In this month’s column for Elite Franchise, Dorian Gonsalves, chief executive of the Belvoir Group, says franchisor and franchisee must feel comfortable with each other’s expectations and aspirations.
Franchising has proved itself to be a very successful business model and a popular choice with many budding entrepreneurs who want to become part of an established and trusted high street brand. However, with so many different types of franchise available, choosing the right one can often seem like a daunting prospect.
The fact that your research has led you to Elite Franchise suggests that you are searching for the right opportunity. Therefore this month, I thought I would provide some pointers as to what a franchisor, such as Belvoir, will look for in a potential franchisee. It’s also important for me to mention what prospective franchisees should consider before committing to what will be a life-changing investment.
The first thing to remember is that franchising is all about the relationship that develops between franchisor and franchisee. Both parties need to feel comfortable that their expectations can be realised, and their aspirations can be met. The ability to demonstrate ambition, entrepreneurial drive, dedication and a genuine interest in people, are all high on our list of requirements.
At the Belvoir Group, as with many other franchises, when people enquire about joining one of our brands, they will initially speak to a member of the administrative team. The budding business partner will receive a marketing brochure, and will engage with a member of staff who will explain how the process works. The potential franchisee will also chat about their plans for the future and what they are looking for in a franchise business.
When people have had time to read and digest the brochure, we then encourage them to attend one of our Discovery Days. A Belvoir Discovery Day is not a sales meeting, but rather an opportunity for people to find out more about us. Because some potentially sensitive, confidential information will be revealed, we always ask visitors to sign a non-disclosure agreement prior to attending. I believe this is something that most franchisors will request.
If you have a real passion for your chosen business this will undoubtedly contribute towards its future success. Previous experience in your chosen field may not be necessary, if full training and support is provided. And this is certainly the case with all the brands within the Belvoir Group.
At present, Belvoir only sells ‘hot start’ franchises. This is either the resale of an existing Belvoir business, or assisting the purchase and rebranding of a currently functioning independent business within a chosen territory. Hot starts have the advantage of allowing franchisees to begin working within a business that is already up and running. These outlets have staff members already in place and therefore familiar with how the business operates.
In pre-Covid days, potential franchisees would usually be invited to attend a meeting at Central Office. This is a great opportunity to meet team members, assess the support on offer, and find out details of exactly what is involved, plus the amount of investment required.
Belvoir‘s Discovery Days are currently held via Zoom, and you can expect the meeting to last for up to two and a half hours. This might seem lengthy, for a first encounter, but there is a lot to cover. We start with the concept of franchising, taking you through all aspects of what this entails. We discuss support, training and opportunities that are available.
These include marketing, IT, auditing and expansion opportunities for future growth, as well as consideration of an exit strategy when the time is right. When you meet with any franchisor there should be plenty of opportunities to ask questions. At the end of the meeting, potential franchisees should go away feeling that they have all the information they need. Those who ‘attend on Zoom‘ will also be able to talk to some of our existing franchisees. These men and women are happy to meet and chat with budding Belvoir business partners who may be seeking advice on how to source financing.
To recap, if you are considering buying a franchise, do your research, make a list of franchises that interest you, research the territory you would like to operate in, request marketing information, and read this carefully. In addition, check how long the franchise has been operational, and if the franchisor is a full or part member of the British Franchise Association. If you get the opportunity to speak to other franchisees about their experiences, take it. These are just some of the essential first steps on finding a franchise that can offer you an exciting and life-changing business opportunity.
About Belvoir Group brands
Belvoir (established 1995): Historically a lettings franchise, Belvoir now offers both sales and lettings services and has nationwide coverage.
Newton Fallowell (established 1999): This network is a leading property brand across the East and West Midlands.
Northwood (established 1995): Started as a specialist lettings franchise but now offers both sales and lettings.
Lovelle (established 2006): Was originally a single office estate agent in Grimsby which became a franchise network 14 years ago, primarily offering sales.
Note: The Belvoir Group also own Brook which was established in 2010. Brook trades as the largest appointed representative of the Mortgage Advice Bureau (MAB), which is one of the UK’s leading networks for mortgage intermediaries. Brook manages a team of 48 mortgage and financial service advisers from their base in Barnsley, and has a network of 118 advisers who are primarily located in south Wales, the south west and the Midlands.
