One of the key benefits of joining a franchised business is the training and support provided by the franchisor. It’s one of the major reasons franchised businesses are a much safer option than going it alone. According to the most recent bfa Nat West survey, fewer than 1% of franchises fail each year. By stark contrast, figures suggest that about 60% of non-franchise SME startups fail within five years.
Pre-start support
Support from the franchisor should begin way before you commence trading – to help you decide if the franchise is right for you (and you’re right for the franchisor). This should include meeting several head office staff (key support staff) and talking to / meeting franchisees in the network. This will help you work out if the ‘fit’ is right for you – do you have the right transferable skills, and will you enjoy the role?
Before you commit to anything, you should also expect practical help and advice, including, for example, with financial planning, funding the purchase of the business, finding and fitting out premises, and understanding the equipment and the staff you will need. You’re likely to sign a franchise agreement lasting for several years (5 years is common), so undertake your due diligence and don’t be rushed into your decision.
Initial training
Before your new franchise business starts trading, you will need to complete the franchisor’s initial training program – to give you the basic skills and knowledge to operate your business. The length of training will depend on the complexity of the business, and it could range from one week to many weeks. This could take place at the franchisor’s head office, out in the field, and online. Most franchisors seek franchisees with transferable skills rather than specific previous industry knowledge, so expect to learn about the sector you are joining, as well as rules and regulations you will need to follow, and the culture and reputation of the business you are joining.
The initial training will depend on the sector but expect it to include sales (how to win and retain customers), marketing, business and IT systems, finance (e.g., commercial pricing), and much more.
