Frequently Asked Questions
How important is the strength of a franchisor’s brand to the franchise owner’s business?
Buying into an established brand is a good start for potential franchise owners to succeed from. Cash Generator has a growing presence on the UK high streets with 150 stores located nationwide. This, combined with national TV and press advertisements, means our brand is instantly recognised and people are aware of the different products and services we offer. This obviously puts new franchise owners at an advantage as they are opening up a major high street store.
The strength of Cash Generator’s brand means that customers now see us as a leading discount retailer and that we guarantee fair deals whether they are buying, selling or loaning.
Robin Page (pictured right, top), Franchise Director, Cash Generator
Do I need previous experience to buy a franchise?
In the 16 years I have been in franchising I have recruited franchise owners from every conceivable background and with every type of experience.
For most franchises experience in the business is not necessary – good franchisors will provide comprehensive training and ongoing support to complement their business system.
In some specialist franchises (accounting for instance) the franchisor may insist on previous relevant experience. What most franchisors are looking for are franchise owners with drive, ambition, a good business ethos and a willingness to learn and to follow the system.
Nigel Toplis (pictured right, second from top), Managing Director, The Zip Yard, ComputerXplorers & Recognition Express
What are the advantages of investing in a franchise over starting a business for yourself?
Franchising is an ideal way for people to enter into business. The facts speak for themselves, more franchise businesses survive than ‘go it alone’ businesses in the first three years and while going into franchising can never guarantee you’ll be 100 per cent successful, it’s a safer route. You stand a far greater chance of building a successful business through the training and support provided by a franchisor and following a proven business format.
Pam Bader OBE (pictured right, second from bottom) Founder and CEO MOLLY MAID
How would you describe the long-term relationship between a franchisor and a franchise owner?
At Minster, our franchise owners have been in partnership with us for an average of 12 years. Both we, and our franchise owners prefer this long-term stable relationship. For this to endure, we work hard to make sure that there is an ongoing, mutually beneficial financial interest for both parties. It is definitely a win-win relationship. This is why we take a great deal of time and care in selecting our franchise owners in the first place. We believe the relationship has to work for both parties throughout. Mutual trust is imperative in sustaining the relationship.
Mike Parker (pictured right, bottom) Managing Director Minster Services Group