Industry experts answer some of the most frequently ask questions about franchising
Picking the right franchise, having a solid business plan and being customer centric are just some of the top tips on how to become a successful franchisee disclosed by industry experts.
However, as the bi-annual National Franchise Exhibition returns to the NEC in Birmingham on October 13-14, exhibiting franchises Aspray, Ripples and Radfield Home Care have come together to answer some frequently asked questions to help make your franchise a success:
How can you choose the right franchise for you and your skill set?
Choosing the right franchise is the most crucial step in the franchise recruitment process.
Hannah MacKechnie, director of elderly home care specialist Radfield Home Care Franchising (pictured), says: “When beginning to think about what franchise would be right for you, it’s important to spend time reflecting on your own skills set.
“Think about the things that give you the most satisfaction, both in your work and home life, and what you would like to spend your time doing.
“You need to be honest with yourself and then try to match your values, experience and expectations with a franchisor who you feel can best help you to achieve what you’re looking for.”
What are the key traits of a successful franchisee?
Successful franchisees need to be entrepreneurial, plus have the ability to follow a set business plan. They must also be exceptionally driven and apply a ‘can do’ attitude to every task.
Paul Crow, managing director of Ripples, the luxury bathroom retailer, says: “We look at franchisees who are proud to demonstrate the skills of their design team to customers, enjoy talking about the company and the products we sell and are thrilled when they complete each and every project.
“We thrive on offering our customers impeccable customer service and that’s because all our franchisees are dedicated and passionate.”
What do you need to include in your business plan?
You need to consider a variety of factors in your business plan.
On what Radfield Home Care Franchising looks for in a business plan, Hannah explains: “A business plan should look at the opportunity in the area and how you’re planning to operate.
“It should set out your plans on how you will grow your business and attract clients, how you will operate your business and include financial projections for your business.
“It’s an important document, which you will use to track your progress with your business, and should be reviewed regularly with your franchise support team.”
What level of commitment is required from a franchisee? How much will you need to put into becoming a successful franchisee?
To be a successful franchisee, there are a number of factors that come into play.
James Whittle, managing director at Aspray, the award winning property damage insurance claims management company, says: “The theory that what you put in you get out is very applicable for franchising.
“If you buy a full-time franchise, you need to be prepared to put in full-time hours. At Aspray, we look for customer centric, driven individuals who also have people and project management skills, as we believe these individuals could make successful franchisees.”
What tips do you have for financing a franchise?
The first thing to consider financially, according to Radfield Home Care Franchising, is what capital you have available to invest.
Hannah MacKechnie says: “It’s also important to make sure you have sufficient working capital to enable you to cash flow your business, in case it grows more slowly than you expected.
“You should discuss financing options with your potential franchisor, as they may have relationships with certain banks or other lending institutions that could assist you.”