By following a tried and tested business formula and tapping into the training support provided by the franchisor, franchisees are able to avoid many of the risks usually associated with start ups.
However, the real key to success lies in having a clear understanding of the unique relationship between franchisor and franchisee that underpins ethical franchising, and being fully informed on all aspects of franchise ownership.
The British Franchise Association (bfa), the accrediting body for the UK industry and the voice of franchising for over 30 years, sees the provision of educational support for prospective franchisees as a key part of its role, and runs a programme of one-day franchise seminars at various locations throughout the year, which offer an ideal starting point for anyone who wants to learn about franchising.
Client services manager Pip Wilkins said: “Franchising can provide the opportunity you are looking for to start your own business under the umbrella of an established brand and a proven business format. The aim of the bfa seminars is to provide you with enough information to be able to assess whether or not franchising is right for you.”
Starting with the basics, the programme explores the benefits of franchising as a means of starting a business, offering advice on how to identify and assess a potential franchise opportunity. The realities of running a franchise are brought to life by talks from current franchisees, and franchisors who attend the seminars.
Key finance and legal issues, including the franchise agreement and the importance of independent legal advice are also explained with the help of the bfa’s professional affiliate members, franchising experts from the banking and legal sectors, who attend these events.
Becoming a franchisee is a life changing decision, one that will require a huge investment of time, effort and money, so it is important to go into it knowing exactly what is involved and feeling confident that it is the right decision.
Ms Wilkins added: “Franchisors rely on good franchisees, so the more informed prospective franchisees are the better for the individual, the network, and for franchising as a whole. The bfa seminars will help you to properly evaluate your own suitability as a franchisee, and assess the many franchise opportunities that are available.”
For information on dates and venues of franchise seminars and on franchising in general, visit www.thebfa.org