Why choose a bfa franchise opportunity
The decision to become a franchisee is not an easy one and the necessary research must be carried out to determine whether this is a route you think will bring you what you’re looking for, whether that be financial security, fulfilling entrepreneurial ambitions or achieving better balance between work and home.
Deciding to become a franchisee is not the end of making tough decisions, however, as now you have to find a franchise that suits your personality, passion and skills.
That’s where the British Franchise Association (bfa) can help you. Formed in 1977, it’s the non-profit trade association for ethical franchising in the UK, providing guidance to prospective franchisees as to what ethical opportunities are available, and offering impartial advice every step of the way.
Membership to the bfa is voluntary, meaning that franchisors and professional advisers put themselves forward for close and careful scrutiny, which demonstrates their commitment to investing in an ethical and sustainable business model.
Franchisor membership involves accreditation against a strict set of ethical criteria, which primarily relate to four areas:
- Their franchise agreement
- Support and training offered to franchisees
- Full and fair disclosure of relevant information to prospective franchisees
- Proven financial sustainability
It’s not as simple as brands buying a badge - many companies are turned down for membership each year because they are unable to pass all the processes required.
For this reason alone, franchisors should take pride in being able to display the bfa membership logo as it is a kite mark for ethics, standards and credibility and proves that the industry’s standards body has examined the business’s franchise model, and confirmed that it operates ethically and for the sustainable benefit of its franchisees – something that can offer prospective franchisees peace of mind when looking to invest their money.
This also means that it’s looked upon favourably by banks who work closely with the association. They understand the requirements for membership as well as the high success rates in franchising, so may loan up to 70% of the investment.
The bfa understands that investing in a franchise is not easy. It’s a serious commitment and one that might have financial and stressful repercussions if not done without the proper research and guidance. With our accreditation processes and commitment to education, we hope to make the journey smooth and enjoyable.