Delving deep into franchising: The truth about a Discovery Day
In line with the British Franchise Association Guidelines we look at what Discovery Days actually entail, what information you should receive, how we (at TaxAssist Accountants) conduct them and what the next steps are after a Discovery day. Read more..
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The cost of buying a franchise by David Williams Q.F.P. The Royal Bank of Scotland
Figuring out how much a franchise will cost can seem like a daunting task.
For a start, there are several different types of cost to consider. Not all of them will apply to an individual franchise, while some will be higher or lower depending on the type of franchise you’re interested in.
However significant research, advice and information gathering will make matters simpler and it’s vital to take the time to do this rather than rushing head first into a franchise purchase.
The UK’s franchise sector has never been in better health; overall revenues, employment and numbers of franchisees all rose throughout the recession, while other parts of the economy struggled. With business confidence and growth now firmly on the rise, franchising can be expected to continue its substantial forward trajectory, which makes it a great time to get involved.
It’s also a sector that has nearly double the rate of female ownership (30 percent) compared to all other UK SMEs, and one that is a statistically safer route to self-employment with its model of ongoing support and established ways of doing things.
Those factors help make it perfectly suited to family life, with more and more parents taking on a franchise after starting a family.
I delivered a talk a few days ago and was asked the question “is there any one marketing tactic that you recommend?” My answer was an unequivocal no. Alas there is no one marketing miracle at the rainbow’s end that will somehow transform the fortunes of your business with an army of people lined up and keen to do business with you.
But, you can compress the decision-making process of prospects in the following simple ways: