HELP AND ADVICE
FRANCHISING IS A TWO WAY PROCESS
Thursday 01st January 1970
One of the biggest attractions of franchising for those considering it as a route into self-employment is the reassurance of having the backing of a franchisor support team and a well known brand.
However it is a two way process, and while you are busy carrying out research on a potential franchisor, they in turn, will be carefully scrutinising you.
Finding good franchisee candidates is a challenge for franchisors. They need to be certain that prospective franchisees fully understand the proposition, and that they are committed to the agreement and most importantly, capable of running their own business.
In short, ethical franchisors will be asking themselves whether you are good enough to be awarded a franchise.
One of the main reasons for not granting a franchise to a potential candidate is a lack of capital, according to the 2007 NatWest/bfa survey, so you need to know how much you can afford before you narrow down your choices to avoid embarrassment, disappointment and wasted time for both parties.
Most franchise agreements run for five years with an option to renew for a further five, so the franchisor will want to see evidence of your commitment and determination to drive the business forward for the long term.
While the franchisor is there to provide you with the support you need, a successful working franchise relationship is a two-way affair, the foundations of which can often be set at the very early stages of the franchisee recruitment process.
That was certainly the case for Molly Maid franchisee, Simone Berisford-Ince. She said: “My husband was keen to support me and took time out to help me investigate the Molly Maid UK franchise opportunity. We met with senior members of their team, who were very professional and came across as supportive and caring.”
Mrs Berisford-Ince signed up with Molly Maid in May 2001 and started work a week later.
She added: “I have always sought advice from my franchisor when I have needed it and it has always been available.”
Franchisors will also be looking for prospective franchisees who can demonstrate a good understanding of franchising.
Dan Archer, head of marketing at the bfa, said: “Researching the basics before you speak to a franchisor will ensure that the time spent with a potential new partner will be focused on the business and themselves, rather than trying to grasp what franchising is all about.”
For more information on franchising and on details of the bfa’s franchise workshops, call 01491 578050 or visit www.thebfa.org.