The start of your franchise journey is always going to be exciting; new dreams and hopes starting to take shape, but you’ll be excused if you’re also feeling a little over-whelmed. There are many aspects to consider, and the majority of them requiring professional suppliers. Luckily the UK franchise industry has a wide variety of choice, many of whom will be members of the British Franchise Association and have their ethical stamp of approval, which should indeed give you peace of mind, however, that does not help to narrow down the list. This article will help you with what to look for when choosing a professional supplier, to support your new venture.
Franchisor support
Don’t forget that your potential franchisor has a wealth of experience for you to draw upon as well as resources. They can give a list of suppliers that they have worked with personally and provide you with recommendations. One of the benefits here is that they will have helped some of your fellow franchisees and have a good knowledge of the franchise model already. However, they may not have the full picture on funding that might be available; This is a specialist subject and requires an independent advisor who can discuss the most appropriate solutions for you. Also, just because the Franchisor recommends a supplier, that doesn’t mean you have to use them although it is worth considering that many are very well briefed on the specifics of the franchisors business model and will have your best interests in mind, especially if they can provide on-going support once you have started trading. Do also feel free to do your own research and ask around and keep in mind that independence and professionalism are key elements to consider.
Franchisee recommendations
Current franchisees can be a great source of knowledge for many things. From helping you to get a good grasp of the day to day life of a franchisee, to helping to validate a tried and tested supplier. This can be a really great way of sifting through the different suppliers as you can see who actually is worth speaking to. Past experience can really help to show you which suppliers are trustworthy and will help your business flourish.
Testimonials
Sometimes franchisor or franchisee recommendations are not possible. For example a new franchise might not have enough existing franchisees, or it may be too soon for clear data depending on the maturity of the brand. So a good thing to look out for on potential supplier’s websites is Testimonials. These do what they say on the tin, they testify to someone’s character and qualifications. These can be unrelated to your chosen franchise and just help you get a picture of the supplier you may be dealing with.
Get Personal
If all else fails, pick up the phone! Speak to a short list of Professional Services Suppliers and trust your instinct. You’ll know very quickly whether they are the right fit for you and your business.
Call 01793 741600 today or visit our website www.team-dt.com for more advice on how d&t can support your business and to speak with our multi-award winning, bfa-affiliated team of business advisors, funding experts and chartered accountants.
We are official partners of ExCeL London’s International Franchise Show taking place on the 8th and 9th April where we will be showcasing The Finance Clinic. If you’d like to arrange an informal face to face meeting please email us at [email protected] with some outline details and we’ll look forward to getting to know you!
