What makes a good franchise
What makes a good franchise
Preparation in order to help you make an informed decision is key, so a checklist of questions should be drawn up so that you are confident the franchiser will be reliable and help you to operate a successful business.
There are a number of areas to examine when considering a franchising opportunity. The financial security of a franchise is an important consideration, along with how well it has done so far, its reputation, why the company went into franchising, whether a comprehensive training scheme together with supporting manual will be provided, as well as whether it can help you to obtain funding to start up.
Potential franchisees are also recommended to speak to the company's existing franchisees to find out what their experiences have been. Good franchisers should allow free access to its network of franchisees.
Doing this will enable you to find out how people who work for the franchise are treated, whether they get enough support and if their opinions are valued.
However, what existing franchisees tell you about their experiences should be regarded in the right context – bear in mind that if things are not working out well for some franchisees it could be – at least in part - their fault, so it does not necessarily meant that you will have a similar experience.
Another factor to watch out for is whether a franchise has joined up to a national franchising association or the US-based International Franchise Association. These associations are self-regulated and franchises are accredited based on a range of criteria.
For example, the British Franchise Association (bfa) says that its members have shown and will show important characteristics, evaluated on a set of criteria based on the European Code of Franchising Ethics, in order for them to receive bfa accreditation.
As such, bfa-accredited franchises are "viable and franchisable", an aspect that has to be proven through success experienced by the vast majority of franchisees over an extended period.
The operations of accredited franchises will be conducted in an ethical way and within the framework of a comprehensive franchise agreement.
Disclosure of financial and directors' records, financial projections and the identity of existing franchisees is also an important condition franchises need to adhere to in order to qualify for accreditation.
Once accredited, franchises will need to maintain their standards, as the bfa re-accredits franchises on a regular basis.
The final thing to consider before signing on the dotted line for your franchise is the small print of your franchise contract. Ensure that your agreement is a balanced document that protects both your rights and those of the franchiser. When in doubt, consult a legal adviser first.
In the end, the franchise collaboration should benefit both parties, so clear communication is important from the start.
What makes a good franchise - To learn more about this author, visit Diarmuid Kieran's Website.
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Selecting a franchise to work for is a tough decision, but doing your homework and looking into what the franchise has to offer will help to separate the good ones from the bad.
Preparation in order to help you make an informed decision is key, so a checklist of questions should be drawn up so that you are confident the franchiser will be reliable and help you to operate a successful business.
There are a number of areas to examine when considering a franchising opportunity. The financial security of a franchise is an important consideration, along with how well it has done so far, its reputation, why the company went into franchising, whether a comprehensive training scheme together with supporting manual will be provided, as well as whether it can help you to obtain funding to start up.
Potential franchisees are also recommended to speak to the company's existing franchisees to find out what their experiences have been. Good franchisers should allow free access to its network of franchisees.
Doing this will enable you to find out how people who work for the franchise are treated, whether they get enough support and if their opinions are valued.
However, what existing franchisees tell you about their experiences should be regarded in the right context – bear in mind that if things are not working out well for some franchisees it could be – at least in part - their fault, so it does not necessarily meant that you will have a similar experience.
Another factor to watch out for is whether a franchise has joined up to a national franchising association or the US-based International Franchise Association. These associations are self-regulated and franchises are accredited based on a range of criteria.
For example, the British Franchise Association (bfa) says that its members have shown and will show important characteristics, evaluated on a set of criteria based on the European Code of Franchising Ethics, in order for them to receive bfa accreditation.
As such, bfa-accredited franchises are "viable and franchisable", an aspect that has to be proven through success experienced by the vast majority of franchisees over an extended period.
The operations of accredited franchises will be conducted in an ethical way and within the framework of a comprehensive franchise agreement.
Disclosure of financial and directors' records, financial projections and the identity of existing franchisees is also an important condition franchises need to adhere to in order to qualify for accreditation.
Once accredited, franchises will need to maintain their standards, as the bfa re-accredits franchises on a regular basis.
The final thing to consider before signing on the dotted line for your franchise is the small print of your franchise contract. Ensure that your agreement is a balanced document that protects both your rights and those of the franchiser. When in doubt, consult a legal adviser first.
In the end, the franchise collaboration should benefit both parties, so clear communication is important from the start.
What makes a good franchise - To learn more about this author, visit Diarmuid Kieran's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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