Are you considering buying a franchise but unsure where to start and how to proceed?
There are organisations that specialise in providing prospective franchisees with a wealth of information – from selecting a franchise to creating a franchise business plan – they have it covered.
At Reed Commercial we are always providing news and information about the franchising world to help you get to grips with in the ins and outs of the industry. Many – if not most – franchisors will accept a franchisee with no previous experience in the franchise field or in the business world. This is because franchisors generally provide a “pack” or franchise operation manual, with everything you need to get your business up and running. It is in a franchisor’s best interest for your franchise to succeed as ultimately, both parties are working towards the same goal of creating a successful sustainable business and brand.
With so many franchises to choose from, how do you know which model and business will suit your goals and lifestyle? And once you’ve selected a franchise, where will you and your business be in one, two or even three years time? A great way of finding answers to all these questions is by consulting with franchise industry experts.
We have compiled a list of three reliable franchising organisations that we trust and recommend.
1. Franchise Finance
Located in Oxfordshire, Franchise Finance offers services to both franchisors and franchisees. The company has an outstanding success rate of over 95% in raising business finance.
One of the services offered by Franchise Finance is helping franchisees prepare business plans. With a clear strategy, franchisees can set their goals and measure their progress. And in case you are already in the franchise market but are worried that your business is not performing as well as you would like, Franchise Finance can also offer you a Business Health Check Service. They examine your business extensively in all its areas, financial and non-financial, and come back to you with a full SWOT analysis and action plan. And if for any reason you are looking to sell your business, they can also provide help getting your business ready for the next buyer. Franchise Finance work hard to provide support every step of the way and this award winning franchising organisation will put you on the road to success.
2. EWIF – Encouraging Women into Franchising
Run completely by volunteers, EWIF is a not-for-profit organisation with three core aims; to encourage women to consider buying a franchise; to encourage female business owners to franchise their existing operations and to help franchisors attract more women into their networks.
According to a survey promoted by NatWest/bfa in 2015, only 23% of the UK franchisees are women and, in the last two years, of all the new franchisees in UK, only 17% were women. EWIF aims to change this, by bringing more women into the franchise market. They do not charge for their services. EWIF members pay a small annual membership fee and can enjoy a range of services, including support phone calls and mentoring. They promote regional and national meetings and also an annual award ceremony, celebrating women’s success in the franchise world as well as encouraging other women follow the same path.
If you are looking to meet with like minded invididuals then get in touch with EWIF via phone or arrange to attend a regional meet.
3. Smith & Henderson
Still trying to find the right franchise you but unsure which brand to trust? Many franchisors are keen to sell the benefits of joining their franchise network and are keen to provide potential buyers with testimonials from the most successful franchisees in their business.
If you are looking for an objective overview that takes an array of opinions into account then Smith & Henderson’s Franchise Satisfaction Benchmark programme is a great place to start. The programme recognises and measures how satisfied existing franchisees are with all aspects of their franchise system, from initial training provided, the competitiveness of the products/ services and communication with their franchisor.
Over 100 franchises have taken part in the programme which involves sending a survey and collecting anonymous feedback from thousands of franchisees. Franchises with excellent scores are recognised with a 5 Star Franchisee Satisfaction Certificate. To help you find the perfect franchise, be sure to look out for the certificate on the franchises’ website. Alternatively, take a look on the Smith & Henderson website, to see a complete list of excellent franchises.
We know buying your own franchise might sound scary, but above all, it is exciting. If you’d like to know more about being a franchisee, take a look at our six part guide to franchising.Tags: ewif, franchise, franchise finance, henderson, smith