Business & Professional Services, Business, Online, Retail
Platinum Business Partners helps franchisees launch their own online brand, as well as sharing its expert knowledge about sourcing and selling popular ‘white label’ products via the likes of Amazon and Shopify.
The company was founded in March 2016 by successful entrepreneur Steve Bolton, who also founded the Platinum Property Partners franchise, which shows franchisees how to build a buy-to-let property portfolio using a proven ‘House in Multiple Occupation’ model.
Platinum Business Partners’ managing director is Steve Hogan, who has two decades of experience working in the international retail and supply chain management sectors.
The Platinum Business Partners franchise opportunity was initially offered to existing Platinum Property Partners franchisees, as well as individuals who had wanted to become Platinum Property Partners franchisees, but couldn’t afford the necessary investment.
Platinum Business Partners has nearly 100 franchisees in its UK network and is an associate member of the British Franchise Association.
Platinum Business Partners describes its business model as ‘business to business to consumer’, as franchisees purchase products from suppliers, which they then market and sell to online shoppers at a profit.
How do you decide which products to sell? Platinum Business Partners provides franchisees with exclusive buying trends and sector research data in order for them to identify the products most likely to maximise profits.
Some of the sectors that are already proving successful include health and beauty, home and kitchen and pet supplies.
Not only are products in these categories popular online purchases, but they also have repeat purchase potential, a key consideration when operating as an e-tailer, as it’s easier to sell to existing customers rather than having to find new ones all the time.
They also give franchisees the opportunity to cross-sell complementary products to customers, boosting profits further.
By utilising the Platinum Business Partners model, franchisees are able to operate more than one online brand selling different products if they wish.
The franchise fee is £12,000 (plus VAT), which licenses franchisees to operate using the Platinum Business Partners franchise system and support structure.
The company suggests franchisees have a minimum of £18,000 of working capital available to help them build their business in the first 12 months. This figure is based on the assumption that a franchisee will be selling four products within this timescale.
After four months, a monthly subscription of £300.90 (plus VAT) is charged to franchisees for the training and support that’s provided on an ongoing basis and the market research that’s carried out by Platinum Business Partners on behalf of its franchise network.
The company quotes an average net income of between £2,000-£4,000 per month.
An added attraction of this franchise is that, as it can be run from home and doesn’t require storage space for stock, overheads are minimal.
The company’s head office is in Bournemouth.
Platinum Business Partners’ extensive franchisee training takes place at its head office.
It covers how to find the best-selling products in the market you choose to operate; how to secure suppliers, plus tips on negotiating the best deals; how to build a brand and increase your chances of repeat business; customer service; advice on the best ways to photograph your products; pay-per-click advertising; social media marketing; email marketing; and platform and sector knowledge.
The initial training programme is supplemented by quarterly training sessions and technical workshops.
When it comes to support, franchisees can take part in one-to-one calls with a Platinum Business Partners mentor, plus access the company’s elearning and intranet system. A brand consultant is also on-hand to offer advice as and when required. Guidance about insurance, tax, accounting and bookkeeping is also provided.
Ecommerce experience is not required to join the Platinum Business Partners network, but potential franchisees must be computer literate, want to learn and be committed to being their own boss. Experience of supply chain management, marketing and customer service can be an advantage.
The franchise fee allows franchisees to use the Platinum Business Partners brand and know-how for five years.
Online shopping continues to grow in popularity, both in the UK and globally.
The following statistics bear this out:
• In the UK, the value of ecommerce purchases grew from £66.5 billion in 2012 to £137 billion in 2017. Source: Office for National Statistics.
• The percentage of total global retail sales that were made online rose from 7.4 per cent in 2015 to 11.9 per cent in 2018. This figure is predicted to rise to 17.5 per cent by 2021. Source: Statista.
• 54 per cent of purchases made by millennials (people born between the early 1980s and mid-1990s) are online. Source: UPS.
• 95 per cent of purchases will be made online by 2040. Source: Nasdaq.
Increasingly faster broadband speeds are facilitating the growth of online shopping and by following Platinum Business Partners’ franchise system and leveraging the company’s expertise, franchisees are ideally placed to benefit from this retail trend.
Once you’ve registered your interest in the franchise opportunity, a member of Platinum Business Partners’ recruitment team will call you to explain the qualification criteria for becoming a franchisee.
They will also take some personal details and work with you to identify your goals in the short, medium and long term.
You’ll then be invited to book a place on a discovery event, where you can find out everything you need to know about the business. In addition, you’ll be able to meet and hear from existing Platinum Business Partners franchisees about their experiences working with the company. Details of earnings potential and the team behind the brand will also be disclosed.
These discovery events are free to attend and place you under no obligation to invest in the franchise before you have completed your due diligence on the company. They take the form of either one-to-one meetings or group sessions.
Platinum Business Partners aims to get franchisees open for business in between four-six months of them making contact with the company.
To find out more or to request further information on franchising with Platinum Business Partners, click the ‘Send Enquiry’ button now.
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