Investigating the people side of a business is key for a successful franchise, according to an expert.
Anyone looking to start a franchise will know that they need to do their research, but examining company records alone is not sufficient, so says Paul Stafford, a PR Executive at the British Franchise Association.
Writing at bdaily.co.uk, Stafford emphasises the need for a ‘recruitment process’ that enables the individual to interview a franchisor and vice versa.
“It is the process to ensure that both parties fully understand each other and that you are happy with the commitment, systems, support and operations that you are signing up to,” he says.
The expert recommends visiting the franchisor’s office in order to understand how they work and whether this correlates with the information thus far provided. Asking a franchisor about their experience is essential, to determine levels of trust and support. There will also be a close relationship between the two parties, thus being able to ‘get on’ is important.
Next, Stafford suggests getting in touch with other operating franchisees, to gain realistic insight into the running of said franchise: “Speak to as many as possible”, he adds.
Finally, Stafford highlights the need to ‘quality check’ other franchisees. Given that all will be operating under the same brand, all should have the same attitudes to growth and professionalism. The franchisor should be equally concerned with establishing an individual’s suitability with a brand.
Those who think they might require some additional guidance might do well to visit the Franchise Opportunities Live, an exhibition that takes place at the Radisson Blu Edwardian near Heathrow on 7 – 8 September. Supported by the British Franchise Association, the event will feature seminars and some of the sector’s ‘leading franchise experts’ to offer advice and inspiration, according to franchiseinfo.co.uk.