December is upon us and for some of you reading this article you may be coming to the end of a tricky year at work – maybe you’ve decided you want to regain control of your life, choose your own working hours, invest in yourself for a change? Great decision: now let’s help you work out if franchising is for you.
The BFA (British Franchise Association)
As the guardians of franchise standards in the UK since 1977, the BFA is not only here to vet our member’s businesses to ensure they meet our strict standards for ethical franchising, but also to help you make the right choice. Franchising isn’t for everyone, so do your research well.
Your first port of call should be our website, to read articles [1]about how to buy a franchise safely, swiftly followed by completing our online ‘Prospective Franchisee Certificate’[2] which gives you everything you need to know, from questions to ask the franchisor, to what it means to be a franchisee and finance options available.
For franchising to work, certain ingredients are needed, on both sides, so stay with us as we shoehorn this rather heavily laboured metaphor of a person’s character traits being like the ingredients in a Christmas pudding, to see if you’ve got what it takes to be a franchisee.
Financial readiness – “weighing up your ingredients”
It’s important to have done your research before you turn up at your franchisor’s door asking to buy one of their franchises. Have you thought about how you are going to fund the purchase? Will you be looking for a bank loan or using personal savings? There are many routes to financing your purchase and supporting your lifestyle for the first 12 months while the business establishes itself, so work out how much money you’re going to need, so you are approaching the franchisor from an informed position.
Commitment – “the base mix”
Franchisors are looking for people who are ‘all in’ on their investment. Willing to learn and work extremely hard to build a great business. Choose the right franchisor and they will give you every ounce of support you need to succeed because ultimately, your success is their success. Everyone has ‘skin in the game’ and a committed franchisee is a huge asset to their network.
Positive attitude – “a spoonful of spice”
It’s no surprise that the most successful franchisees are those that are close to the centre of the network, always on the phone to the franchisor, offering to take part in trials, to give feedback and make suggestions, offering to mentor new franchisees and talk to the press if required. If you’re going to buy a franchise, get stuck in. Don’t hang back waiting for someone to ask – offer and be that positive shining light that businesses crave.
Following the system – “the family recipe”
The franchise model is everything. It is the bible you take to bed with you at night. The rule book you never put down. Without it the franchise would just be a few people running vaguely similar businesses. Can you imagine if a Burger King franchisee didn’t make burgers or shakes exactly the way the system told them to? Chaos. Utter chaos and the decimation of the brand. If you don’t think you’ll be able to follow the franchise model, then walk away now.
Community Connection – “stir in extras”
A McDonald’s franchisee in Manchester is the perfect example of community involvement. While he is busy running 11 restaurants and employing over 800 staff, he also makes time to sit on the Manchester Crime Prevention Board, is deputy chair of the Manchester City BID and chair of its Finance Committee. He offers work experience through WeMindTheGap and supports the charity BIG Change for homelessness in Manchester city area. He is also on the board of Governors for Manchester House. And on and on and on. This is what gold-standard community involvement looks like. Get involved, be known, be seen and do good.
Tenacity – “keep mixing”
This one attribute will probably get you further than all the degrees and qualifications in the world. The ability to stick to it, even when times get tough, will be your greatest strength. Ask your franchisor for support, get your head down and push on.
Willingness to learn – “low and slow cooking”
This one almost dovetails with ‘Follow the System’ above. If you aren’t willing to learn and you aren’t willing to follow the system, then franchising isn’t for you and will probably end in disaster.
One anomaly of the franchising world is that franchisors would almost prefer you didn’t have experience of the sector you are going into, so they can teach you ‘their’ way. If you come in with too many preconceived ideas, it could hamper your learning curve and ultimate growth. Leave your ego at the door and settle down to some ‘chalk and talk’ while you learn how to run the business the way franchisor has, for many years. These lessons are what you are paying for; the ‘cheat sheet’ on how to run a successful business.
Good communication – “keep checking to see if it is done”
We don’t mean communicate with your clients, let’s take that as a given; we mean communicate with your franchisor. You should be in constant contact with your franchisor and reviewing your ops manual regularly for the first couple of weeks and months. You are paying for their training and support, use it. Every single franchisor would rather hear from you 10 times a day to begin with, than never and you make a mistake. It is imperative you keep talking to the head office team as you build your new business. They’ve done this before. They know how much help you will need. Take it.
Brand respect – “store carefully”
Franchises are built on the respect of the brand, both nationally, locally and sometimes internationally, so it is imperative you respect it too. If you have a problem, take it up the chain, talk to your franchisor, never publicly. Protect your brand. Treasure it. Respect it.
Sense of humour – “a splash of brandy”
Running your own business is going to have its challenges, of course it is; if you can approach difficult customers, service delivery problems and staffing issues with a ‘can do’ spirit and a great sense of humour, it will make life so much easier for you and everyone around you.
Franchising can be one of the most rewarding ways to take control of your future – if you have the right ingredients. For more information about buying a franchise visit www.thebfa.org
[1] https://www.thebfa.org/what-is-franchising-invest-in-a-franchise/
