The Prospect Franchisee Certificate is a must for anyone considering franchising as a business investment option, Richard Holden, head of franchising at Lloyds Banking Group, says
In addition to this website, there are numerous ways to review the franchise market and research the most suitable opportunities to meet your own wish list.
Whether you visit a franchise exhibition, read magazines, attend a training event or look online, the amount of advice available can be bewildering. So how do you know you’re being steered in the right direction?
Don’t slip up
Thorough research is the key to avoiding common pitfalls that may slip up the bold new business owner from achieving their goals.
The first step, however, is to establish whether you’re personally suited to running a franchise. It’s essential that any prospective franchisee, prior to making a commitment to a franchise brand, has a good idea about what they’re getting into.
To be a successful franchisee, you would have to be the type of person who can stick to an established business model without wanting to change it. Someone with a strong entrepreneurial spirit or who wants to reinvent the wheel is unlikely to make a good franchisee.
You will be running your business using someone else’s know-how and expertise gained over years, replicating their success by using their ongoing training and support.
Training programme
The British Franchise Association is a trusted impartial adviser overseeing the sector and supporting the growth of ethical franchising in the UK.
The bfa, in association with Lloyds Bank, has developed a training programme for all wouldbe franchisees called the Prospect Franchisee Certificate.
The aim of this training course is to educate potential investors about franchising, from researching the opportunities and selecting the right franchise brand to the legal and financial aspects, as well as the candidate’s suitability to franchising.
The PFC offers an impartial franchising education on how to find, research and run the right business for you. Taking less than a day to complete (there’s no time limit if you prefer bite size snippets), a series of 13 video modules cover everything from identifying and evaluating franchise opportunities through to business planning, essential legal information and the final interviews with a franchisor.
Videos are delivered by renowned experts in their field and include sections from experienced franchisors, as well as professional advisers. Each module includes a short online assessment to ensure an understanding of the topic covered.
After completing all the assessments, you’ll be the proud holder of a PFC and armed with the facts you need to make an educated decision on your future business.
Best of all, this programme is available free of charge because it’s sponsored by Lloyds Bank. It can be accessed by visiting bfa.trainme.tv.
Selection process
Any franchise brand worth joining will be selective about who it recruits into its network, so prospective franchisees who are well informed and researched will rise to the top of their list of applicants.
By joining a franchise, you have the reassurance that you’re investing in a proven business model, as well as being supported by a team with the expertise to help you make your business a success.
Investing in a franchise is a big decision, so give yourself the best possible opportunity of selecting the right franchise brand and building a successful business by undertaking this free educational programme, which is a must for anyone considering franchising as a business investment option.
