Buying a franchise essay

Not having to answer to a corporate boss is the dream of many and the flexibility that owning a business franchise creates provides this option. One of the fastest and most popular ways to increase the size of a business is to turn it into a franchise, which can then be purchased by individuals.... One of the leading television shows in our society is the csi franchise, with three different extensions. Description of the franchise liquid capital has an international network of franchisees specialized in financial services for existing businesses in urgent need of financing. Furthermore, the latest press release published on liquid capital’s corporate website on december 1, 2007 states that there are 25 franchise owners (or “principals” as the company calls them) throughout canada.... Franchising is a form of business in which the owner, or franchiser, gives license to distribute products, services or methods of business to affiliated dealers, franchisees. Equal gender representation in the gaming franchise this paper tries to express how sexism/chauvinism ideas have infected the virtual-world of video games, and resulted in a male dominated video-gaming industry. Female employees constitute less than 10% of the gaming industry, and even though that shortcoming females have contributed to the video gaming franchise.... Articles of franchise what is franchising the term franchise covers a wide range of arrangements under which the owner of a product, process, service or even just a name (e. Sportsman) will issue a license to make or use something in exchange for some form of payment here are some various types of franchise businesses (which are common to business format franchise): ø a license to a manufacture a certain product within a certain territory and over a given period of time, have access to any secret process this involves and the use of its brand name in exchange for royalty on the sales.... The subway franchise the subway story started in 1965 in bridgeport, connecticut during the summer of 1965. A franchise is a business which uses the original company’s name to sell goods and services in a certain area. The original company is called a franchiser, and the person who opens a franchise is a franchisee. Even though the franchisee has to pay for the business name, they are still provided with standards, quality, access to tools and materials, and advertising.... Diamonds are forever is the theme song of the same name for the seventh film in the james bond franchise. Sports industry: examining the popularity of nfl franchise indianapolis colts, as well as other sports franchises. Exhibiting at a franchise expo is an effective means for businesses to showcase their brands and new products and services, stay up to date on competitors and collaborate with industry peers. However, the main objective of exhibiting at expos & trade shows is to acquire qualified leads that can be converted into franchise sales. Executive summary doha quick stop is a start-up company that has obtained a franchise license to operate an new york franchise in doha, doha quick stop is a new player in the restaurant industry. It establishes in 1960 in the united states and operating with company-owned and franchise owned stores in international markets (dominobiz, 2013). In this essay we will look through the operation management of domino’s pizza which in the core operation. Evaluate the “deal” as it is presented in the case      as outlined below, icedelights is willing to provide an acceptable option to the franchisees due to their inability to commit to the venture immediately. The revisions to the deal allow the franchisees flexibility in their timeline for raising capital and financing the deal. Regardless of the timeline, the situation presents a concern with the franchisees ability to raise the amount of capital required to open their first three stores in a timely manner.... Sports franchise popularity in today’s society sports have become a big part of our culture in the united states. With the ever-increasing rate at which professional sport franchises change venues, the surrounding communities must deal with the social and economic burden. This paper will discuss the miami heat and the types of people that make up the entire franchise and levels of commitment to run a strong franchise.... Interactive displays, a speaker wall, idea centers, new display configurations, and different technologies that ease buying and encourage collaboration. Roto-rooter expanded their operations worldwide by licensing master franchises canada, australia, japan, china, the philippines and indonesia to add to their well established north american locations. The nfl’s new england patriots are very active in the community and have expansive social media sites and online tools to keep their consumers engaged and connected to all things related to the franchise. Over in europe, the football franchise manchester united has created a large following and making sure their consumers are engaged is one of the franchises’ main strategies (emirates24/7).... Did you know panera bread is one of the fastest growing franchises in america (panera bread franchise). Introduction buying into a franchise business is a very serious decision for any business person. When you buy into a franchise you can pretty much be guaranteed that the goods and services you are selling will have almost instant recognition. The buyers of a franchise also receive training and support from a proven business model designed to help the franchise owner succeed. Even though there is a proven business model at work, buying a franchise is still risky and there aren’t any guarantees of success.... In the middle ages, franchise is a privilege wherein the local sovereign words will grant to hold markets to hunt on hid land. It is shown in the phrase that franchise started as early as the middle ages. The king was like the franchisor which allows his business commercial activities to be used by the other businessmen or franchisees. Video games have risen in popularity in america the past couple decades where popular gaming franchises influence or reflect modern american culture. Many video game franchises are popular but one franchise that has stood out in video game media is assassin's creed. Assassin's creed is a franchise that consists of video games, spinoffs, comics, graphic novels, animated films, figurines, weapon replicas, clothing, and other merchandise. Only focusing on the video game branch of the franchise, the series began in 2007 with its first installment released.... Several ideas were discussed and brainstormed, however, when thinking about restaurants and franchises the first idea was born. A steers outlet would benefit from this because there would be more than one shareholder resulting in more capital contributors to acquire the franchise. It will also allow shareholders to own more steers franchises and thus hiring of managers and ceo’s to handle daily running of the steers should be done. Partnership: this is between 2-20 membersand and will allow franchisees to benefit from more capital contributors compared to a sole trader. Dunkin’ was right on both counts, and now counts its south korean franchises as one of the largest contributors to its business interests located outside the u. Million employees who serve 69 million people in 118 countries each day; from more than 34,000 local restaurants, 80% of which are franchised. Establish a sense of urgency mcdonalds is facing a financial crisis the dollar menu is no longer producing the desired outcomes; providing a drawn for customers and profits for the franchise.

Alphagraphics is a franchised chain of more than 260 independently owned and operated marketing service providers with full-service print shops. If you are thinking about expanding your operation through franchising, licensing may be an alternative because (1) it is substantially less expensive, and (2) it takes about ten to fifteen business days to complete rather than months and months for franchises.... The 1983-1984 season was a stepping stone due to the mavericks first winning record in franchise history. The franchise fee {licensing fee} gives you the right to open a franchise of that particular business, using trademarks, signage, products, software, business systems etc.... Subway is a huge sub sandwich franchise that has been around for more than 45 years. It all started when the founder fred deluca wanted to pay for college so he and his partner opened up a sub shop which turned out to one of the largest franchises in the world. This has made subway the most popular franchises and largest fast food chain in the world.... When you hear the word " franchise" you probably think of fast food restaurants such as burger king, mcdonald's or subway. Entity business plan paper the purpose of the following paper is to be able to inform the reader(s) of the paper about the business goals of the ownership and operations of a sports bar franchise. The topics of discussion will include the description of the goal of the business and subtopics of the types of goods and services that are provided by any sports bar franchise, what types of customers will this business attract, and lastly, how and where the specified services are made available. This one, a sci-fi tale of a future in which kids and young adults are trained by the military for an imminent alien invasion, already has a massive fanbase and will probably be another mega-hit film franchise, at least to the tune of the $500+ million box office range if not more. Our free enter the title keyword:Franchising business - buying guide s from business start-ups lessons and examples from the third world of practice sample ed scorecard, theory, template, examplesbusiness and management dictionarybusiness planning and marketing strategy, process and templatescontracts and legal terms glossaryfinancial business terms and ratios explainedmarketing guide, from start-up to advertisingpest market analysis - free templateporter's five forces of competitive positionsostac® - pr smith's business marketing planning systemswot analysis - theory, history, templates and examplesfree diagrams, tools, tests, and working ising business - buying guideguide to buying a franchise - small business franchises or large international business franchises - information on selecting opportunities, franchises for sale, and franchising r-friendly versionfranchising business - buying guidetable of contents1. Guide to buying a franchise - small business franchises or large international business franchises - information on selecting opportunities, franchises for sale, and franchising tips1. To buying a franchise - small business franchises or large international business franchises - information on selecting opportunities, franchises for sale, and franchising ss franchising is one of the safest and most risk-free ways to start up and run a successful r running a franchise isn't for everyone, so take time to understand what running a franchise entails - especially the selling aspects - before you decide to buy a franchise ss franchises and franchising opportunities are increasing internationally. This is because the business franchising formula and the franchising model is proven and are the essential tips for identifying and selecting the best business franchise opportunities for yourself, whether you want a small local business, or a very big franchise a franchise business that you'll a franchise that you will enjoy is the most important factor of all. Most businesses - all types of business, not just franchises - succeed when the owner truly enjoys the products and/or services that the business supplies. When you enjoy the subject of your franchise business you will naturally put in more effort than if you worked in a field that fails to inspire and excite you. More helpful tips and tools for choosing and staring a franchise business for yourself:goal-planning tool - how you decide where you want to be, and get le intelligences self-test - quick free easy tool for identifying your strengths - every successful business-person succeeds at something they are naturally good ss planning - no-nonsense tips, tools and ing - easy down-to-earth background and theory about marketing and advertising your business g - especially for franchises selling to businesses and corporations - professional sales skills and techniques from the beginning to the modern management - running your own franchise business has got to be enjoyable and stress-free, so that you'll love your work and business quotes and sayings - smiles and laughter go a long way in business - for yourself, and for your staff and customers business trading plan example and template (pdf) - also available as a working xls ch the best are thousands of different business franchises, and there will be more than one and perhaps many in your chosen business area. Once you have made the decision to buy a franchise business it is difficult to turn back. Become an expert before you sign the papers - don't wait to learn about the 'unknowns' after signing the contract and parting with your days information is easy to find - don't be shy - look for it - ask and satisfy all of your concerns before you make your your you buy a business franchise of any sort you are entering into a business partnership, in which your relationship with the franchisor (or 'principle'), and their people, will be absolutely crucial to your success. You must be able to trust and work with the franchisor and the franchise company's staff - especially the directors and senior managers. Given sympathetic and genuinely relevant support we can achieve almost anything - be sure that your franchise partner will be able to provide for a good business profit sful businesses - not just franchises - are always based on a sound and healthy business and profit model. Most franchises tend to have this, or they can't operate, but check the extent and sustainability of the financial model. The better the profit model then generally the easier it is to start up, run and maintain a successful innovative products and services with protected technology and new growing markets make ideal franchise businesses. Would you take a local door-to-door book or cd franchise given the dominance of the huge online distribution businesses? If there is a better and more cost effective route to market than through a franchise business it is likely that the financial and profit model of the franchise in question is under out franchises with modern technology, innovative protected products and services, a strong brand and reputation, with growing markets, where the route to market favours the franchising business model. Always behaving and deciding with high integrity will keep you safe, well, and probably make you wealthier will delight your customers and good word will spread, which is vital for local service businesses, which nearly all franchise businesses are. Many well established successful franchisees never need to advertise or look for their next customers - their customers find you buy a franchise that lacks integrity, then with all the best will in the world, you will be pushing water for and buy a franchise which has high integrity at the centre of its products, services and business ethos, and you are half way to running a high integrity franchise business - all that remains is for you to ensure that your own input and activity are high integrity tand the don't need to be gordon gekko, but you do need to understand the essential things:what is the level of investment and what do you get for it - is it good value? Long will it take you to recover your investment - in other words what is the payback period - how quickly will the franchise realistically and reliably get into profit? This is a crucial indicator, and one which you must understand and be assured that it is acceptable and achievable before you buy any are the running costs of the franchise? Some will be fixed overheads, (such as vehicle lease repayments, plant and tools, franchise fixed repeating fees, your wages, other staff wages, premises and heating, etc) some will be variable 'cost of sales' dependent on your sales levels and volumes (such as materials and additional labour, possibly fuel etc); and some will be other variable costs necessary to promote and expand the business (such as advertising, printed materials, training, etc). This applies also to when you come to buy the franchise itself - sometimes there is room for negotiation. Buying a franchise can become like buying a house - if you get your heart too set on one single option then you have exactly that - just one option; and no room to negotiate. Work at using the key financial figures and indicators and you will quickly become accustomed to making these judgements, which in turn will make you stronger in your discussions and negotiating before buying your tand the meaning of business contracts that are signed by the franchisees and franchisors represent the agreement and terms of trading between the two parties. Buying a following information about selecting and buying a franchise business is provided by business link, which is gratefully acknowledged. For further information visit the business link  on a franchise is an option worth considering for anyone who wants to run a business but doesn't have a specific idea or prefers the security provided by an established right franchise can give you a head start. Typically, you trade under the brand name of the company offering you the franchise, giving you help and sful franchises have a much lower failure rate than completely new businesses. And some people find that running a franchise just isn't for guide will help you decide whether franchising is for you. It shows how you can find the right franchise, and highlights the key issues you need to consider. A true business format franchise occurs when the owner of a business (the franchisor) grants a licence to another person or business (the franchisee) to use its business idea - often in a specific geographical franchisee sells the franchisor's product or services, trades under the franchisor's trade mark or trade name and benefits from the franchisor's help and return, the franchisee usually pays an initial fee to the franchisor and then a percentage royalty on sales, although some franchising arrangements do not include a royalty franchisee owns the outlet it runs. But the franchisor keeps control over how products are marketed and sold and how their business idea is well-known businesses offer franchises of this kind, including famous brands in sectors such as fast food, drain clearance, print and copying, cleaning chemicals, pet food deliveries, and automotive types of ent types of sales relationships are also sometimes referred to as franchises. For example:distributorship and dealership - you sell the product but don't usually trade under the franchise name. Advantages and disadvantages of a franchise can be a quick way to set up your own business without starting from scratch. You can check how successful other franchises are before committing can use a recognised brand name and trade marks. You benefit from any advertising or promotion by the owner of the franchise - the "franchisor". The franchisor won't sell any other franchises in the same region, though there will be competition from other ing the business may be easier. Banks are sometimes more likely to lend money to a franchise with a good is reduced and is shared by the  may be higher than you expect. As well as the initial costs of buying the franchise, you pay continuing royalties and you may have to agree to buy products from the franchise agreement usually includes restrictions on how you run the business. You might not be able to make changes to suit your local franchisor might go out of business, or change the way they do franchisees could give the brand a bad may find it difficult to sell your franchise - you can only sell it to someone approved by the d risk means you might not generate vast profits. With any new business venture, you need to carefully consider whether you have got the right skills and attitude to run a successful franchise.

Analysing your own temperament can also help you decide which type of franchise would be right for must be prepared to sell. A franchise gives you a business blueprint - but it won't give you 'll need to work hard, probably for long hours. You might be more comfortable with a franchise than starting a new business from right franchise for you like office work? As well as offering guidance and seminars on franchising, it provides:details of members who may be offering new franchisesdetails of members who may be offering existing franchises for resalefranchises are advertised and written about in various national newspapers and in trade publications such as dalton's weekly and franchise es such as whichfranchise and franinfo can be a useful source of information on franchises. You can find other listings using a search engine and employing search terms such as franchise opportunity or franchise ing a franchise exhibition can also be a good way of finding out what's on offer. Advertised franchise opportunities - particularly multi-level marketing schemes - can be untried, dishonest or even illegal. Assess the franchise opportunity carefully and check whether the company offering the franchise is a member of the british franchise association, or your own country's equivalent. Assess the franchise assess whether a franchise represents a sound business opportunity, you'll need to consider:what the business is and how it operatesthe location of the franchisethe success of the franchise concept - the number of franchises in the uk and how financially successful they arethe strength of competition from other businesseshow long the franchisor - the company offering the franchise - has been in business and how financially secure it islevels of initial and ongoing costshow much training and support you'll get in setting up and running the businessconditions and restrictions in the franchise agreement, including how long it will run and whether you'll have the option to renewthe franchisor will probably give you an information pack but you shouldn't just rely on this. Ask the franchisor for a full list of past and present franchisees, not just the two most successful advantage of other sources of information and advice. Write an outline business doesn't need to be war and peace - a basic outline is enough to tell you (and your bank manager) whether your preferred business franchise is a sound proposition or not. Just as you would for any other business, you need to draw up a business plan when buying a franchise. The costs of a calculating the likely cost of a franchise, you need to take both initial and ongoing fees into account. You must also take into account what 'working capital' you need - this is the money you and the business need in order to run and survive before profits (and cashflow) are l franchisor - the company which sells you the franchise - usually charges an upfront fee. This is the business link view - i personally think that there are examples of very good franchisesyour largest initial costs are usually your investment in:premises and/or vehicle(s) - (many franchises areequipmentinitial stockcontinuing usually pay a royalty - a percentage of sales - to the franchisor. It is common also for franchisors to derive revenues from the franchisees through the supply of stock, marketing materials, and training the terms of the franchise agreement, you may have to purchase stock from the franchisor. How to select and buy a are a number of key things you should and shouldn't do when planning to purchase a yourself to see what kind of franchise, if any, will suit out what franchises are franchise opportunities carefully, ask questions and talk to other igate the financial prospects for the you'll need to raise bank finance, ask your bank if it will consider a loan for the type of franchise you're your own market research into customers and competitors in your up a business the franchise agreement and get professional ' franchise agreement is crucial. Here are definitions of contracts and agreements legal terms which will help you to understand yourself the basic contract covered by a typical - how long does the franchise last? Buying and starting a franchise - a case ss link provide the following new franchise case study, which gives a real first-hand perspective of the issues:entrepreneur and trained optometrist stephen halpin always intended to run his own business. In his chosen market, the high street optical services sector, a franchise seemed like a good way to get a head start. After considering the options, stephen bought one of the first boots opticians franchises in northwich, cheshire. A franchise made sense, because it reduces some - not all - of the risks, offers a familiar brand name to build on and provides support with marketing and other aspects. Also, because i was applying for one of the first boots opticians franchises, there was more scope to get involved in developing the operational systems. Without a clear idea of how much the business could make and how much cash i needed, it would have been impossible to tell if the franchise agreement on offer was worthwhile. Once i had been accepted for the franchise, boots drew up a franchise agreement setting out terms, conditions and fees. One very useful point we negotiated was a deferment of payment on the upfront licence fee, which is one of the biggest franchise costs. As i was taking on existing staff with the franchise, a better understanding of tupe would have been helpful during negotiations. This issue is only relevant to franchisees who are buying an existing business, with obligations to existing staff. Don't assume a franchise is an easy, risk-free option - you'll be running your own business with all the responsibility and hard work that running a business entails. Business link (uk) helpline and further information ed scorecard, theory, template, examplesbusiness and management dictionarybusiness planning and marketing strategy, process and templatescontracts and legal terms glossaryfinancial business terms and ratios explainedmarketing guide, from start-up to advertisingpest market analysis - free templateporter's five forces of competitive positionsostac® - pr smith's business marketing planning systemswot analysis - theory, history, templates and examplesfree diagrams, tools, tests, and working online franchise franchise investment / master ise your ising for armed ise training ise franchises by franchise opportunities featured on this site are members of the british franchise ages of antages of long is a franchise term? Experience required in te yourself for become a a franchisor looks for in a 's the best franchise to buy? 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What's the best franchise for me" and "how much is it to buy a franchise? Will take you through each stage of the franchise decision making process, providing you with free and ce and clarification where possible. As well as providing you with a comprehensive franchise guide,Whichfranchise and other bfa affiliated franchise experts,Are also on hand to answer any questions you may have in our 'ask the experts' 's start at the beginning... Our first step we look at what a franchise is and the two methods of franchising, as well as examing the advantanges and disadvantages of simple terms, a “franchise” is an agreement between two parties which allows one party i. The franchisee, to market product or services using the trademark and operating methods of the other party i. The are two types of franchise methods - 'business format franchising' and 'product and trade name franchising'. By using this method the franchisor grants the franchisee the rights to use their logos and trademarks, as well as a turn-key system for doing business. Franchisee often received help from the franchisor in regards to site selection, store layout and design, recruiting and training staff, marketing the business, preferred supplies contacts and franchisee in return has to pay an upfront franchise fee as well as ongoing royalties to the franchisor. The franchisor uses this money to help further develop the system through marketing, product and market research, and ongoing are many examples of business format franchising opportunities, including – food franchises, automotive franchises, estate agency franchises, retail franchises, recruitment franchises, children's franchises, coffee franchises, pet franchises, fitness franchises to name a of these are ideal franchises for women, home-based franchises, part-time franchises and mobile franchises, and not all required a high level of investment, some are considered low-cost t and trade name other franchise method is product and trade name franchising. This type of franchising does not involve royalty most important thing that the franchisor provides is the product; the franchisee is required to purchase the product or range of products exclusively from the franchisor. The franchisor also provides national marketing and advertising campaigns, logos and type of franchising is mainly associated with industries such as petroleum, soft drink distribution and t and trade name franchising has three distinctive characteristics:The franchisee sells goods which are supplied by the franchisor or a person affiliated with the franchisor helps the franchisee to secure accounts or, depending on the type of business, locations or sites for rack displays or vending 6 months of opening the business, the franchisee must pay the franchisor or a person affiliated with the ages of this article, franchising expert, manzoor ishani, sherrards solicitors, discusses the advantages of franchising and the top 7 reasons reasons you should consider buying a nutshell, the greatest advantage of a franchise system is that it reduces risk of business is due to the fact that an ethical franchisor will have a tried, tested and proven business concept in the market place.

Therefore,  most of the wrinkles will have been ironed out and the risks to the franchisee is a well known fact that less than 7% of franchise owners fail within the first 3 years, as compared to over 90% of new business start ising enables a small businessman to compete with big businesses and a franchisee can take advantage of the economies of franchisees acting together can buy more cheaply and on better terms than an individual small to this the franchisor’s reputation in the industry, the franchisee can trade under a recognised brand and should have a distinct advantage over any independent small business theory at least, the products, equipment and system will have been previously market tested and therefore they come to the franchisee with a certain degree of 'ready acceptance' by the consumer. Training and h training imparted by the franchisor, the franchisee climbs a very steep learning curve in a shorted period of time, thereby increasing their chances of succeeding example, someone who wishes to set up a dress hire business would find it very difficult to get the stock mix right at the outset. A franchisee, however, should have the benefit of his/her franchisor’s experience and should receive advice on the range and mix of the stock to carry franchisee has the benefit of the management and administrative experience of the franchisor in addition to which most franchisors provide back up and support including trouble shooting services to assist franchisees in their daily support includes managerial and administrative services, product information and marketing support. No previous experience previous experience in a particular business is necessary for a franchisee to operate it. All deficiencies of know-how are made good, again, by training imparted by the , one of the proudest boasts of franchisors is that they have the ability to turn a butcher, baker or candlestick maker into a fryer of chicken, dry cleaner or quick print shop lack of knowledge on how to run a business is not a problem as a franchisor will provide the necessary training to the franchisee. Hit the ground isees “hit the ground running” when they open a franchised outlet as they enter the market with a recognised brand name, proven business system and products and or services which have been market tested. Franchisee has the ostensible backing of a large organisation and this is achieved by the pooling of resources, particularly in the field of advertising, marketing and promotions where each franchisee, by contributing a little, can have the benefit of a large fund for this isees are therefore able to have their goods and services promoted through media which would otherwise be closed to a well-run and structured franchise business, the franchisee is left to concentrate on selling the goods or services while at the same time receiving the benefit of continuous market research and development to improve the business and the franchised system. Exclusive many cases franchisees are given exclusive territorial rights and this, in effect, gives them a monopoly over the area allocated to them, certainly in terms of doing business under the franchisor’s trade antages of tanding the disadvantages to franchising could help identify any issues which may not be obvious to someone new to drawbacks fall into three categories:Risk associated with the franchisors performance. Not everyone would be happy to operate a business under such constraints and you must consider how well you can accept this aspect of the franchising system when looking for a franchise to line: buying (licensing) a franchise means working within a system in which there is little freedom or scope to be creative. Almost every aspect of operating the business is laid down in the isor monitoring: regular field staff monitoring visits are welcome initially, but as time passes you will feel able to do your own trouble-shooting and you may come to regard the franchisors interest as an intrusion - it is after all your e charges: at first these services are necessary and franchisees do not mind paying for them. However as time goes on, if less use is made of the franchisors services then franchisees can resent making the continuing tion: each franchisee affects the reputation of the whole system depending on their performance and ability. In many franchises there is a wide gulf in the quality of product or service between the best and the worst franchisees. Thus any franchisee can harm the reputation of all outlets in the chain, even ding to the market: franchising tends to be an inflexible method of doing business as each franchisee is bound by the franchise contract to operate the business format in a certain way. In some franchises it can be difficult for a franchisee to respond to new competition or to a change in the local job itself: what may seem an attractive challenge now could become boring after a few years so it is important that you choose a franchise to buy in which you will enjoy the work, or which has potential for growth. Risk associated with franchisor is important to recognise that not all franchise businesses are soundly based or well run. In signing the franchise agreement you are formally binding yourself to a particular franchisor and it is, therefore, vital to select one which is competent and are 4 different categories of franchisor:A. The business format will have been fully tested in a number of locations, most likely abroad too, and although the initial cost of opening such a franchise may be relatively high, a franchise with this type of company will be highly attractive to anyone for whom security is important. The new franchisor:There is nothing intrinsically wrong with a new franchise but great care must be taken in deciding to invest in any particular franchise. As franchisors incur high initial costs, they need a minimum number of franchises to break even. When a franchisor has fewer than the break-even number of franchises it is likely effort will go into selling franchises than into providing support will be some deficiencies in services in order to keep costs ial resources will be this start-up phase the franchisor is vulnerable to financial problems if franchises cannot be sold quickly enough. Franchises in this take-off phase are potentially those, which will earn the highest returns, for example if the product or service is outstanding in some way a large territory can be covered. Depending on the risks you are prepared to take, this type of franchise may be attractive, or one to be avoided. The unethical franchisor:Unfortunately some franchisors have no intention of entering a long-term support relationship with the franchisee, instead they have heard that franchising is a way to make money quickly out of gullible franchisees. This is done by setting up a shell franchise - lots on offer but nothing to back it up, then selling such franchises to those who are so keen to become a franchisee that they fail to make a thorough appraisal of the business on offer. Make sure that you spot this type of franchise, take time to investigate different cannot afford to learn from your mistakes. The incompetent franchisor:These are franchisors who are not offering franchises to perpetrate fraud but who are incompetent in one or more of the following basic business is franchisor is under-resourced and may not be able to fund the initial running of the franchisor has not run a pilot test so cannot confirm that the business is actually have not used experience or accredited franchise consultants or manuals and start-up assistance and support if of poor long is a franchise term? You buy a franchise, you are not buying the rights to own that franchise for unspecified period of time, instead a franchisor will grant you a license to run your franchise for a specific period; this is known as the franchise franchise term can vary between franchises, this is usually between 5-10 years, with the option to renew made available if you are a franchisee in good standing. The period and the terms of renewal, such as the payment of a renewal fee and whether you are obliged to refurbish or update aspects of the business, will be outlined in the franchise general, the period needs to be fair and hence long enough for you to recover your investment and loans associated with the purchase of the isees are able to sell their business before the end of their franchise term. If doing this you must contact the franchisor and work with them to make sure that you take the correct legal would be worthwhile seeking legal advice from a franchise specialist lawyer when looking to sell your business or renew, especially if the certain areas of the agreement need renewed franchising right for me? This stage, you have researched the pros and cons of a franchise business and are now seriously considering franchising as a way into be a successful franchisee you would have to be the type of person who can accurately stick to someone else's system, without wanting to make changes. We provide questions to help you to self-evaluate your personal circumstances and give you access to our franchise self-test. We also look at the benefits of becoming a franchisee and what a franchisor looks for in a experience required in franchising? This article, tony bowman, managing director of etyres, a brand leader in the mobile tyre and battery fitting industry and the uk’s first online tyre franchise, tackles one of the most commonly asked questions “is experience required in franchising? There is not a cut-and-dried answer to this question, in the majority of cases it is fair to say it is not course, that does not mean anyone can buy a franchise and expect success on a plate. You will get out of it what you put in, so it is important to make sure you choose the right business, which suits you down to the a good franchisor can offer you if you don't have previous some franchisors require specific experience or a level of industry knowledge, most are keen to work with franchise owners who have a broad and general skill set. Good franchise will provide its new owners with a proven business model, extensive training and on-going support to help them grow and develop their own branch, so what you need to bring to the table is the right attitude and aptitude. Strong commitment to customer service and good communication skills are a priority for many franchisors, along with the desire to work hard, be proactive and willing to follow the tried-and-tested business model you are investing practical side of conducting the business, whether it is fitting tyres or laying floors, along with the administrative responsibilities from accounting to marketing, should all be incorporated in the training is harder to instil in a new franchise owner is the ability to keep forging ahead with enthusiasm in the face of inevitable set backs or the relentless determination to identify and secure fresh business opportunities, especially in a tough economic systems and processes put in place by the franchisor should give you a solid foundation to build on, regardless of past experience in the field. You don’t have to focus on what you know, but instead look at businesses that inspire should never loose sight of the fact that each franchise owner is an ambassador for the brand, so it is important that you are committed to your new business in order to protect the reputation you have bought is clear that those who share and embrace the brand vision and ethos are the best suited for long-term sustainability, regardless or not of previous find out more about the etyres franchise opportunity click te yourself for franchising is a very appealing business start-up option, it is not, however, for everyone. Before you decide to go down the franchise route and start to consider which franchises are a good fit for you, you first need to identify and be absolutely sure that franchising is right for is a list of questions you can ask yourself. Asking these should give you a better understanding as to whether you could be a franchisee. If you are not in good health or suffer from an illness that could affect how you perform as a business owner, then franchising may not be for on: how much of your assets are you willing to risk in a franchise business? Are always problems and difficult periods even in a successful franchise, and it is during these times that you may need a bit more family support than usual. Ask them for reactions to these should of course have discussed the franchise idea fully with your partner. Many franchisors positively encourage the involvement of spouses or partners in their discussions with franchisees. Be sure your partner is not going along with your ideas just to make you happy; make sure he or she is as committed as you on: how many extra hours above a standard 40 hour week would you be prepared to work as a franchisee? You will be aware, running a franchise could involve you in much more than a 9. The franchisor is in ultimate control and resentment of this in your part will make the relationship very on: what involvement would you expect from the franchisor in resolving problems encountered in running the franchise? If you expect a large degree of assistance you should choose a franchise very carefully, selecting one which is well established and with well-defined systems for operating the on: if you see improvements could be made to the environment in which you work, how determined would you be to change them for the better? Running a franchise business, you will be expected to go by the rules, not change them. Some people like a lot of job security, whilst for others this is not carefully if you don't like insecurity, are you prepared to give up the comfort of receiving a regular also have a self-diagnostic tool on our site that will give you further insight into whether franchising is the right route into business for become a this article, signs express outlines the benefits of becoming a ising enables you to be your own boss but it also offers a whole host of added benefits that are not available to you if you go it joining a franchise, you have the reassurance that you are investing in a proven business plan as well as being supported by a team with the expertise to help you make your business a success.

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2015 survey conducted on behalf of the british franchise association, in association with natwest, has revealed that 97% of franchised units in the uk reported profitability last year and success rates of franchised businesses have remained very high at 95. The industry in such good stead and increasing in population every day, it is the perfect time to become a franchisee and take advantage of this positive setting up shop on your own, as a franchisee, you are not alone! Are a part of a larger network of businesses in the group, which will benefit you in terms of experience, advice and buying , you will also be benefitted by a centralised hq which has a team of experts who guide the business and will have the experience and know-how to answer any queries that you may experienced support team at head office act like extra members of staff for your business, skilled in business areas like hr, accounts, it, technical support and sales and marketing. These are all services you’d have to buy in yourself if you were a stand alone franchisor will provide you with a comprehensive training course before you start out and on-going support throughout your time as will often find that the franchisor, being well-versed in the industry and its requirements, will also help you to choose suitable premises if required, advise on what equipment to invest in and the overall set-up of your franchises, like signs express, will also offer ongoing training, support to staff training and regular opportunities to network with other in to a new beauty of franchising is that you do not have to have previous experience in the sector in order to start your , some franchises, like signs express, are management franchises which means that you employ sign makers to carry out the work for you and your role is to manage and grow the franchises are based on an owner operator format, where you will receive all the training and know-how you need in that industry to carry out the entire process way, you have the opportunity to try something completely new and as long as it interests you and the franchise package fulfils your business aims then you’ll be on to a well-established, successful franchises will have a tried and tested business model that they will be able to quantify with facts and figures from their years of other words, you are investing in a system that you know has proven itself many times addition to the profitability of the entire network, the franchisor will be able to provide you with specific case studies that show the steps that previous/current members of the group have gone through to get to achieve their desired part of a larger network, you could also benefit from preferential rates from suppliers. So even a new franchisee with a relatively small spend can benefit from the discounted brand franchises have a centralised marketing & sales team at hq who are dedicated to generating campaigns that will strengthen the entire team will also manage the popularity and presence of the brand’s website, meaning that you will gain a high level of visibility without worrying about planning large scale marketing example, signs express generates thousands of sales leads for its franchisees as a direct result of its marketing. With the aid of the entire group, such projects are highly feasible and can bring a substantial return for the entire l, becoming a franchisee has numerous benefits that can directly influence the success of your business goals and with the franchising industry growing year-on-year you have more and more chances to join an industry or business that really excites article was written by signs express, to find out more about their franchise opportunity, click a franchisor looks for in a looking to recruit franchisees, franchisors consider the follow characteristics to be important in a franchisee:They should be highly motivated and with a strong desire and passion to be should display confidence and enthusiasm for what they are should have the ability to motivate themselves and should be a quick learner and be able to pass their skills and knowledge on to their should be able to express a good knowledge of the business and the industry in which they would be should possess excellent management and sales skills, and demonstrate a high level of customer franchisor tends to prefer finding someone who doesn’t necessary have experience in their industry or an entrepreneurial flair. This is due to them wanting to train the franchisee in all aspects of their business and how they do things, instead of inheriting processes and methods picked up elsewhere. If the franchisee does run the business differently from how the franchisor wants it run, then this could lead to conflict and 's the best franchise to buy? Looking to buy a franchise, one of the most common questions we get asked is "what is the best franchise in the uk? When buying a car, there are many questions to answer before you can reach a shortlist of franchises to buy. The best franchise for you may not be the best franchise business for someone step 3 we therefore look at how to choose the best franchise for you, including how to make sure you share the same values as the franchisor and how to identify a good franchise and avoid bad franchises. We also look at why franchises can fail and mistakes to avoid when buying a franchise. The british franchise association also gives advice on why choose a bfa g the right franchise opportunity for order to find which franchise is best for you, you must assess your own skills and experiences. Once you have found the type of work that suits you best you can then select the franchise type that suits ing the questions below will help you to develop a better idea of what you want to do and will also assist you in narrowing down the options available to do you enjoy doing? It is so very important that you choose the type of franchise that allows you to do the type of work that you like and are good at for two important reasons. Firstly if you like what you do and are good at it, you will be more likely to succeed and secondly, buying a franchise is not something that you can step out of lightly. You need to consider working at the franchise at least for the next five years so it is important that you are happy doing the work g with your g face-to-face with g with do you want to work? The skills you have developed over the years in order to ensure the franchise you chose fits your skills and you managed staff? Many franchisees are geared to a franchise employing many staff with managed you been involved in administration? Many franchise systems involve extensive administration work therefore it would be beneficial to have some experience in this you be comfortable in a role that focuses on making sales? You are awarded a franchise, you are committing yourself to operating the business for at least five years. If you don’t enjoy the work, it will be a lot more advice is to find a franchise that you will enjoy working at and suits your personality and interests. For example, if you are an introvert and hate selling, don’t consider a sales orientated franchise. 1 look for a credible bfa is a good place to start, as any franchisee that’s listed will have had to open themselves up for assessment to get the bfa kite look as widely as you can; search for customer reviews about the brand, see if the internet throws up any history that puts a different complexion on the company and, if you can, speak to the competition and see what they say. 2 visit franchises in you’ve assessed the candidates and drawn up your shortlist, then it’s essential to eyeball those not consider going with someone you haven’t actually visited. 4 talk to existing franchise ’s vital to get out and talk to existing franchisees on the ground. Ask them questions, see how they operate, and see how they reflect the brand values as you perceive g a franchise means you are joining a family that’s made up of all those other franchisees, as well as your very nervous of a franchisor who does not offer to set up meetings for you with existing franchisees, or tries to engineer such will always be good and bad feedback, but you should be encouraged to speak with them and find out all their experiences, warts and all. If they say “you can expect to sell x units per month”, ask if you can expect to make that from the outset, or is it more likely to be two years down the line, and how many of their existing franchisees sell that g what the ‘average’ is can be deceptive, not because the figure is anything other than entirely accurate, but because it’s made up of lots of highs and lots of lows. 6 get a franchisor's point of decision on whether to take on a new franchisee will also be affected by their financial position and how much they need to they are intending to re-mortgage their home to raise the franchisee fee and working capital for the first year, then i want to be sure they have the ability to generate the return they how the franchisor advises you on the funding of your franchise. If you need finance, do they refer you to their contacts in the specialist franchise division of the bank, or do they leave you to struggle at local branch you have the ready cash, or can raise it personally, do they offer advice on weighing this up against other options, such as business loans where costs can be offset against business profits? Answers to questions like this will show how much they’re investing in helping you succeed into the article was written by david spackman, director of franchising at newton fallowell; to find out more about their franchise opportunity, click g the right chemistry in a franchise this article, david spackman, director of franchising at newton fallowell, discusses how, as a potential franchisee, you need to make a match with the right franchisor... And there’s got to be honesty and integrity at the heart of the relationship, with shared expectations as to how the other will just like looking for love, if you go into it with stars in your eyes, determined to see only the good things, then you’re likely to be franchising director, it’s my job to meet and talk to all our would-be franchisees, and contrary to what many imagine, i don’t have a contract ready for anyone who can raise the money, and often have to say “i’m sorry, but i don’t think we’ll make a good match…”. Why would i turn away the potential investment and how can you take the initiative in finding the right match to make your franchise dreams come true? And certainly, that’s the way they should be viewing are buying into a franchise because you want a business-in-a-box opportunity, with set systems, set processes and a proven track record. And so it doesn’t make sense to buy the box and then say goodbye to the franchisor, as the real value lies in how you grow the relationship between the two of you are fully committed and follow the systems, adding your personality and flair, and the franchisor acts in true partnership with you, they will give you more added value through the association than you will ever pay the franchisor how they will work with you, both now and in the future, to help you make a success of the honestly at your skillset before choosing your franchise opportunity. Do a swot on yourself and see how each franchise model matches ise that it’s not enough to have a personal interest in a topic, you need the skills to sell and grow a business in that often, people tell me they are interested in our property franchise because they like interior decorating or enjoy watching kirsty and phil on location-location. What counts in property is a killer instinct and nerves of steel, and ideally a background in the sector, or in your franchisor to describe a successful franchisee for their brand, and when you speak with their existing franchisees ask about their background and what skills were most valuable in starting done that skills analysis, it may become obvious that you will need a lot of support to fulfil your potential – perhaps you have no experience in the sector, or are lacking in the vital sales you look to join a very early stage franchisor, you may be accepted because the brand is hungry for growth, but then find yourself left to stand or fall on your rly, at the other end of the spectrum, there may be a huge franchisor who adopts an attitude of some will, some won’t to franchisee success. You’re looking for a lifestyle business, or a part-time commitment, then it’s asking for trouble to go into partnership with a franchisor who is looking for go-getters who are thinking about their business 24-7 and responding to their customers 365 days a y, it’s no good picking a franchise that is specifically intended for lifestyle when you’re needing to earn a substantial, full-time your franchisor, what sort of commitment do you expect of me in this business, what’s the average that other franchisees are working? Before you leap into bed with that franchisor, think about how well you fit with each other; ask the questions and weigh up the matches are what help franchisee start-ups to demonstrate strong success , making the decision is a really big deal, but the biggest risk is not taking the risk at article was written by david spackman, director of franchising at newton fallowell; to find out more about their franchise opportunity, click considerations when choosing your this article, edward mauleverer, of ed’s garden maintenance, has the following to say regarding important things to consider when choosing which the right franchise for you. The franchise business has really taken off in the uk in recent years and there is a vast range of franchise offers available. Joining a franchise is not a decision that should be taken lightly - people invest considerable sums of money and enter contracts that are typically around five years’ is very important that investors approach their decision-making in a thorough way – they are much more likely to be happy and successful in the long is clearly a whole range of things to consider when buying a franchise. The service that’s at the core of the ’t be seduced purely by the earnings y, the financials are important but equally as important is the fact that you will be delivering the service of the business you are investing in day in day out and it is very likely that you will be more successful doing something you of our franchisees come to us because they either love gardening or a healthy outdoors lifestyle and they rarely change their views on ’t make the mistake of signing up for something that you won’t enjoy . Your homework and shop ’t make the mistake of thinking that all franchises are the are all very different - from their fee structure right through to the culture of the specific business. Make sure you take enough time to understand all of ed’s we actively encourage potential franchisees to look at other franchises - we would much rather be selected for compatibility reasons than to just be the first franchise option someone stumbled your time to find out about other franchisees in the business,Don't just find out about how much money they earn but how they feel about what they are doing, the key challenges they faced out how many of them sign for a second term. It is true that franchisees are very busy running their own businesses and can’t be spending all their time meeting potential r, it is very valuable to be able to speak to established franchisees to help you to make your decision - after all, they were in your shoes not that long ago. You shouldn’t feel embarrassed to ask for this ed’s we actively encourage prospective franchisees to go out with established franchisees and they have carte blanche to ask whatever they like. We would much rather people signed up with their eyes open to see beyond the marketing of a franchise and understand how supportive franchisors really to get a good feel for the quality of the initial training. A good indicator of franchisor professionalism and their long-term commitment to the success and wellbeing of the franchisee, is their commitment to ongoing support and ed’s we do continuous business coaching and also invest a lot of time and money on ongoing training. If you’ve ever read or heard advice from somebody qualified to give it, they’ll rightly tell you it’s something you should take your time with and research of that research should involve a brand’s british franchise association membership status. The bfa is the body that protects and promotes good franchising practice in the uk and is recognised nationally and internationally for its ethics, standards and what does that status mean to you as a prospective franchisee, and why should you consider membership to be a powerful indicator and one you should actively seek?

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All franchises are , it’s important to note that membership of the bfa is not achieved simply by paying a subscription bfa is strictly based on standards of good franchising, and has been since its formation in 1977. If a franchisor can’t meet those standards, then it cannot join: each year, companies have applications ship is only granted following an in-depth examination of the franchise model and the business’s proven many other aspects, the accreditation team looks at the company’s franchise agreement, its marketing collateral, accounts history and, where appropriate, it asks existing franchisees for confidential feedback on their experience in the banks involved in franchising all respect the standards represented by the understand the accreditation process and the quality needed to gain and retain it, and therefore look more favourably on funding applications from franchisees of those in your well as supplying the information that’s required to pass accreditation, bfa member franchisors adhere to the guidelines in the code of ethics and the rules of membership, which enshrine the principles of best practice in you, that means the projections you’re given on the level of turnover and profit you can achieve as a franchisee should be based on historically achieved numbers – either by another franchisee or a company-owned outlet – with proof also means you should be given the chance to speak with franchisees already trading in the brand, a crucial part of your research into the ng ahead: it’s good for your business. Couple of points that are easily overlooked come later down the line in your franchise journey, but are worth bearing in mind from the it’s time to renew your franchise agreement, bfa rules state that any renewal fees should not be a profit-making opportunity for the franchisor – rather, they should simply cover any associated administrative , when the time is right for you to sell the business, being part of a member franchise can help you maximise its value, because a credible brand is worth more to a isees can join – and their voice is isees of bfa members can join the association themselves for £10 per month, accessing a host of business and personal benefits that make membership cost-neutral (or better). Three franchisees sit on the bfa’s board of directors, and many more on the committees that govern its future direction. This year a franchisee will chair one of those bfa speaks for all stakeholders in franchising, and listens to what they have to ship of the bfa is not a guarantee of franchisee success: starting any business comes with risks and becoming a successful franchisee depends on many factors, not least your own passion, the right match and your work due diligence is critical before signing any membership does show is a franchisor that says: “we’re proud of our franchise model and how we support our franchisees and have chosen to put it up against the toughest industry standards to affirm that. And one that has been vetted by a third ’t that the kind of franchise worthy of your time and effort? To avoid when buying a this article, anthony round, business development manager, papa john's looks at the mistakes to avoid when choosing a franchise business ’t pick and industry you are not interested in or inspired by! For an established franchise brand with a proven business format and many successful franchisees who come from all walks of life. If they can succeed then you are more likely to be able to make a good living ’t select a franchise which doesn’t match your may not need to be experienced in the particular industry sector, as full training will be provided, but if you know the franchise needs sales skills and you are good at admin then this may not be a great honest about what you are good at and also about your shortcomings (we all have them! Talk to franchisees and spend time working with them to find out what it’s really like on a day to day ch the franchise opportunity fully. Assuming that estimated income will be actual to see the accounts of a similar sized franchise and go through these facts and figures with an independent accountant to make a realistic assessment of likely may require a business loan to purchase the franchise and being able to set out a realistic forecast based on real income and expenditure figures as part of a business plan will help secure funding and budget for the future papa john’s we like to see franchisees run a sensitivity analysis on the financials, other words a best, average and worst case scenario so they fully understand their ’t ignore professional advice from franchise consultants, solicitors and example you must get your franchise agreement checked by a franchise solicitor so you know what you are signing up g any franchise, like any business is hard ’t assume you will succeed without putting in the hours. However, you will be directly rewarded for your efforts running your own because you are joining a franchise, this is no guarantee your business will be ng, infrastructure, support and product will normally be provided but at the end of the day the buck stops with you. However, don’t be afraid to ask your franchisor for help if you need g a franchise which is a member of the bfa means the franchisor is bound by a code of ethics created to protect the interests of it is not a guarantee of business success, it does ensure that the franchisor has been independently measured using established membership criteria. This is not the case with non bfa member franchises, so proceed at your peril! Article was written by anthony round, business development manager, papa john's; to find out more about their franchise opportunity, click a franchise can e franchising being a safer way of doing business, it does not mean that it is risk free. Many franchises have failed in the past and many will do so in the are many reasons why this can happen and so it is vital that you undertake as much research as possible when looking to buy a franchise business in order to find the right franchise for you and to help you spot a bad franchise from a good are some of the reasons why franchises can fail:Lack off/no systems in the ising is all about systems; being able to replicate systems is what makes a business ethical franchise has everything documented and systemized so that it can easily be passed on to others to a business has no systems and instead relies solely on the skills of the individuals within the business, then it should not be businesses however will ignore this and start to franchise their business companies are usually only interested in making money fast. Once they sell the franchise to someone who doesn’t have the required skills, then it fails as there is no systems for the franchisee to follow. Good franchise can usually take someone with no skills or experience in their business and train them to run a successful business by following their systems. We are amazed at the amount of people who tell us that they have an idea for a franchise but don’t actually have a business! Business comes first; it is not conceived at the same time as the usually wishing to start a franchise without having a business are people who are looking to make money fast and think franchising can help them do unately sometimes these people convince others that it is a franchise resulting in them buying into it. This is why it is important that you know all there is to know about franchising and how to spot a bad franchise from a good sure that the franchisor has an established track record of running a business foremost and then their track record in may be new to franchising but if they have been running a successful business then there is no reason why they can’t also run a successful franchise if their business is on, location, saying is not just associated with buying a house, but it is also essential when buying a the battle of a successful franchise is finding the right location for your all franchisees need to be in a city center location or in a shopping mall, it depends on the nature of your business, but if you wanting to buy a food franchise that relies on footfall then you need to find a prime location for it. Good franchisor will spend time finding the right location for franchisors will spend money on promoting the brand nationally as well as r and newer franchises with less brand awareness will require additional marketing and so the franchisor should have a detailed marketing plan in place. Ask the franchisor about their marketing activities and what they do to gain recognition and the franchisor does not have a marketing plan then this could be worrying as how else will they create awareness to the of the advantages of marketing by the franchisor is that the franchisees benefit from the joint activities, without marketing then they just become like independents. Good franchisor will contribute some of the money they get from selling a franchise to a marketing fund to be used on local as well as national marketing. Franchisor that is just out to make money and not concerned about the business long-term will not be willing to put money towards out what the competition is for the franchise in your local market. Also check if the franchise is operating in any areas with similar demographics to your own, if so, is it successful? You have to look at if the franchise has any usps that gives it a competitive your product/service is inferior to what you competitors are offering then you may struggle in the market. Again look at markets similar to yours in which the franchise is operating to see how well it is of the biggest reasons franchises fail is the franchisee under-estimating how much it is to buy a franchise and also run a franchise, as it is not just about having the money for the investment, but what about the costs you are going to incur when running the business? Your franchise business is not making money initially, you need to make sure you have enough money for the day to day operating the same time you need to also be able to pay your own bills and feed your family. Over-estimating what you need is the best way of approaching calculating how much money you will need to cover the cost to buy a franchise and run it ting a buying a franchise it is imperative that you do as much franchise research as possible… there's no such thing as too much research! Those that don't match up to your requirements and expectations, and which ones to look at in more step 4 we look at how to assess a franchise opportunity. We will equip you with the necessary knowledge to be able to distinguish a good franchise from a “bad” franchise and what to expect from an ethical franchise. We provide you with what questions to ask the franchisor and existing franchisees, and vitally, how to avoid franchise importance of brand identity when buying into a this article, daniella marsh, marketing executive, franchise brands talks to us about the importance of brand people fail to understanding why branding and brand identity is so important when setting up a business. Ultimately, a brand is a promise to your customers, and has more potential to be successful than a business with no buying into a franchise with a reputable brand name, like chipsaway, ovenclean or myhome, a lot of the hard work is done for you! Are several key benefits that buying into a branded franchise can give you:A strong brand raises awareness within the market, meaning consumers are more likely to buy into your product/service as they will think of you first. As mentioned earlier, if you buy into a meaningful branded franchise, research shows that individuals will spend 46% on your products or people buy into a brand they know what to expect, they trust that the brand is consistent, reliable and high quality. Consumers who share your morals and values will then buy into your brand, making them feel good about tely, buying into a franchise with a powerful brand name gives you more potential to be successful and sell your products and services at a higher price! Franchise brands plc is a group of international multi-brand franchisors with a combined network of over 350 franchisees. Their current brands are chipsaway, ovenclean and myhome, all of which deliver services to individual customers through the group’s ing the franchise this article we look at the 5 key areas you need to look at when assessing a franchise opportunity. When you take up a franchise you are entering into a long term business relationship and it is very important that you spend some time looking into the background and performance of your prospective enquiries should be backed up by financial information on the franchisor, including the audited accounts. Your accountant will comment on the accounts for you and a bank reference on the franchisor, obtained for you by your bank, might be ation on the performance of the existing franchisees should be forthcoming and the franchisor should be willing to let you have a full list of franchisees to whom you can talk or the case of a new franchise you should look carefully at the performance of the pilot operation. Then there is the nature of the franchise business itself - you should ascertain whether or not there is a market for the products or services in your chosen area and what the future market is likely to having established the soundness of the franchisor and the business you should then look at the strengths and weaknesses of the franchise al to your likely success or failure is the level of support and training available from the franchisor, both at start up and should be a comprehensive operations manual which gives you guidance on all aspects of running the franchise operation. An important aspect to consider is what help, if any, does the franchisor give in respect of any staff recruitment and training you may have to next step is to consider the legal implications of the franchise this document will be legally binding once you have signed it, you should receive a copy well in strongly recommend that you obtain independent legal advice on the contract from a solicitor well versed in franchise agreements, preferably a british franchise association got this far, and assuming you still wish to proceed, the next step is to examine the financial aspects of the franchise. You will then have to consider what assets, if any, you or the business might have available as security for the required must be prepared to take a realistic view of what might be a practical possibility in borrowing terms - whilst unsecured borrowing might be possible in some circumstances for a good franchise it is, for example, unlikely you can borrow say £90,000 towards a franchise costing £100,000, especially if you have no established the start up costs and borrowing requirements, you will then have to look at the potential earning power of the business on a realistic basis. Satisfied yourself on these points you will have to get down to the detail, ensuring that any profit forecasts and cash flow forecasts prepared by the franchisor for your franchise are is also a good opportunity to look closely at matters, such as how the franchisor takes its income and what other fees may be payable. Whilst the steps outlined above might appear time consuming and tedious, you must remember that taking on a franchise is likely to be a very important and major step in your life. So it is worth taking the time to assess the franchise properly and get as much professional advice as possible on how to do ons to ask the looking to buy the right franchise for you, you must have confidence in the franchisor you choose and ask them questions about their business and the structure of their organisation at the early are some questions to ask before buying a franchise to help you assess the opportunity. Please bear in mind that there are many types of franchises and you may have to tailor these to suite specific franchise is the background of all the directors? There any other costs i can expect to be asked for after i open the franchise? You charge ongoing franchise fees and if so what are they and how are they calculated?

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I be provided with a full list of all franchisees in the network and can i contact them? This is a good array of questions to ask when buying a franchise business, it is not an exhaustive list and so you should expand on any areas you wish more clarification to existing is vital when doing your research that you speak to existing franchisees in the network – they will be your most useful source of information and franchise advice. A good franchisor will always give you access to any of their they are reluctant for you to do this, or only give you several names to contact, then they probably have something to hide; you can bet that the names they give you will be of their best achieving is it important to speak to franchisees while i am researching a franchise business? It is good to speak to those who are successful and also any that are not doing as it is a good franchise then you will be able to identify why franchisees may not be doing as well -  it will usually be down to personal circumstances. If, however, a pattern starts to emerge and a lot of franchisees are giving the same reason for their poor performance, then alarm bells should start in the franchisee's shoes! This will allow you to see what a typical day in the life of that franchisee is like, allowing you to see if it is something you would be interested franchisor should be able to arrange this for you. Franchisors may also allow you to speak to any franchisees that have left the network to give you an idea as to why they left. Again from this you should be able to get a better idea of how good the franchise ial questions to ask when buying a franchise business can include:What was your reason for choosing this franchise? Is not an exhaustive list of questions to ask when buying a franchise, but it gives you a good start to what you should be asking the franchisee. Other questions may arise depending on what they answers will help you to build a picture of the franchise and at the end of it you should be in position where you either want to continue with applying for this franchise opportunity or have decided to look te the franchise you are buying a franchise opportunity, you are going to be working, selling and promoting the product or service for a long period of time. You can’t change or develop the product or service, so make sure that the franchise has long term appeal and its market is not threatened in any is important that the franchisor can demonstrate a clear understanding of the future market for the product or service and that you both clearly understand the on: is the market for this product / service expanding rapidly, growing slowly, static or declining? Order to make money for the franchisee and franchisor, the product has to have real advantages over competitors. A prospective franchisee it is essential to know what you should look out for when investing in a franchise and how to avoid buying into a franchise that isn’t for you. The simplest way to research the franchise is typing in the company name on a search engine to discover the industry and the service that they concerns that you may uncover during research, you should write down to discuss with the franchisor in the early recruitment for franchises who are members of the bfa. Great way to start your initial research is looking only at franchises that are members of the british franchise association. The bfa is the voluntary self-regulatory body for the uk franchise industry, with a standards-based approach to membership. Order to gain a full bfa membership franchises are tested against the structure of their business, relationship and support between the franchisor and franchisee, their system and finally their success as a can be assured that franchises who are bfa members are committed to the principles of ethical franchising and their business model has been examined. Being a member of the bfa is also favoured by many high street banks and prospective franchisees are more likely to secure the funding they require for to the franchisors will provide you with an in-depth insight into their business model before any form of payment is ethical franchise will be honest about the work you will have to put in to reach your target earnings. Buying a franchise based on instant income which will more than likely turn out to be a false the recruitment a franchise is not as simple as handing over the franchise fee and signing the franchises have rigorous recruitment processes in place to make sure they choose the right person for the franchises will have several steps within the recruitment process in order to protect their business integrity and maintain the high standards of chosen franchisees. On the other hand if a franchisor is pushing you into buying a franchise with limited information provided, this could be a warning sign of a franchisor who just wants your to existing franchises will offer you with the chance to speak to existing franchisees in the g to franchisees already in the network can be a valuable experience as they have been in your can be honest about the positives of the franchise as well as the barriers you may face. If franchisors don’t allow you to speak to any existing franchisees, they may have something to hide and buying into this could be a the franchise franchise agreement should cover all aspects of the would be beneficial for you to hire a franchise lawyer to check the agreement before any decisions are ng to a franchise lawyer would be beneficial as they understand what to look out for and can point you in the right you are considering purchasing a franchise, these steps can help you to avoid pitfalls and help you avoid franchises that don’t meet your find out more about the aspray franchise opportunity, click to avoid franchise the uk there are hundreds of businesses that call themselves franchises. However, despite promoting themselves as one, they are not all technically this in mind you need to know what to look out for when considering buying a franchise; how to spot a good franchise from a bad franchise. In this article we provide you with ten areas you should focus on and questions to ask before buying a franchise. Good starting point would be to look at only those opportunities who are accredited by the british franchise association (bfa); this is the body that represents franchising in the is worth noting that all franchises promoted on whichfranchise are members of the bfa. However, even if the franchise is a member of the bfa, you still need to do your homework and take as much franchise advice as possible, as being a member does not automatically guarantee success nor does it mean the franchise business won’t fail. Good franchise will have used a trial period to identify these errors and would have worked hard to overcome them. However, be wary if someone tells you that their franchise is perfect and they have done no wrong, this is very rare. An ethical franchisor will not make promises to earnings but may give you predictions based on other franchisees in the network; consequently managing your expectations. If someone is constantly harassing you to make a decision then simply walk g the right franchise to buy is a massive decision as well as a massive investment. Franchisor should also be able to answer any questions you throw at them about their sure you have a prepared list of questions to ask when buying into a franchise. A good franchise’s track record would speak for itself; they wouldn’t need any fancy gimmicks to sell their can be sure that the cost of any freebies you think you are getting will be added on somewhere else in the package. Franchise is new at some point, even mcdonalds started off as a one unit franchise, and so you shouldn’t be put off if a company is new to should be aware though that the risks will be higher when buying a new franchise as it is less established. If the business is new then they shouldn’t be franchising; you cannot make a franchise successful if the business has not proven that it can be established, thriving businesses with a proven track record in their market should look at franchising. You need to therefore also avoid any “franchises” that have no company owned outlets as this is a franchise scam. Sure that what the franchisor is asking for in fees is worthy of what they offer you in more established a franchise is, the more they will ask for as they will be able to give more back in return, i. Make sure that the franchisor has a dedicated and complete support the support is limited or non-existent then this is something to be concerned is worthwhile seeking money advice and planning advice from your accountant to make sure that you can afford the franchise and have sufficient funds to cover the actual cost of running the mes you may think you know the actual cost to buy a franchise but does it include the ongoing fees, working capital accountant should be able to help with this, also ask the franchisor out right, how much does it cost to buy a franchise from you. Good franchisor will provide you with a full list of all their franchisees that you can speak with, not just one or two they have selected, who you can be assured will be the best performing franchisees in the network and may not tend to be a true representation of the system as a should be offered the top and bottom performers to speak to. Also ask how many have left the system and if you can speak to cannot stress enough how important it is that you do your due diligence and take the right franchise advice (money advice from your accountant and franchise legal advice from an experienced franchise solicitor) so that you are 100% certain that it is the right franchise for you, and one that is reputable, before looking to buy you are in any way in doubt about the franchise opportunity, then there is probably a good reason for this so maybe best to walk simple fact is that every business needs money when starting up, whether it’s to buy equipment, set up a work place, or pay for that very first marketing anyone investing in a franchise it’s no different – there are always going to be costs to consider, for buying the licensing rights to the franchise and covering the business set up and operating you are starting up a new business, it is likely that you’ll have to put up some of the money yourself. Most people who invest in a franchise opportunity raise finance from a this step we look at the cost of buying a franchise, how to fund a franchise, writing a business plan and approaching the banks for finance, financial mistakes that franchisees make and how much money can you make from a ing your franchise plans in 5 easy this article, richard holden, head of franchising, lloyds banking group, breaks down what you will need to consider in financing your franchise plans into five easy many people self-employment is an attractive proposition and franchising plays an increasingly important role in supporting enterprising individuals who are setting up their own business, as it provides them with the reassurance of a proven model as well as initial training and ongoing this article i’m going to break down what you will need to consider in financing your franchise plans into five easy are a wide variety of franchise opportunities available in the uk across a broad range of industry sectors. The choice of franchises can sometimes be bewildering, so thorough research is essential to select the right franchise for lly, most well established franchise systems offer a tried and tested business model with initial training and ongoing support throughout the life of the franchisee’s business. Belonging to a network of businesses has many benefits for franchisees, including brand recognition, greater buying power and proven marketing opportunity to share best practice and to talk through your problems with other franchisees is also a valuable resource that should not be overlooked. In addition, there is evidence that franchised businesses tend to grow quicker and survive longer than new independent start g any business takes a great deal of drive, commitment and enthusiasm and it is important that potential investors seek professional advice before making a is relatively easy to eliminate the opportunities that will not offer you the financial return you need or are too expensive. You will then need to analyse a range of franchises to see which one is most suitable for you. While bfa membership is no guarantee of success, it is a good starting best approach is to consider franchises that have a successful track record and are well ise systems that are proven over a number of years and have prospered through the ups and downs of the economic environment are viewed by banks as less risky than franchises that have not been fully er what you are good at and what you will enjoy doing. You don’t have to stay in the industry you have spent the whole of your working life in, but you should be looking at franchises where you will benefit from your existing skills and experience. Also, research the history and track record of the chosen franchise to as many existing franchisees as you can - don’t let the franchisor cherry pick who you talk to by asking for a contact list of the entire franchisee network. Look for franchisees with a similar background to yours and speak to franchisees at differing stages of lloyds bank franchise unit is a great source of impartial advice. However, to get the best advice and support make sure you speak to the bank’s franchise ial projections for the business are another vital assessment tool. You need to research the local market conditions when compiling your own projections and it is always prudent to get an experience accountant to check them franchise legal agreement is an important document and you will need to fully understand it before you sign on the dotted line. Lloyds bank offers a franchise agreement review service at discounted rates in conjunction with an experienced franchise people starting their own business for the first time will have never prepared a business plan before and wouldn’t know how to start writing one.

Banks will require a business plan to set up a bank account and consider financial support for a lender will want a potential franchisee to demonstrate that they understand their chosen market and that they will be able to meet the financial commitment they are taking banks will be able to provide a business plan template detailing what information should be included in the document however support from the franchisor is essential in developing an effective business business plan should be punchy and a common mistake is to make it too detailed. 3 – approaching the approach the bank’s franchise department rather than approaching a locally based bank manager who may have little knowledge or understanding of the franchise own personal bankers is an obvious starting point as they already know you however beware if they don’t have a specialist franchise team then you are likely to be treated the same as any other start up ’s with franchise expertise such as lloyds, maybe able to offer you preferential terms as they are likely to have knowledge of the brand you are looking to invest in and may have already supported several existing franchisees so they have a track record to work will also monitor the performance of existing franchisees that bank with them and can provide useful insight about the reality of your own plans and tation of the plan is important to create a positive impression and you should practice delivery of your plan beforehand so that you come across professionally. I therefore suggest putting in place a formal contract so from the outset all parties know what is expected of may consider looking at finance in your personal name to fund your new franchise. This will give you the best chance of securing the bank's level of finance available from a bank will depend upon the strength of the franchise system as well as the business plan. Typically for well established franchises the bank will lend up to 70 per cent of the total set up costs including working capital. For newer, less established franchise systems the amount of finance available maybe bank may require security for the loan which commonly will be a legal charge over a residential property with sufficient equity. They will often go out of their way to help, sometimes sending new customers your article was written by richard holden, head of franchising, lloyds banking group; to find out more about how lloyds can help you to finance your franchise or to ask richard a question, click realities of financing a this article, richard holden, head of franchising, lloyds banking group, looks at why anyone investing in a business needs to ensure they are being realistic when approaching a bank for finance. Investors considering franchising need a significant capital stake to invest in an a well established franchise brand the investor will need to commit at least thirty percent of the total set up costs including the working capital requirement. For less established franchise opportunities, the bank may ask for a greater capital input from the prospective s may also prefer any agreed borrowing to be secured against personal assets which would usually be a residential property with sufficient equity value. Bank will also carefully review the franchisee’s personal expenditure requirements to ensure that they are realistic. Looking to finance a franchise business it is best to approach a franchise specialist bank. The bank’s franchise department regularly evaluates franchise opportunities and monitor the ongoing performance of is important not to be under-capitalised going into business, however it is equally important not to over-stretch yourself financially by taking on a commitment which could prove difficult to your bank manager whether a capital repayment holiday at the outset of the loan will be possible to give yourself some breathing space. Also ensure that you have a contingency reserve to fall back on in case the business takes longer than anticipated to get up and article was written by richard holden, head of franchising, lloyds banking group; to find out more about how lloyds can help you to finance your franchise or to ask richard a question, click cost of buying a this article, david williams, the royal bank of scotland, looks at how to work out the true cost of a ng out how much a franchise will cost can seem like a daunting task. Not all of them will apply to an individual franchise, while some will be higher or lower depending on the type of franchise you’re interested that can be icant research, advice and information gathering will make matters simpler and it’s vital to take the time to do this rather than rushing head first into a franchise obvious place to start is by speaking with your franchisor to establish what costs you will have to pay. This provides clarity for the franchisee in terms of the total fees required and a degree of transparency. Kitting out a restaurant could, for example, involve installing specialist kitchen equipment, furniture and relevant g as a franchisee from home will, on the other hand, mean a much smaller capital investment is looking to become a franchisee it is important to seek professional advice, including via a solicitor, who should be affiliated to the british franchise this will incur further costs, there will also be free avenues of advice available in the form of existing franchisees. Speak to them to learn about costs, their experiences, both good and bad, and what you can expect if you go ahead and purchase your own e considerations as a course, actually starting as a franchisee isn’t the end of the story when it comes to to doing so you will need to seriously look at the working capital you’ll require as the business gets off the g capital is necessary for the day-to-day operation of the business and can include paying supplier invoices and maintaining the flow of products such as a restaurant franchise’s stocks of food and drink. These could be management services fees and a marketing levy – whatever they might be; you need to be aware of ial ’s clear therefore that the overall cost of buying a franchise can vary substantially. The average initial investment for a new franchisee is £52,000 but individual expectations should be based upon homework done in advance of any sations with franchisors, franchisees and legal professionals will shed light on your own financial commitment as well as providing essential information on a whole host of other factors to do with the after doing this will you be in a position to prepare a business plan and move to the next stage of starting up your own franchise, namely acquiring the necessary funds. This can also involve expert advice in the form of raising bank finance, for which specialist franchising support teams are able to assist at some article was written by david williams, the royal bank of scotland; to ask david a question, click g a franchise business this article, richard holden, head of franchising, lloyds banking group, looks at the purpose of the business plan: outline what you want to do, how much money you need to do it with and how you plan to pay the money r, there is more to the business plan than getting funding. It should include the detailed information mentioned earlier - cv's, details of orders can also include:Product brochures, photographs and ng else that you believe will enhance the credibility of you or enhance the credibility of you or your article was written by richard holden, head of franchising, lloyds banking group; to find out more about how lloyds can help you to finance your franchise or to ask richard a question, click financial mistakes made by a consultants at franchise finance arrange funding and prepare business plans for prospective and existing franchisees on a daily basis. As a result of these activities chris roberts qfp, director of their business training academy has drawn up a list of the "ten most common financial mistakes made by franchisees" and here it is:1) not borrowing at the outset and using up all or most of your own money is not uncommon for people, with just enough cash, to use their own money and not borrow because they don't want to pay fees and interest or because they don't think the banks are can be a very bad decision because in these somewhat uncertain times, it is possible that trading may not be as good as was originally expected and therefore you could start making losses and running out of money. Not having a business plan to help quantify business and financial ng or growing a new franchise business without a comprehensive and professional business plan is rather like going on an important car journey without a road map, not knowing how safe your car is and how much petrol you have or will need to reach your destination! You can take the franchise finance ‘financial awareness assessment’ which will help you to decide whether you need any particular financial takes about half an hour, can be accessed at home on your own computer and costs £25 + ipants are asked to answer a series of multiple choice questions and undertake some basic calculations centred on a balance sheet, profit and loss account and some financial projections. S assume a franchise supplies goods on 30 days credit and on a friday afternoon they make a £20,000 sale for goods they bought for £10,000. It usually involves paying a regular charge for use of the asset over an agreed period of time, thus avoiding the full cost of buying most common types of asset finance are leasing and hire purchase. Also makes sense to use the services of a professional consultant at least two years before you propose selling the business to help you ‘shape’ the last few years, show appropriate trends and begin to create the ‘sales pack’ to maximise the ‘good will’ value you will hope to article was written by chris roberts, a director of franchise finance; to find out more about how franchise finance can help you to finance your franchise or to ask chris a question, click much money can you make from a franchise? Are you considering a franchise as opposed to setting up a business on your own? According to the latest bfa / natwest franchise industry survey there are around 930 different franchise brands to choose from in the will generally fall into one of the following business-format franchise types:Job franchise – where you deliver the service/product ive franchise – where you carry out a professional service, usually as a ment franchise – usually a b2b business where you manage trained staff to carry out the ment franchise – these businesses require a large initial investment and can include businesses such gyms, restaurants and even a look at available bfa affiliated franchise any investment (and this includes buying a franchise) you should be looking for ‘value for money’. A franchise is not a short-cut to earning lots of money – you will still need to work hard in order to succeed and usually ‘the more you put in the more you get out’. Ve emphasised the ‘you’ above because in many ways it’s up to you how much you want to make from your franchise. It’s important that you carry out enough research and choose a franchise that has already proven with other franchisees that it can return your desired level of earnings franchisor can truly guarantee you a minimum turnover or profit return, only a guideline of what is achievable by looking at their current and historic data. You are the unknown aspect, along with a number of external factors that you won’t be able to control or necessarily plan for; political, economic, social, technological, legal and wilkins, bfa ceo, said:“it’s so important when you’re looking at the potential profitability of a franchise to check what the forecasts are based on. Every good franchisor can show you proof of how they have arrived at their figures for prospective franchisees – they are based on what has been achieved either by a company-owned outlet or existing franchisees. Resale franchise has a history of accounts which you should examine as part of your due diligence into the business, so you can see exactly how it has been ising is about proven models, and the earnings potential is a big part of that. A franchise is easier than setting up your own business from scratch but if you’re buying a start-up franchise opportunity you will still need to work incredibly hard to build your client franchisor will however have provided you with the solid foundations by providing a proven business model, operational systems and training, as a minimum. Plus the ongoing support of your franchisor, should it ever feel like things aren’t going to plan, can be you buy a resale opportunity – an already up and running franchise – you should be buying a business that is already generating revenue, so the amount of money you can expect to make from this particular franchise should be transparent from the start. Your research, discussions with the franchisor and current franchisees, and assessment of the territory, should indicate the franchise’s future potential and how you can further grow the ’s a greater level of support when buying a franchise versus setting up your own business from scratch and therefore less risk. 97% of franchised businesses are at least ‘marginally profitable’, with 56% saying they are either quite profitable or very profitable. High street banks also have a dedicated franchise unit set up to look at helping you when it comes to buying your -up (or greenfield) – a start-up or greenfield location is one in which the franchisor has no existing involvement in that space (i. It requires the business to be started from scratch, which can involve more start-up expenses and take time to get going, but offers great growth potential and strategic – once a franchisee has the business up and running, they can choose to sell it on – this is known as a resale. Whereas buying a licence for a franchise involves setting everything up and becoming established, an individual that purchases a resale has had much of the work done for them, so the upfront purchase price tends to be higher. Bear in mind that this kind of transaction is generally between the current and incoming franchisee, not the ch, plan, implement, tweak and repeat... Work out how much money you can make from your franchise you will need to write up a business plan and financial will carry out your own research for this and your franchisor should be able to provide some support, guidance and figures, to get you business plan is not just a tool to show a potential funder how you plan to pay them back, but the blueprint of your franchised business. Your business plan can also work as a timetable for business growth, taking into account the cycle of sales peaks and troughs your chosen industry may naturally follow, in order to maximise the how much money you make from a franchise is similar to asking how long is a piece of string. According to the latest bfa / natwest franchise survey the average turnover for a franchised business unit in the uk is £378,400 per example of what you can achieve with a driver hire franchise:In 2015/16 the average turnover for a driver hire franchised office that had operated for a full 12 months was £1,076,196 (five had a turnover over £2 million). Provided that your fixed costs (staff, premises, and finance and general office overheads) are controlled effectively, then a net profit of between 11% and 14% of your turnover is achievable with a driver hire whilst turnover at a driver hire franchise is well above the average there will be a number of franchises that operate at lower levels. Search the internet, read franchise magazines, visit franchise exhibitions and most importantly speak to existing franchisees. A good franchisor will provide you with a full list of their current franchisees so that you can decide who to speak carrying out your own research you may find out the only way to achieve the advertised figures is by eventually buying multiple franchise units, whether that’s fixed or mobile retail outlets or, by building a huge team to deliver the service or pull in the way you’re finding out when and how growth is achievable. It may be that the franchisor also offers additional revenue streams separate to the core time, it is likely that in order to grow your franchise you will need to employ a team with key members of staff you can trust and delegate to.

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With a franchise you are running your own business but you’re not on own. In order to maximise your chances of success you need to listen to your franchisor, follow the system, provide feedback and make the most of the training and support they e last updated december article was written by kasia baldwin, driver hire, to find out more about their franchise opportunity, click franchise legal franchise agreement is the most important document in the franchising process; it is what you sign in order to enter into an agreement with the franchisor. We cannot stress enough the importance of doing this; and equally the importance of it being a franchise lawyer. Yes this can be costly, but it can be even more costly in the long run if you have chosen the wrong this section we look in more detail at the purpose of the franchise agreement, what it includes and if you can break an agreement. We also look at the role of the franchise lawyer and the importance of using franchise order to become a franchisee you will have to enter into a legal agreement with the franchisor, known as the franchise agreement. As there is no specific legislation or regulation for franchising, the franchise agreement becomes all-important in determining the rights and obligations of the franchisor and the franchisee and the relationship between this respect the franchise agreement can be said to form the 'engine room' of the whole transaction. If difficulties should arise between the franchisor and the franchisee they will need to turn to the contract to see what, if any, rights and obligations have been provided in the franchise franchisees should be treated as a family and, as such, there should be no room for favourites. This means that the franchise agreement should be in a standard form with all prospective franchisees being offered the same terms with no special deals being done. If a franchise agreement is to be non-negotiable then it is important, from the franchisees point of view, that it is well balanced in terms of rights and obligations of the parties and takes into consideration the franchisees concerns also. Franchise agreement should therefore achieve three fundamental objectives:Firstly - given the absence of specific franchise legislation, it should contractually bind the franchisor and the franchisee and accurately reflect the terms agreed ly - it should seek to protect for the benefit both of the franchisor and the franchisee and the franchisors intellectual y - it should clearly set out the rules to be observed by the should a franchise agreement clearly state? In detail the duties and obligations both of the franchisor and of the the grounds upon which the franchisor will seek to terminate the franchise with the payment of franchise fees and the timing of those out the consequences of such isors should be aware that under english law if an ambiguity arises in a franchise agreement the courts will tend to interpret the ambiguity in favour of the franchisee. They reason that, as the draftsman of the contract, it is the franchisors responsibility to make sure that he/she gets it right and therefore they will not allow him/her to benefit from any ambiguity which may well arise as a result of unclear thought has to be given to the franchisees and their objectives and provision should therefore be made in the franchise agreement to deal with what is to happen should the franchisee die or become permanently incapacitated . Your is also advisable to deal with the question of what is to happen if a franchisee wishes to sell his business during the term of his franchise , as in other matters, a balance has to be struck between the need of the franchisee to realise his/her investment as and when he/she wants to and the requirement of the franchisor to approve those coming into the franchise network and to prevent those leaving the network (for whatever reason) from continuing to use the franchisors trade secrets and competing franchise transaction is complex and the franchise agreement must respect that complexity. Experience has shown that those franchisors who take the matter of the franchise contract lightly pay dearly for their the franchisee, the franchise contract represents an investment. For the franchisor, the franchise agreement is an income producing asset which will ultimately have a place on his/her balance is included in the franchise agreement? Franchisee will look for promises:To train the franchisee and his supply goods and / or be responsible for advertising, marketing and assist the franchisee to locate and acquire property and have it fitted out and converted into a franchised outlet. Similar considerations apply with regard to the acquisition of vehicles, fitting them out, equipping the franchisee etc. Assist the franchisee to set up in improve, enhance and develop the business provide certain management and possibly accounting isors will be anxious to ensure that the franchise agreement clearly sets out the obligations of the franchisee. Franchisor will wish to:Monitor the performance of the t them from unfair t his intellectual obligations and restrictions on the franchisee with regard to the exercise of the rights granted by him to the franchisor's intellectual property. These are in the nature of:Methods of ential information and the franchise agreement contains sufficient safeguards to protect the franchisors intellectual property rights, the franchisor may find that he/she is unable to prevent infringement of his /her rights by a third party or an isors should be aware that it is not only the interests of the franchisor that these rights be isees are equally concerned to ensure that the franchisor had done everything that is reasonably possible for him to protect the intellectual property rights in franchisees purchase a particular franchise because of the high profile a franchise enjoys in the market place. In many cases, a franchisee has the choice of which franchise to purchase in the same market sector and one of the reasons why a franchisee will have chosen a particular franchise is because of its strong brand follows therefore that the franchisee will be anxious to ensure that in the event of infringement, the franchisor has taken sufficient steps to safeguard his ownership in his intellectual property rights so that he can stop infringement and thereby protect the reputation of that brand name both for himself and for his franchise the contract is weak on this point, franchisees will not consider that particular franchise to be a sound investment proposition because the franchisor will be limited in what he can do to prevent a 'copy cat' operation from being set up in direct unfair competition with a names and trademarks are becoming increasingly important to business; they can increase the asset value of a company and therefore need to be adequately protected. The franchise agreement should therefore not only grant relevant rights to the franchisee and reserve rights for the franchisor, but should also contain mechanisms necessary for protecting the franchisors intellectual rights from you break a franchise agreement once you've signed it? This exclusive article, andrew quick, partner at stevens & bolton llp, looks at the different scenarios where a franchisee may be able to walk away from a strict answer to this question is yes you can, but only in certain circumstances will it be lawful and not cost you money to do it. So, for example, if you are a franchisee and you decide to team up with another franchisor 3 months into a 5 year agreement with your current franchisor, and a monthly management service fee would have been payable under that agreement, you will be liable to pay an amount equivalent to the aggregate monthly service fees which the current franchisee can show would have been payable had you can i break the agreement? You will need to ensure that any notices required by the agreement are provided strictly in accordance with its lly, a franchise agreement will reserve to the franchisor the right to terminate the agreement in the event of a serious breach by the franchisee, or even a less serious breach which the franchisee has failed to remedy having been given an opportunity to do so. The rights expressly given to a franchisee to terminate will usually be very limited, and there may be none at all, so a franchisee may only be able to get out of the franchise agreement if the franchisor’s conduct entitles it to do are two scenarios where the other party’s conduct may enable you to walk away from a , where the other party has failed to comply with an obligation, performance of which is deemed, either by the general law or by the parties, to be so fundamental to the bargain that the non-defaulting party should be allowed to terminate the contract if it is not complied way of example, the sale of goods act 1979 implies into any contract for the sale of goods a term that the goods should be of satisfactory quality and if they are not the buyer is able to reject the goods, secure a return of any payment made, and even to claim compensation for any additional costs incurred in sourcing goods of satisfactory quality from ly, where that party’s conduct is entirely inconsistent with any acceptance on its part that it is bound by the contract’s terms such that it is deemed to have “repudiated” the contract, as a result of which the innocent party is able to treat the contract as nly, in the example given above, the franchisee walking away and joining another franchisor before the current franchise agreement has expired would amount to a “repudiatory breach” of the franchise agreement such that the franchisor could regard it as terminated. Likewise, if a franchisor consistently denied the franchisee access to the business systems such that the franchisee could not operate its business as envisaged by the franchise agreement, it could fairly claim that the franchisor had repudiated the contract and, as a result, walk gh it will be unlawful to break a contract by walking away from it other than in the circumstances described above, it may still make commercial sense to do so. In a franchise relationship, such situations are difficult to envisage and any decision to walk away on this basis should only be taken with the benefit of formal legal advice. Here to find out how stevens & bolton can help you with the legal stages of buying a franchise and/or to ask andrew a ng for a 7 of our guide focuses on applying for a franchise. We look at how to narrow your list of franchise opportunities down to one or two, requesting information, attending an open day and what to expect at the ing down your you have completed your due-diligence and have determined which franchise opportunities may suit you, then you should contact the franchisors for further can narrow down your list of possibilities to two or three companies, using an initial evaluation of the franchisors, their products and services, and their franchise te multiple order to conduct a meaningful investigation of your choices as a potential franchise owner, you should explore more than one franchise company in great may have sent an initial request for information to 10 or 15 companies, but you can't do an in-depth evaluation of all of them - and you won't need what questions to ask most cases, you can tell right away whether or not you are really interested in knowing more about a given franchise. By answering the following basic questions about each franchise that has immediate appeal for you, you will be able to pinpoint two or three real possibilities from among those that you initially thought might interest you enjoy making a career out of running this franchise? You have the skills - or could you learn them - to operate this franchise business? It seem as if the returns of your investment in this franchise might be in line with your financial needs and objectives? As you continue your franchise investigation, don't rely solely on the information companies send to franchise is important to start this article by highlight that as all franchise systems are different, franchisors will look for different required skills and characteristics depending on the nature of the franchise interview is where the franchisor decides if you are right for their business, and equally where you decide if the franchise is right for you. You need to be willing to follow the franchisor’s franchisor has spent years building their system so that is operating successfully as a franchise; they do not want someone to come in and start suggesting changes to should demonstrate in the interview that you have a good grasp of how the system works and that you are keen to be part of it. Demonstrate your knowledge of the area you are interested them why you think you can make the franchise a success in this area. Reveal any community initiatives you are involved y to the franchisor where you are getting the money for the ing a discovery you are considering investing in your future with a franchise you will be offered the chance to attend a discovery day. The former usually proceeds the a group discovery day a number of potential franchisees will be presented to by the franchisor and given information to start the process of discovering more about the opportunity. After this a smaller number of potential franchisees will then move forward to a one to one discovery day. When you speak to the franchise sales manager do you believe in what they say? It will require a lot of time and effort on your part, so understand what your limitations are before you article was written by andy smith, belvoir; to find out more about their franchise opportunity, click ts of attending a discovery boxes etc. Outline the benefits of attending discovery days when researching franchise researching a franchise opportunity, attending a discovery day can be one of the most valuable ways to gain first-hand experience of the franchise and to help you make an informed decision about whether the opportunity is right for discovery day forms part of the recruitment process and is a chance for you to ask any questions you may have to help you fully understand the franchise. Franchisors only invite people they believe to be serious and qualified for their franchise opportunity so it is also your chance to sell yourself to the franchisor. Find out more about how the franchise the time you attend a discovery day, you should have started your due diligence and know enough about the franchise for you to be interested in pursuing the opportunity further. You may have read all you can about the franchise and spoken to a team member over the phone, but nothing will bring the franchise to life more than experiencing the business on a first-hand basis. An opportunity to meet the support isors are keen to present you with the best overview of the franchise, so they may introduce you to key members of their support team throughout the day, which gives you a great opportunity to meet the people you may be working a long-term investment, it is essential that you come away feeling comfortable that they are people you would enjoy working to know the team and gain information from them too, after all they will be the people you may work closely with once you have launched your franchise and supporting you throughout the length of your franchise agreement. Sell yourself to the gh discovery days are designed to help you further your decision on a particular franchise opportunity, they are also a great way for the franchisor to get to know you and decide whether they think you would fit into their sure you dress smartly and engage in the day, the same way that you might for a job interview. Find out more about the mail boxes etc franchise opportunity click ing to open your franchise for ’ve now found the franchise for you and have signed on the dotted line. Running a retail franchise or a franchise with high street premises will require a lot more preparation than starting a franchise for of consideration include finding the right location for your business, negotiating the lease, advertising for and recruiting staff, training them, getting stock, fitting out your shop or office, and promoting the launch of your prepared and keep a schedule of everything you need to do. Though you are keen to start running your franchise, it is worth spending time at this stage making sure you are prepared.

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Opening too soon would just lead to problems further down the line; a prepared franchisee is more likely to have fewer complications and upsets during the initial trading this section we look at the importance of finding the right location for your franchise, how to recruit the right people for your business, why appoint an accountant and how to promote the launch of your g the right location for your mapping’s duty within the franchise market is to help franchisors create territories that are fair for both franchisees and the advice in this article will help you to make sure you are asking the right questions about the territory on offer but to also set realistic expectations. This will not only help you during your journey to becoming a franchisee but also have an impact on how you can grow your and foremost, it is important to understand the size of the opportunity available within the territory and how this has been researched. To understand the opportunity, research should be carried out on the demographics of the territory to determine the size of the target an example, if you are looking into setting up a children’s activity franchise then how many children actually live in the territory? This is because in more urban areas you might have a very high population but also a much higher average number of residents per knowledge of the size of market you will be servicing is very important for building your business plans as well as gauging the franchise opportunity on offer. If you know the size of the market, then you can be more confident planning the potential growth of your is a very important and often overlooked element of a franchise territory. It is very easy to think that “more is better” when buying a territory, however the more geography or opportunity you have then the larger the demands on your business to reach those potential regularly see the costly mistakes of oversized territories affecting both franchisees and franchisors. As a franchisee, covering a territory that is too large can impact the return on investment (roi) from your business activities. Doing so can mean lots of geography is tied up in territories that franchisees cannot realistically service. Because the geography is also bound in franchise agreements it becomes difficult and costly to renegotiate territory borders. There is a wealth of information available to explore the detailed market composition of any franchise opportunity available to you. Carrying out due diligence research on your area will not only make sure you are comfortable with the opportunity you are purchasing but also give you a good foundation to build your here to find out how atlas mapping can help you with finding the right location for your franchise and/or to ask a franchise training programme. Good franchisor will invest heavily in training their franchisees so that they provide them with all the skills they need to make their franchise a success; a bad franchisor is only after your money! Ethical franchisor will make sure that their franchisees and their staff are fully prepared in all aspects of operating the business before letting them training is uniform across the network so that all franchisees operate the business in the same way. This consistency helps to ensure long term success for both the franchisee and the franchisor is responsible for ensuring that they provide training that is competitive and ent types of training you could ng can take the format of “classroom training” which usually happens at head office in a dedicated training room, and “hands-on” training where you are trained in either an actual franchise unit or an operating unit that has been built in head office and which mirrors that of an actual franchise outlet; hands-on allows you to grasp how everything physically franchisors will offer a combination of the two. The training will be undertaken by a skilled and qualified instructor who knows how the business operates inside and out and can take up to 8 will also have a training team with you during your first few weeks of trading to make sure that you remember everything the training taught you, and to offer their experience on running the franchise. This on-site training is they company introduces change, new systems, products etc, the franchisor should make sure that the change does not disrupt the network and that all franchisees are comfortable with the change. This is important if your franchise is a retail business where the nature of the work means that staff turnover can be high. You will need to be able to recruit and train staff effectively and to determine if the training is franchise agreement should outline the franchisor’s obligation to the franchisee i. You have a training team/person that is with the franchisee after the launch of the business? Good franchisor will be dedicated to providing uniformed, continuous, detailed and measured ting the right people for your y parkinson from avensure discussed the recruitment process for franchisees when selecting the right people to work in your franchise i have done it…it has been my life-long dream to take on the franchise, but where do i start? The list is not exhaustive, but tailor your advertising to the here to find out how avensure can help you with hr, employment law and health & safety and/or to ask lindsay a to appoint an this article, jo nockels, senior training & technical communications manager for taxassist accountants looks at when to appoint an accountant and the benefits of doing may believe that a new franchise isn’t established enough to need an accountant. It is common for the initial franchise fee to consist of different components and we can advise on how to get as much tax relief as possible, all whilst staying within the accountant can provide the service of being an additional business adviser. More importantly an accountant can help you plan to put aside any possible tax so that a large tax bill doesn’t arrive out of the blue, putting your business at article was written by jo nockels fcca, fmaat, senior training & technical communications manager for taxassist accountants; to find out more about the taxassist franchise opportunity, click ing the launch of your ’s all good and well being prepared for the launch of your business, but who knows about it?! The full support of your of the benefits of being part of a franchise network is having a recognisable brand name as it brings with it a certain degree of trustworthiness from the public before you’ve even opened for advantage of this and work alongside your franchisor to make sure you maximise awareness to your business in your local your local community the franchisor will help with the launch - the level of marketing help and support they provide for promoting the launch of your business locally and nationally will be outlined in the agreement - you shouldn’t solely rely on them as they won’t know your local community as well as ’s best to get out there and meet with other local businesses and residents, get to know them and vice versa. Join, and be active in, local networking and steering groups and be enthusiastic about the business and the benefits it will bring to the local the media you are a premises-based franchise, speak to local newspapers and invite them along to the official launch. A good write up in a local newspaper and website will help drive traffic to your a home-based or mobile franchise it may be worthwhile taking an advert out in the local press if they can offer advertorial alongside it. Your franchise ’ve done all your research and picked the right franchise for you, now it’s time to run your business. This is very normal and should not be off putting, but instead it highlights one of the major benefits of being in a franchise network; the support you have from your franchisor and fellow good franchisors will have a dedicated team or support manager at hand to guide you safely through your initial period of training. And as franchisees were once in the same position as you, they too will be more than happy to help and give you the support and advice you this step we look at the common mistakes that franchisees make, why the franchise operations manual is important, the support you should receive, how to make sure you don’t run out of cash, motivating your staff and marketing and promoting your business. Franchisee's top tips for running a successful eaton, owner of signs express (manchester) and the 2015 winner of the bfa (british franchise association) franchisee of the year award, shares the secret to running a successful franchise. With more people joining the franchising industry every year, you need to ensure that you choose the right business for you and you have the right mentality to over ten years’ experience running a successful franchise, here are a few of the tricks i have learned that have helped me to develop a business worthy of 1 - join an exciting ng the right industry to join when researching possible franchises can be extremely difficult, even overwhelming – especially if you have spent your entire career in a specific not fear, all of the best franchisors will offer you the training that you need to properly understand the industry you have chosen to enter, but most importantly, the industry needs to excite you! Your discovery day, ask to visit some existing franchisees to see what a day in their life looks like; what support they receive, their projections for the future and what the industry feels like. This experience should be portrayed by the team from start to finish and keeping the client up-to-date throughout the whole buying process is a must. 5 - you are not benefit of being a part of a franchise is that you have a whole pool of knowledge and experience from other franchisees and the franchisor in order to handle national, larger and more complex projects. We found this especially useful in the early years when we lacked a part of a well-established franchise will also allow you to seem bigger than just one branch, which helps to quote for work and to complete multiple national works for big blue-chip 6 - work on facts, not ’t assume business is going to come to you because you have taken on a part of a franchise can help, but ultimately it is your business and you will always be responsible for its development and yourself if you are willing to work long hours and make tough decisions to establish your business and to ensure that it find out more about the signs express franchise opportunity click franchise operations operations manual is a franchisee’s best friend! It outlines everything a franchisee needs to know about running their franchise business and executes the obligations outlined in the franchise agreement. It provides franchise guidelines for running a successful replicate of the franchisors operations manual provides the franchisee with support and guidance and helps the franchisee to meet the quality of standards expected of them by the franchisor. Every franchisee in the network is therefore singing off the same hymn to expect in your order for the franchisee to follow the manual accurately it needs to be detailed and informative. Franchises that are in the food industry will need to cover health and safety as well as food hygiene in their l this franchise guide should generally cover the following:About the company – its’ history, who runs the company, who the legal advisors are, the aims and objectives of the t – what support the franchisee will receive, who the support team is and how to go about getting the right support i. Channels of timetable – what needs to be done and by when, what the obligations of the company are to assist the franchisee in the opening of their new ng – what training the franchisee will receive, who takes the training, what training qualifications the company has, what additional training the franchisee should expect to receive after the franchise has been launched, any national sales meetings the company ting staff – what positions the franchisee needs to fill, what should be in the job description and what skills the applicants should policies – how to set up the office, customer service standards, process for dealing with complaints, employee dress code, managing visitors, computer usage and access maintenance – housekeeping duties, daily procedure for opening and closing the business, the responsibilities of staff, office cleaning, office administration, health and safety and inventory equipment – what the franchisee is given, how to maintain it and list of approved suppliers for further stration – record keeping, accounts and ing – the procedures the franchisee should use for reporting back to the franchisor, what happens if the report is not sent over and other records and reports need to be kept for audits and e administration – leasing of cars and the policy for dealing with auto ing – the requirements, who the target audience is, and how best to target this audience using the most effective media g – how you set prices and fee – managing leads and referrals, telephone selling procedure and sales nce – what insurances are required, and what is covered within these policies, the suppliers to use and risk management and ate structure – setting up the franchise business, what the different types of structure and legal ing – who the existing financing agreements are with, what alternative financing is y protection - information on using copyrights, proprietary and trademarks, and how to avoid operations – looks at health and safety outside of the office and risk , transfer, renewal and closing of the business – conditions for renewal, procedures for business transfer, termination of the ion and relocation – what the procedures are if you wish to expand a new or an existing territory and also if you wish to relocate the established that the franchise is reputable, and it is a business you see yourself being part of, you then need to examine the strengths and weaknesses of their franchise need to be confident that they will provide you with the required support you need at the launch of your franchise business and on an ongoing basis. Whenever you need it: a good franchise company will be available 24/7 to help you with any problems you t from day 1: they will be there throughout your launch and will continue to provide you with the dedicated support you need on an ongoing basis. They should provide you with a detailed operations manual that outlines all areas of running your to your premises: they will have support teams in place to deal with your queries and will regularly visit you at your workplace to make sure that you are coping and to make sure that the business is being run unities to network: good franchisors will hold an annual conference where franchisees can get together to discuss any issues or ideas they have, and to hear from the franchisor on their plans to take the business ance with accreditations: the franchisor should also assist with making sure that you have the correct insurance for your business as well as any certificates and accreditations you may require e. Health and to current franchisees: ask other franchisees about the what support they receive and what changes they would make. This is the best way to get an insight into the need to be happy with the results of all your research before you should consider entering into an agreement with the ons to ask the the franchisor and franchisees about implementing change and what support you would receive e. Support for business w international discusses how ongoing support from a franchisor can help you to build a successful you’ve finished your initial training and opened your franchise for business, you should be well-prepared for the initial set up of your business and getting to grips with the systems and processes. The business plan should take on board your strengths, weaknesses and skillsets and the franchisor should work with you to improve areas of weakness and help you to develop your part of the ongoing support programme at rainbow international, our franchisees develop a 100-day plan to ensure that their businesses launch smoothly and successfully. The plan fits around franchisees’ existing skills and experience to ensure that they know exactly what they need to achieve in the first few months of their business and beyond. Franchisees work alongside head office to implement and regularly review the plan to ensure that goals are met and support visits during which the franchisor or a member of the support team visits you on-site are an integral part of any franchise support programme. This provides an opportunity for the franchisor to observe how the franchise is being run whilst allowing them to coach you in the field on ways to improve your business operations for visits are likely to be regular during your first year of business and the intervals between them will become more spaced out as you develop and grow. As much as you learn in the training, you still find that you need support in certain elements of the rainbow international, franchisees are supported in the field by regional support managers who are on-hand to assist with daily challenges faced by franchisees.

We work closely together with franchisees to ensure that their businesses remain successful and to keep our systems and processes consistent throughout our logical or business part of the support from your franchisor, they should keep you updated with any changes in the technology or software you use and the overall business. Part of being in a franchise network is that most of this is done for you! Franchisors hold annual conferences, regional meetings and franchisee forums to ensure that you know about any updates in the business and so that you remain up to speed with the way things are done. This is beneficial for both you and the franchisor – you’re able to compete with other businesses in your local area and your fellow franchisees are performing at the same level, thus the brand is protected for all franchisees. The franchisor ensures that their business continues to be updated and the whole network is operating on the same training and addition to training franchisees in running the business and the products and services you sell, your franchisor should also offer training to your employees. If you have a question about how to carry out one of your services, they should be on-hand for advice and guidance as you complete the may have a customer who has a problem or query about a product or service and, one of the biggest advantages of being part of a franchise network is that you can call the support team for help whenever you need it and have your questions answered in real time. This also ensure that your customers are not kept waiting whilst you call on support from head example, at rainbow international, we support our franchisees with the equipment they use. We can advise on which piece of equipment is the best to use in any given situation to ensure that damage is kept to a g support is essential to the success of your franchise and will aid you in developing and growing your find out more about the rainbow international franchise opportunity click to make sure you don’t run out of cash! This article, chris robert, franchise finance, looks at how to make sure you don't run out of cash when running your g your own business is the dream for many people but the reality of the situation can mean you end up confused and alone, responsible for everything from dealing with difficult staff personnel matters to issuing and chasing really do need to be a ‘jack of all trades’ and that isn’t easy if you don’t have the appropriate experience, training and /or support. That’s why more and more people are turning to franchising, because if you choose a good franchise, you will get plenty of training, support and of course you will actually achieve your goal of being ‘the boss’ of your very own use of all the tools given to reality is that you will be given all the tools you need to run a successful business and providing you follow the model and put all your energy into the process you are likely to be successful. Article was written by chris roberts, a director of franchise finance; to find out more about how franchise finance can help you to finance your franchise or to ask chris a question, click mistakes franchisees make in initial period of this artilcle, kasia baldwin from driver hire looks at the most common mistakes that franchisees make during the initial period of trading and outlines how to avoid you’ve taken the plunge and decided to run your own business. If you have chosen the franchise route the training your franchisor provides should help to better prepare you for these pitfalls. For a driver hire franchisee running a recruitment business that’s: find candidates, find clients with vacancies and put them on your strengths, don’t panic about your weaknesses... Large proportion of driver hire franchisees have never worked in either the recruitment or logistics industry prior to starting but they’ve identified their strengths that carry across to suit the type of business they’ll be trate on your strengths; you’ll learn to deal with the tasks you’re not so hot on, (either you’ll simply have to or you’ll be able to employ someone whose own strengths and weaknesses complement yours). A new business owner / franchisee you’re probably buzzing with new ideas and ways to implement things. Other revenue streams include permanent recruitment, classroom training for the driver certificate of professional competence, online training modules relevant to the industry and a driving licence checking service linked with the try to offer all these from day one would be a mistake unless you were buying a resale opportunity that came with a team of staff already well briefed and skilled to sell and service these add on products. It might be that you intend to run a business on your own, at a level you feel comfortable with, and therefore knowingly place a cap on your growth you have the entrepreneurial spirit you’ll want to cultivate and grow your business and this will mean employing staff and investing in preferred number of staff (in the beginning) to work in a driver hire franchise is three, including the franchisee. When it comes to taking staff on board - you sometimes can’t afford not hire’s hereford and worcester franchisees vance and sue parsons started out on their own when they initially bought the business. Franchised business enables you to speak to fellow franchisees that are in the same business as you but not in competition with you. They will truly understand the common mistakes relevant to your industry and the franchisor’s support network can prove invaluable in those early article was written by kasia baldwin, franchise marketing manager of driver hire. To find out more about the driver hire franchise opportunity click tips for promoting your franchise this article, coconut creatives, award-winning marketing company, has provided a useful list of top tips for franchisees to help promote their of the main advantages of buying a franchise business is the backup, support and brand name you receive for your investment. Although your franchise brand may be well known, unless you’re running a mcdonald’s franchise, you will still need to market your franchise in your local area to let people know who you are and what you do. Here are just a few of our top tips for promoting your franchise tand your first step in any marketing strategy is to get to know who your best customer are, what they like and their habits, and target similar people. Recent study by the internet advertising bureau revealed that nearly 80% of consumers would buy more often in the future because of a brand’s presence on social media is a great channel to engage your customers and provides a free method for letting people know who you are and what you s from existing s from your existing customers are a great way to promote your franchise and let people know how good you are at what you do. People are more likely to trust reviews and personal recommendations from other asking your customers to leave a review either online or in written form so that you can use it on your marketing collateral, means that when people look you up to decide whether or not to use your product or service, you’ve got glowing reviews that will help them decide if it’s right for out more about coconut creatives and how they can help you market your franchise your franchise; the power of social media! A recent study by the internet advising bureau revealed that nearly 80% of consumers would be more inclined to buy more often in the future because of a brand’s presence on social these statistics in mind, if you’re not using social media to promote your franchise in your local area, you’re missing out on a lot of opportunities to get your message out there. You need to listen to what your audience is talking about and asking about, then adapt your messaging out more about coconut creatives and how they can help you market your franchise ing pr for this article, rev pr, looks at the importance of pr in franchising, tips for planning a campaign and seasonal pr opportunities to keep in you get it right, public relations can make a huge impact in your business. It’s about communicating with your public audiences to help raise the profile of your business and increase consumer purchases or franchise sales – or both! Here to find out how rev pr can help you promote your franchise and/or to ask a to keep your staff is said the success of a franchise is a result of having good franchisees. It can equally be said that a franchisee’s success can be attributed to their staff. If franchisees can build a culture that shows that they are hands-on in the business and that they care for and are willing to invest in the future of their employees and the business, then they are more likely to retain happy can a good franchisor help? If they can get this status, then it will be a lot easier for them to hire the best should be considered when a franchisee is recruiting staff? Need to make sure that the people they bring in to the franchise, fits in with the culture of the business. If someone doesn’t fit in then it can disrupt the is vital that the franchisee knows that they are looking for including the skills and personality sought after. Also ask behavioural questions to help determine what a person would do in certain can franchisees do to motivate their staff? Sharing information such as weekly sales, new developments in the franchise network etc can help staff members feel like an integral part of the incentives like bonuses for meeting targets, employee of the month, team building events etc can make a difference to a to selling your franchise this article, richard holden, head of franchising, lloyds banking group, looks at why selling a business is likely to be one of the most important decisions anyone will ever have to make and why for most franchisees it will be uncharted invested a considerable amount of time, effort and capital in building the business, its sale may well hold the key to a comfortable and secure future. But many franchisees find that it can be stressful and planning for the sale should start well in advance of the time you actually decide to exit the exit strategy should be considered from the outset although your plans may well be fairly flexible. The franchise legal agreement will detail terms and conditions of exiting the business and careful exit planning will help you to maximise the value of the business when you come to sell it if you choose a time when the business is doing well and there are advantageous market are always many factors to take into account in making the decision to sell but unfortunately several of these are likely to be outside your direct control. The primary objective for the majority will be to achieve the highest possible price for your business and you might need to think twice about selling if the economic climate isn’t r, it is also important to remember that there will always be a market for any successful business although you may need to be flexible and reassess your sale of a franchised business can take considerable time to complete and you should start looking for a buyer at least a couple of years before you want to exit and be prepared to leave earlier than you plan if a suitable buyer can be ng your exit well in advance will ensure that you are prepared and it is important that you identify any areas of weakness within the business which the purchaser could use against you during the negotiation process. An asset valuation might be appropriate for stable businesses with significant tangible franchisor can assist by giving an indication of the sale price of similar franchise territories in the recent past. A potential buyer may use more than one of these methods to obtain a range of valuations however in the end placing a value on a business is a subjective and will be subject to any franchised business, the franchisor will have the ultimate say on whether the buyer is suitable to become a franchisee in their network and therefore they should be involved in the process at an early are free to find a suitable buyer yourself however the franchisor is likely to have a list of individuals who want to invest in the business and are waiting for a territory to become available. When you have identified your preferred buyer it is essential to develop a relationship built upon could also sell your franchise business to a manager or employee who already has a good understanding of the business and is likely to be attractive to the franchisor because of this. The franchisor will have the ultimate say whether the buyer is in close contact with the key parties throughout the sales g a business can be stressful – careful planning will article was written by richard holden, head of franchising, lloyds banking group; to find out more about how lloyds can help you to finance your franchise or to ask richard a question, click ages and disadvantages of ises and retail ising code of ting a franchise ising is a business model that allows one business to operate under the established brand of another business and to sell its products and/or services for a specified time ising can be an excellent way to operate a business and is an alternative to setting up your own business. However, it is important to carefully consider all your options before buying a franchise and to seek advice from an experienced business adviser, accountant or ising in australia is regulated by the franchising code of choosing a franchise you should:Learn about franchising and what is tand the franchising code of tand your rights and responsibilities under the : take advantage of the free, online education programs for people considering buying a franchise. The pre-entry franchise education course and the franchise and small business survival eclass are available from griffith university’s asia-pacific centre for franchising are three types of franchise:This is the type people are most aware of. As the franchisee you have the right to use the franchisor’s intellectual property in your business. An example is a fast food is where the franchisee sells the franchisor’s product from a wholesale or retail outlet. As the franchisee you would be given exclusive rights to sell the product within a specific area. An example is a motor vehicle sing or this model the franchisee manufactures the product. An example is the soft drink cost of buying a franchise will depend on which one you select.

You will be expected to pay an initial fee and an ongoing royalty fee weekly or monthly, or based on and running a franchise has similar tax implications to other small businesses. Refer to the australian tax office for more information about franchising and will also need to consider how you will finance buying the franchise; franchisors rarely fund prospective ages and disadvantages of of the points to consider are listed ation with an established brand, reputation, product or ance with lease negotiations, site development, and shop fit ance with buying l management training and ongoing ising and marketing to established standard procedures, operating manuals and stock control to financial autonomy when making business decisions (franchisees generally have to operate according to a standard operating manual). Can only operate in a restricted ongoing fees to the control if you decide to sell your franchise; you will be required to follow certain procedures, including having your buyer approved by the int of trade provisions (limiting the actions you can take) when the franchise the end of the agreed period the franchisor is not required to renew the franchise, in which case the business and its goodwill goes back to the ises and retail franchisees will need to lease commercial premises in which to operate. Code provides protection for franchisees in relation to:The management of marketing entering a franchise agreement, you should be provided with a copy of the:Information sure that you conduct due diligence of the franchise and seek professional advice from an experienced business adviser, accountant or ting a committing to a franchise it is a good idea to investigate the:Read more about evaluating a accc website provides useful information about ad the franchisee franchise council of australia has more information about buying a ages and disadvantages of ises and retail ising code of ting a franchise ising is a business model that allows one business to operate under the established brand of another business and to sell its products and/or services for a specified time ising can be an excellent way to operate a business and is an alternative to setting up your own business. Code provides protection for franchisees in relation to:The management of marketing entering a franchise agreement, you should be provided with a copy of the:Information sure that you conduct due diligence of the franchise and seek professional advice from an experienced business adviser, accountant or ting a committing to a franchise it is a good idea to investigate the:Read more about evaluating a accc website provides useful information about ad the franchisee franchise council of australia has more information about buying a franchise.