Business Franchise Directory of Franchises 2008/9
The A-Z of franchising
New to franchising? Then here’s a starter’s dictionary of everything you need to know.
Compiled by John Bensalhia
A is for ADVICE good fortune to have received money from a lottery win or
When you first start out in franchising, you need advice. an inheritance, or you may be very rich anyway. In the real
Whether it’s advice on finance, choice or suitability, it’s world, though, most of you are going to need to head to
time to find answers in order to get the best franchise the bank to try to get a business loan. There’s a separate
that you can. So seek out advice from all quarters. section in this book about places to go for finance (and
Speak to banks, franchisors – either on the phone or at advice about it), but needless to say, there are ways of
exhibitions - and also friends and family, who may have getting the money that you will need for your franchise.
some business experience. Also read up: As well as
this Directory’s list of affiliate members of the bfa, read G is for GAINS
Business Franchise magazine and books on franchising Many gains can be had in franchising: Independence,
as well as individual franchisors’ pamphlets and websites. profitability, recognition and possibly working from home, to
name a few.
B is for BRAND
One reason that franchising is so popular is because it H is for HELP
involves a brand name that people recognise and respect. Wherever you turn in franchising, there is always help for
The result? A high chance of returning profit. The next you. Right from the outset, there is training, which can carry
time you go for a walk, make a note of the companies on after the initial course. There is ongoing support in the
that you see in this catalogue – not just in the high street, form of telephone teams, websites, and of course, the vast
but on advertising billboards and transport livery. networks of franchisees. It’s like being part of a big family
that helps each other if ever there are problems at work.
C is for CONTRACTS
Franchising isn’t your standard 9-5 job where you can I is for INDEPENDENCE
leave after a couple of years. Mostly, the franchise Finally, you can achieve the independence that you have
contract says that the minimum term is five years. Make sought. While you are still, in effect, working for someone,
sure that you read the contract with a fine toothcomb to you still have a far greater degree of autonomy than if you
make sure you are happy with all procedures, and also were in an ordinary job. You have the chance to run your
be prepared to be in this business for the long haul. own business, either by yourself or with a well-chosen
team. Either way, it’s a chance to be your own boss.
D is for DEFINITION
So, what does franchising mean? Well, my unofficial J is for JUGGLING
definition of (business format) franchising is: A company Having trouble juggling your work and family commitments?
that grants the right to trade under its trademarks and With a franchise, this becomes easier, as you can plan your
business system with a licence. working hours to meet your needs. So with a franchise you
can get that quality time back with your loved ones.
E is for EXPERIENCE
Experience can be a double-edged sword. While some K is for KUDOS
companies require experience in a particular field, others How many times do you receive feedback from your
don’t mind. In fact, franchisors like to train franchisees boss, or praise? Not that many I’ll bet – so much so that
up in their own way, so a potential with experience may sometimes you feel you might as well be replaced by a
have pre-conceived ideas about how the franchise works mop on a stick. One thing that franchisors are very good at
that are at odds with what the franchisor wants. So if you is giving credit where credit’s due. Awards are handed out
want to go for a franchise, but are put off by a lack of for strong performances, and there are other incentives too.
experience in that field, don’t worry: you may still qualify.
L is for LIMITS
F is for FINANCE Know your limits with franchising. It’s a mistake to punch
The most feared category in this list. You may have the beyond your weight whether it’s in finance (borrowing more
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