franchisees are doing and what the clients are saying about the brand.

There is an awful lot of information you can find out and it is down to you how thorough and how much pre-research you want to do. The benefit is the franchisor will make claims about their brand and their system and you can verify that through independent voice. If people will be publishing about their experiences about being a franchisee or being a client, you can verify what is being said against the franchisors claims.

So how to you go about researching? The first place would be the internet. SelectYourFranchise.com is one example of the kind of websites that will provide information about a lot of different franchises, there is also FranchiseInfo.co.uk and the BFA.org. On these websites you can research expert articles, you can use tools that help narrow down your search, and also ask the franchisor to contact you directly should you want more information.

Exhibitions are a great place to visit once you have done some online research. They give you a chance to meet the franchisors in person, get to know them and the business a little more, and ask any questions you may still have.

It is also important once you have met the franchisors that you visit them in the place of their operations. This enables you to see the operations, meet the staff, and understand how you would be supported by the franchisor. You will be able to get an understanding as to how they will work with you to build your business and help you become a successful franchise owner.

You need to make sure you choose a franchise carefully. But try not to be so over selective that you are scared to commit. Take time to meet the franchisors and current franchise owners to get a better understanding of the business you are interested in.

Franchising is all about the people, the proven business systems, and working together in order to replicate those systems.

This is part four of five posts.

Read part III 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 III

September 17th, 2015 by Nick Strong in 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 THREE: How do you know if a franchise is right for you?

(Video segment: 9:05 – 11:51)

Firstly you need to be honest with yourself. For instance how much money do you have? To give an example: unless you have about £200,000 in liquid capital then McDonalds will not be an option for you. Knowing how much money you have can help rule out certain franchises straight away.

Ask yourself what you enjoy doing. Say you’ve drifted into a career path you wouldn’t necessarily have chosen, what would you change if you had the opportunity? Which career path is more suitable for you and the aspirations you have? Realise what you are passionate about and can see yourself doing. These are the types of considerations you need to have an honesty check about before you start looking at what franchise businesses are around.

With almost every franchise business, you could invest into them, have the training and run a successful business from it. But you have to consider if you want to be in that market and following that particular business concept for the next 5 years of your life.

When you go into franchising, you sign a franchise agreement. That agreement is usually for a minimum of 5 years. There are some franchise agreements, for example McDonalds, which are for 20 years. This is obviously a long time to commit to a particular brand so you better be passionate about it if you want to take on that kind of commitment. You will be committing a large part of your life to the brand and the business model so you need to think it through carefully.

What do you want to do? What are you passionate about? When you speak to a franchisor, make sure you find out if your passions aligned. Also, there are certain questions to ask the franchisor. You may like cars for example, and you may want to work with cars but there is more to franchising than just the vehicles. For instance how does the franchisor develop the business? How do they train you? How do they launch you into the business? How to they help you develop the marketing and sales understanding for you to meet enough people and write enough business to reach your aspirations?

This is part three of five posts.

Read part II here.

Read part IV here.

Connect with Nick Strong

Franchise Intelligence
Managing Director

Photo©John Cassidy The Headshot Guy®www.theheadshotguy.co.uk07768 401009
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