Frequently asked questions
Franchisors tap into their years of experience to answer some of the most commonly asked questions by people looking at becoming franchise owners
How will the franchisor help me to establish the brand in my territory?
Most franchisors have a dedicated marketing team that will be able to assist you with the marketing of your business, including advertising, PR, design and POS. They will have experience of opening stores across the country and will be able to provide you with advice of what works to successfully establish your brand. Work with your marketing team to consider the key messages you want to communicate, who your target audience is and how best to communicate with them and tailor it for your location. It is important to regularly evaluate your marketing to ensure you are maximising your spend. There are three important areas to consider when marketing the store – the launch, ongoing marketing campaigns and developing your brand. At Cash Generator, dicated professionals work with the franchise owner to strategically plan how to not only maximise the opening of the store, but continue to establish Cash Generator in the store’s location.
Robin Page, Franchise Director of Cash Generator
Am I able to put my own ‘stamp’ on the franchise by introducing different products or initiatives?
This depends entirely on the franchise. Many franchises offer a service or product that has been standardised across the entire franchise, suppliers and products have been created, chosen and set out for you to use. This does not mean you cannot make changes; however, you may need to contact the franchisor to receive corporate approval before implementing any significant changes to the model. Some franchises are very prescriptive whereas at Platinum Property Partners, we allow our Franchise Partners plenty of scope to experiment with non-critical items and to test out refinements and bring back what works and what does not, so we can share the learning with other Franchise Partners.
Deviation from the key elements of the system is highly discouraged because many years and extensive testing has proven that the model works best the way the franchisor has created it.
Steve Bolton, founder of Platinum Property Partners
Do I need previous experience in business to buy a franchise?
No, the training and ongoing support packages are extremely comprehensive and are aimed at ambitious and dedicated people who don’t necessarily have formal experience/qualifications, the nature of a franchise operation is one where an individual or group of individuals is given the right to carry out a commercial activity under the guidance, and using the systems, and experiences of a franchisor. This means that you buy into an already successful company and have the freedom to run your own business, while benefiting from expert support and procedures set up by the franchisor.
Keith Bradshaw, Director of Certax Accounting Ltd
How will buying a franchise affect my work/life balance?
People want to go into a franchise for two main reasons: cash and work/life balance. The two are inter-related. It’s a fact that self-employed business people and entrepreneurs usually make more money than those employed to do the same job. The difference between running a business rather than swapping your old job with a self-employed one is that the business runs and still makes money when you are away. This means you are not tied to an office, shop or wherever you operate your business because the business continues in your absence, as the proper systems are in place which are easily followed and replicated by others. This is important in maintaining the work/life balance because no-one’s going to complain about having too much cash in the bank, but quality time with your family and loved ones is a bonus as well.
Freddie Rayner, Managing Director of Time For You
I would suggest the key factors when choosing a franchise are:
a) Has the business model been proven? This is really important and there should be an obvious answer to this question when you look at your potential franchise; particularly evidenced in the foundations of the original business.
b) What level of ongoing support is offered by the franchisor? This is a vital factor to consider when starting a new business, so find out exactly what kind of day-to-day support is offered and how it is delivered.
c) How much does the franchise cost and is the figure one that you are comfortable with even with bank funding? Never over-extend your financial commitments when buying a franchise, make sure the money you part with is money you can afford. Franchise costs vary greatly from a few thousand pounds to hundreds of thousands in some cases so choose a level of investment that won’t keep you awake at night. The distraction through the worry of money will not help you run your franchise well. Also remember an expensive franchise does not guarantee higher profits!
Gary Clere, Managing Director of Cargocall