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Posted:13-January-2021

Exclusive interview: Franchising makes business sense

Name: Jeremy Wasden
Location: Uxbridge, Middlesex, West London
Franchise: Belvoir

Tell us a bit about yourself and what you were doing prior to buying a franchise business?

I’ve enjoyed a varied career. Starting my working life with Lloyds Bank, I then worked in marketing for a food manufacturer which led me to working in retail for a number of years as a merchandiser for head offices working in businesses such as BHS, Past Times and The Entertainer.

However there was never any doubt at any stage my goal was to work for myself. I always wanted freedom, responsibility and the chance to build an asset in the business value on top of taking a salary.

Why did you go down the franchise route? And why did you choose your franchise?

I recognise the chances of business success are enhanced with a franchise over going it alone. Moving to a new industry it makes sense to rely on someone with a track record to provide the tools to success.

When deciding on the franchise I thought about the process in three steps: What business model works for me? Which industries provides that model? Which company is the best franchise partner in that industry?

I wanted a business model with regular revenue streams where I could build up an income over time rather than being reliant on single sales all the time. I thought about temp recruitment, lettings, estate agency and a couple of other areas but settled on lettings.

My dad sold plastics to the same customers for twenty years plus and some of them became like extended members of the family. So I also wanted a business where I could also build up long term working relationships with people rather than a fast buck “Kiss Me Quick” business. That was never going to be an approach I was comfortable with.

I did talk to a number of other franchisors, went to exhibitions and spoke to franchisees of Belvoir and other companies. I visited about half a dozen franchisees and learnt a lot from them all.

From there I chose Belvoir who, in my mind, are far and above the best franchisor in this field in the UK. I followed Belvoir for many years and they were foremost really due to the brand, business strength and ethics. I’m not trying to persuade readers of whichfranchise.com of the merits of Belvoir specifically – more that you have that level of confidence and enthusiasm in the franchisor you pick to work with.

How did you raise the finance?

For years my aim was to work for myself so I set aside the money to achieve this. I also had support from close family.

What training and support did you receive initially and ongoing?

Two weeks training at Grantham partially on business management, but mostly focused on the lettings process. After training I took industry recognized Association of Residential Letting Agents qualifications without further courses being needed – so it was pretty thorough.

What is a typical day for you as a franchisee?

Is there such a thing? It will centre on the office but going out to see prospective new tenants at viewings. Meeting new landlords at their properties and responding to maintenance issues.

The office work has two focuses running of the business and marketing to generate more customers.

What challenges have you faced?

Most of the challenges have been around lettings rather than running a business. So often come in the form of leaks at properties or questions around a tenancy or taking over management of an existing tenancy.

Problems of this kind are the reason I became a franchisee. If something is challenging me I can talk to Belvoir and get good advice on a resolution. Even if I have not had an issue, one of the other 160 offices is likely to have had it.

It’s great to talk to other offices about matters arising or just a quick catch up.

Winning new business is always the biggest challenge but we are growing steadily.

Has becoming a franchisee changed your life, if so how?

The hours are certainly longer and that has an impact on the family so this is not a decision without consequences. I work six days a week, often into the evening but I don’t work Sundays. I’m not religious but a day clear of work is positive for me, the family and ultimately the business.

I am happier in my work than I have ever been before. But just remind me of that though the next time I get a call about water coming through a ceiling…

What is the most invaluable piece of advice you could give someone looking to buy their first franchise?

Businesses fail because they run out of money. Start with as much money as you can. With a reliable franchisor you should be able to nail costs on your cashflow a year or so out. The amount of sales you do is an unknown county. More cash allows you time to learn, make mistakes and find out what you do best in your franchise so you make money.

What are your plans for the future?

Continue to establish Belvoir in Uxbridge and either invest in more staff to expand the lettings side or open up the business to property sales and full estate agency. A delicious set of options I’m enjoying mulling over. The opportunity to make decisions like that is one of the reasons I became a franchise owner.

Would you do it again?

Yes I would. I’d try to avoid the mistakes I made, but I might find others to make! With the industry experience I have I would still franchise with Belvoir, not least because being part of a larger network has brought be a number of valuable referrals I wouldn’t otherwise have had.

Interested and want to know more about Belvoir?

The Belvoir basic profile outlines aspects of their franchise opportunity

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