I read 2 great posts about franchising by Pippa Middleton on the Business plus Baby site from Helen Lindop. It made me realise that perhaps people need more information about franchising and why it may be preferable to starting out on your own. In the first of the two posts Pippa looks at her top five reasons to consider buying a franchise. I have looked at them from the Smart Talkers Pre-School Groups franchise perspective:
- Greater financial certainty: We have a tried and tested format of working. Yes we have made mistakes along the way and learned from them. You don't have to make the mistakes because we did. We have tested it out, we know what works and what doesn't. Obviously nothing can be guaranteed 100% but you can see how we have achieved it. We also did a pilot that was separate to the first groups to make sure it was the groups that worked rather than the personalities involved here. These financial books are available so you can see the necessary outlay and also the income.
- Business support and training: Starting off on your own is a huge step and not one to be made lightly. There is so much to learn that this can be very time consuming. We are here to help with that. We work on your business plan together, not just the piece of paper you might need for the bank bur a real action plan with timescales. We then make sure you are keeping to the schedule that you have set yourself to support you all the way.
- A recognised brand and business model: Pippa says 'it takes most companies many years and a big budget to build a reputation. By buying into a franchise you are piggy-backing on a brand that has national backing giving your business kudos and credibility. As well as a brand, you are buying a business model or way of doing business'. We have a detailed manual and session plans so you can get on with things straight away.
- Easier route to financing your business: We offer a payment plan for successful franchisees so this is less important with us.
- Franchisee support network: We have a team approach so that you can talk to others in the same position. Annual training days are planned and an on-line forum for franchisees.
I will look at her second post in relation to what we do next time.
See www.smarttalkers.org.uk for more information