Franchise, or any other Business Idea

Discussion in 'Jobs (Discussion)' started by Murielson, May 29, 2003.

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  1. The inevitable will happen within the next couple of years and wondered if anyone had seriously looked at the Franchise market on heading into Civ Div.

    The idea of getting out of the mainstream ratrace appeals even tho' I know the self employment thing can be pretty intense. Never really have a better opportunity to start out on your own than with £50k or so in the bank.

    All experiences concerning franchise or any other business ideas welcomed.
  2. How do you get a small fortune?

    Start with a large one and go into franchising  :-/

    Seriously though, the first question to ask is....

    1.Do you have a hobby, which you really enjoy and do you know people who share the same hobby?

    2. Always always always pick a business that interests you

    3. Do NOT go into partnership, unless the other person is bringing in top expertise , and is as dedicated as you. it doesn't matter how much dough they have, they can always pull it out

    4. Is the wife/girlfriend/partner as keen as you are, it makes a difference.

    5. Talk to the Missus, women have a shedload of commonsense.

    6. research, research research. Think you have a top idea? A quick google search may reveal you're the last one on board.

    7. Finance. Only invest what you can afford to lose, do not EVER take a loan out against the house

    8. Line up potential customers, before you even go to the bank , if you require additional finance. I started a company, based on investment from a former client of a firm i used to work for.

    9. Use any skills the Army has taught you, and SPECIALISE. I specialised in the Eastern Bloc, taking software into Poland Czechoslovakia and Hungary before the wall came down. Mind you, if I had done Sat Dishes and Decoders , which was what they were all screaming for, I'd be incredibly wealthy.

    10. Stick at it. There will be times when you want to sack it, but you have to keep going. Live on the bare minimum you can, knock doors in all weathers , just keep going. Remember, the less you spend, the quicker you recoup. Use as many free or low cost resources you can

    11. Look up GRANTS and cheap loan schemes available to ex-forces personnel, you don't have to go to the bank, and you need to preserve your core lump sum as much as you can.

    12. Be flexible. Your first business idea, may not be a flyer on it's own but, something may offshoot from it, that proves to be more lucrative. Be prepared to scrap your carefully prepared business plan, espcially if more than one of your potential clients is asking for the offshoot.

    12a. Stay the hell away from the "Franchise Opportunities" advertised in Exchange and Mart, Daltons, and the Sunday Times. If the idea is really such a money spinner, they sure as sh1t, wouldn't be advertising for you to come and share in their success. Ask yourself a question. If your idea was 24 carat, would you be sharing it with anyone?

    Hope that helps

    • Like Like x 1
  3. Go to the Franchising Exhibition in Earls Court (in March I think?!) and seek advice there....I'll be there :)
  4. PartTimePongo says

    PTP is spot on.

    I took up a security franchise after my 22, I did all the right things, credit checks, independent research etc etc. After two years of frustration, lack of support and paying 10% (cheap compared to some) of the gross to the franchisor I binned it and went alone. Much better. I would advise getting a paid job in the business you fancy, learn the ropes, steal the customers and set up on your own after a couple of years.

    Be paid to learn the business and then enter the part of that appeals and makes the most money and that YOU ENJOY
    • Like Like x 1
  5. Tytus_Barnowl

    Tytus_Barnowl On ROPs

    Well done for asking.
    1. Checkout
    2. Go to their exhibitions, NEC /Olympia every 6 months.
    3. Go to every single business startup briefing that you can.
    4. Sort out your day to day living expenses before investing in a business.
    5 Don't rely upon projection figures.
    6. Invest in the Suits and toys NOW. You would not believe how many turn up proposing to enter a business venture dressed like a bag of shiite.
    7. Get your family behind you because there may be lean times ahead.
    8. Start face to face networking asp build up your contacts.
    9. Ask someone to take you to a local chamber of commerce and brekkie club as a guest.
    10. Do some research on the type of business you want to enter, If you just apply on line you will have a phone call from the franchisee within 24 hours so don't get caught on the hop.
    11. Try not to eye up the chicks when you go for a meeting.
    12 Be wary of people who want to meet you in a pub all the time.
    13 Be wary of people who try to butter you up in order to get you to part with cash.
    14 Get yourself a good solicitor, one who knows the franchise and business market.
    !5 Be prepared for a lot of hard work.
  6. Murielson,

    Dont Franchise. Waste of time and your money.
    I have recently left the colours and,was very tempted to franchise however, when you look at the way the profit is divided it aint so good you are basically still a wage slave!
    As others have said find something you want to do and go for it either as a sole trader or in partnership.
    Make sure you go to your local Business Link they are an outrageous source of knowledge (and grants!).

    Good Luck
  7. I'd have to disagree, provided you choose your franchise wisely they can be an excellent start in business.

    I have had a couple and still have an active one, it earns me reasonable money for very little work...

    Like everything, throw enough sh1t at the wall and some of it will stick, there are some excellent opportunities out there, aswell as some dire ones.
  8. I have a friend who was a music teacher and got sick of all the PC shite and new regs that came into teaching. She went into a franchise teaching kids music, was a bit green and had very little support (single, moved away from family etc). Lots of good advice given above, you really do need the support behind you while you set up.

    She did the job for about 2 years, did fairly well but the company owner was a complete harridan who made her life hell because my mate knew more about the business product (ie music) than she did. Upshot of it was that when my mate mentioned she was thinking of selling and didn't go through with it, they took it off her for 'breach of contract'. She lost a lot of money because she was so stressed by the evil witch she just wanted out. She's now set up her own business doing the same thing but in her own way and has stolen a lot of custom off the franchise because of her reputation, the customers were prepared to swap.

    And if you're taking over a franchise that's being sold instead of a new opportunity, there is a good reason why it's being sold...check it out thoroughly. The next women also sold the franchise for the same reason (harassment from witch) so my advice is make sure you know the franchise company inside out.
  9. Roger that MDN but, not all franchises are good. Typically 12 - 17k upfront then a percentage retention fee per annum. If you got lucky then well done :thumleft:
  10. You take out of most franchises what you are prepared to put in.

    A franchise usually gives you the piece of mind of knowing that someone other than you has taken all the risks and has proved the business idea to be a viable and marketable one. For that they expect a return and payment for using thier name and brand.... thats fair.

    There are good and bad franchises of course, but thats the same with everything from Marmalade to rugby teams, you just do your sounds research first, assess your own ability and interrogate your own levels of commitment.

    Many people think that a franchise is an easy way of earning, you are in for a big mistake.

    Before anyone dismisses a Franchise as a bad idea please don't take advice off the internet from someone who has never had one, or has dismissed the idea based on lack of knowledge or experience.

    Some of us have them and earn decent money fom them.
  11. Before anyone dismisses a Franchise as a bad idea please don't take advice off the internet from someone who has never had one, or has dismissed the idea based on lack of knowledge or experience.

    Some of us have them and earn decent money fom them.[/quote]

    Also dont take one on based on a subjective view from a guy who has had a good experience. Do your research fully some are god as MDN says but some are terrible.
  12. I've already said I've had good an bad experiences, but the bad was down to poor research, unrealistic expectations and lack of dedication.

    The terrible ones will appear terrible, won't feature too hotly in the Franchise publications

    Just don't expect someone else to do the work for you, yes they have proven the idea but its down to the franchisee to drive, build and motivate the business into a position where its turning over a profit.

    I've had ten years of trying to turn a military career with no relavent qualifications into an area where I can earn based on my own motivation and dedication to earning good money. Franchises are often ideal for this.
  13. A long dormant thread this, I know. I've just invested a lot (including all my family's patience) into setting up through a franchise. I've had a few knocks along the way but I'd be happy to advise anyone considering this as a way forward when leaving.
  14. A whorehouse is your best bet, which other business makes money selling something which has an endless supply, a product which won't ever wear out and which the customers leave on your premises to sell all over again?

    Get yourself a fannybatter franchise!
  15. Well done. I have been recruiting franchisees for over 8 years and would say make sure you do the due diligence, check and see if they are members of the BFA and then ask to speak to other local to you franchisees.
    And for those who say stuff it and do it yourself should remember 50% of something is better than 100% of nothing!