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Posted:13-January-2021

Interview with established franchisee from Bronze "Franchisor of the Year 2017" award winner

Name: Tracy Follows
Location: Staffordshire
Franchise: Expense Reduction Analysts
Date launched the franchise: 2007

Can you tell us a bit about yourself and what you were doing prior to buying your Expense Reduction Analysts franchise business?
I worked for 10 years with a large American conglomerate and rose to National Accounts Director before being headhunted into a board level post within a London-based manufacturing SME. I was responsible for a team of national account managers and £multi-million commercial accounts. My role was all about getting to understand client needs and behaviours to deliver the best service and enhanced relationships. Looking back, this formed solid foundations and helped hone the skills I still use to this day!

Can you also tell us about your Expense Reduction Analysts franchise?
ERA are world leaders in cost management and procurement consultancy. We are trained to offer strategic advice and practical methods which optimise supplier relationships and generate cash.

Why did you go down the franchise route? What made you choose the cost reduction industry? And why did you choose an Expense Reduction Analysts franchise?
I’d looked at starting my own business, buying a business and franchising, as possible options. Almost all the businesses I looked at buying seemed overpriced and when it comes to starting a business, there are always gaps in what you know, no matter how multi-faceted you are. I looked at the failure rates of a go-it-alone start-up versus a franchise business – 80% compared to 4% – and that really convinced me to go down the franchising route.

For me, ERA ticked all the boxes. The concept made sense and I could see how it could have applied to the organisations I’d worked with and for. I really liked that no-one just gave me the flowery version, they explained the challenges as well as the benefits. You mistrust people that paint the rosy picture and nothing else; ERA didn’t do that. I also spoke to franchisees who worked in the sector I’d come from and I was impressed with their knowledge and excited about the prospects!

What training and support did you receive initially and ongoing?
New franchise partners undertake a tailored 5-week course consisting of classroom and hands-on learning at the ERA Academy.

The training was excellent and I know it’s changed to be even better now. In the early days, I probably drew more on the support that was available but even now, the great thing about the network and group office is there’s always someone there to support you. You don’t get that in your own business.

Has becoming a franchisee changed your life, if so how?
I love the flexibility that the business offers: we’ve just come back from a month in Spain and yes, I still worked remotely but was able to schedule meetings before we went and follow-ups for when we got back. I actually acquired an important client while we were there!

ERA really does give us a great lifestyle. We’ve got a big old barn that we’ve converted and done a lot of work on the interior and styling which I love doing! But whether it’s working on the house, being able to walk the dogs in the sunshine, spend time with friends or just be spontaneous and take a day trip here and there; day-in, day-out, what the business allows us to do is truly brilliant.

What are your plans for the future?
Re-signing another 10 year franchise agreement was a no-brainer. There was never a question that I wouldn’t resign, I’m not ready to retire and I don’t want to do anything else. I know that I can slow the pace down a little if I ever decide that I want to but for now, expect more of the same! The business has grown year-on-year, and the last two years have been exceptional. The work is varied, the people diverse and I thoroughly enjoy what I do.

Would you do it again?
I love being in charge of my own destiny and having the flexibility to really make the most out of life. It’s gratifying to get out what you put in and know that you’ve built something you can be proud of. It’s one of the best things I’ve ever done, I wish I’d done it sooner.

 

Interested and want to know more about Expense Reduction Analysts?

The Expense Reduction Analysts basic profile outlines aspects of their franchise opportunity

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