Business Franchise Directory of Franchises 2008/9
You’re hired!
With a fruitful career at stake and a big profit into the bargain, finding the money
for a franchise is a bit like completing a series of tasks for ever-popular TV show
The Apprentice. Sir Alan Sugar couldn’t make it, so John Bensalhia steps into the
breach to hire and fire…
TASK ONE get you through the initial phase of your
Your first task is to draw up a business plan. If franchise, then not only are you out of
you don’t have the relevant money, then you need touch with the real world, you will also
to present a convincing business plan to a bank. be distracted by financial worries,
The plan should include a detailed synopsis of which will affect your franchise,
your financial needs for the franchise, market and ultimately, any future
analysis, management plans and a marketing chance of getting a good
strategy. Include the necessary figures to prove profit. You’re fired!
that the money lent to you will result in you
paying it back successfully. Of course, the THAT’S WHAT I’M
added bonus of this is that the business plan TALKIN’ ABOUT!
will be clearer to you – you will have a greater With enough savings
understanding of the costs involved, including the or a regular source
initial set-up charge and any fixed costs. of income, you can
ease your mind
YOU’RE FIRED! about entering
A sloppy, poorly put together plan means that into franchising,
you are out of this game already as you will and making that
never convince a bank manager to lend you the initial phase
money. No money: No franchise. You’re fired! a little less
difficult. Move
THAT’S WHAT I’M TALKIN’ ABOUT! onto the next
A detailed, well presented business plan looks stage.
convincing enough to a bank manager and
gets you through to the next stage of your TASK THREE
application. Task three
continues the
TASK TWO soul-searching
Your next task brings you back to the real world. theme by assessing
To be a shrewd businessman or businesswoman, your strengths and
you must be prepared for the worst-case weaknesses, plus your likes and
scenario. Franchises, unfortunately, do not take dislikes. One of the issues with
off instantly, so you must have a sufficient money is that it’s all too easy to take
amount of money to get you through those first the cheapest route possible. If there’s a franchise
few months. For example, get yourself a part time well within your financial scope, it’s tempting to
job or dip into any savings that you might have. go for, but what if you either dislike the type of
business or lack the knowledge for it? Write down
YOU’RE FIRED! your likes, interests and strengths, and relate it to
If you don’t have enough backup money to the franchise companies available.
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