How A Franchise Can Offer You A Jumpstart Towards Owning Your Own Practice
What motivates most people to start a business is the prospect of being their own boss, being in charge of their destiny, enjoying flexible working.
Sure. It can work definitely work out like that.
But there’s plenty of other (ongoing) stuff that has to get done in order to achieve that.
Overnight, business owners have to become Marketing Gurus, Financial Whizzes, Super Organised, Desk Tidy, Brilliant At Sales, Research Professionals, HR Managers, the list goes on…
Which is why the franchise model is a tried and tested business model designed to remove the headache of day-to-day business operations, leaving franchisees the opportunity to get on with client-face work and revenue growth.
Franchises are such a proven model that it is no coincidence that some of the most recognisable global brands are in fact franchises – think McDonalds, Subway, Spud-U-Like – and local ones like cleaning brand Molly Maid and hairdressers Toni & Guy.
Franchising in a Nutshell…
The main advantage of buying a franchise over starting your own business from scratch is the ongoing support in daily operations. For an initial fixed fee investment and a pre-agreed percentage of sales new franchisee businesses are granted an entire structure around which the business is built to include:
Sales Territory (franchisees are granted exclusive territories).
Instant community with other franchisees.
To drill down a bit further benefits for franchisees extend to:
Group advertising resources not typically available to small, independent business owners, (e.g. when Pride Road gets good Press & PR your brand equity automatically increases).
The benefit of recognised and proven service marks, trademarks, proprietary information, patents and designs.
A lower risk of failure or loss of investments than if you were to start your own business from scratch.
Being part of a uniform operation, which means all franchisees will share the same product, service and product quality and overall customer brand awareness.
Where to Start…
As with all fledging businesses, franchises require an initial cash investment to offset the cost of buying into the brand and to show genuine commitment. Luckily, because franchising is an established business model, banks are usually happy to lend 30%-50% of the start up costs.
Below we’ve listed a few examples of professional service franchises, which gives you an idea of what other professionals offer; the following data is from the BFA website (March 2018):
|Typical start up cost||Minimum personal investment|
|Tax assist Accountants||£36,950 + VAT||£30,000 + VAT||Shop based|
|X-Press Legal Services||£29,750 + VAT||£15,000 + VAT||Home based|
|Avanti Tax Accountants||£25,000 + VAT
£60,000 + VAT
|£15,000 + VAT||Home based
|The Financial Management Centre
|£20,000 + VAT||£8,500 + VAT||Home based|
|Rosemary Bookeeping||£16,970 + VAT||30%||Home based|
|Smart PA||£16,100 + VAT||£15,000 + VAT||Home based|
|Stopcocks – female plumbers||£15,000 + VAT||£7,500 + VAT||Van based|
|Pride Road Architects||£15,000 no VAT
£10,000 no VAT
There’s never been a better time to start an architectural franchise. With house and land sales up, incidence in home refurbishments is experiencing a strong and upward trend.
Architects are generally a creative and forward thinking lot which fits well with the values of Pride Road Ltd as early adopters of new ways of doing business.
For further information on becoming part of the Pride Road Story or to get a Call Back please email Lisa@prideroad.co.uk