Archive for October, 2011

Posted on October 24, 2011 - by admin

Don’t buy a franchise unless…

Thinking of buying a franchise? Here are my top thoughts about what you need to make sure you have checked or know about before signing on the dotted line.

1. The franchise has a proven track record
2. You are able to support yourself financially for at least a few months until the income has built up from the franchise. You must assume no matter what you are promised from the franchise, income can take a while to appear
3. The franchise agreement is fair for both you and the franchisee. If it’s  all in the favour of the franchisor, don’t sign it
4. You can clearly see the training provided will be enough to ensure you can start trading
5. You are sure there are no hidden costs to getting started
6. You have support after training for when you need help
7. You believe in the product or service you will be selling
8. You’ve checked out the competition

Number 7 is particularly important. Unless you are 100% motivated by money, buying any franchise or setting up any new business is going to take a large amount of your time. Therefore it’s important that you both believe in it and enjoy it. The two go very much hand in hand. If you don’t believe in something you will never be able to sell it.

 

Posted on October 23, 2011 - by Steve

Is there a good time to buy a franchise?

When you are buying a franchise there are always lots of questions. There are a number of questions I am frequently asked, one of which is “is there a good time to buy a travel franchise?”.

I’m sure other franchises get asked similar questions but I’ll answer it from the point of view of our travel franchise and I’m sure it can easily be translated to any other franchise.

The simple answer to ‘is there a good time to buy a franchise’ would be ‘YES’! More specifically I would say ‘NOW’. The reason I say this is there is no time like the present.

I believe it was General Custar who said “It is far better to implement a good plan now than a perfect plan later”.

Through out any business there will always be seasonal variations, fluctuation in business and peaks. For example, within your travel franchsie you’ll find higher demand in January when people are booking  summer holidays, Easter and October half term when people are looking for last minute getaways, August for the main holiday season and Christmas for the great holiday escape.

Any good business will also have other marketing activities in place to ensure the rest of the year remains busy.

So, is there a good time to buy a travel franchise? I would say when ever you buy you are never to far from a busy time of year. If you buy a franchise prior to a peak time you have the advantage of being ready to capitalise on a busy time of year. However if you buy a travel franchise during a peak time then this is equally good. it means that as soon as you have finished your training you can generate instant revenue because there will be plenty of business around.

We started our travel business a few days after 9/11, probably one of the worst times ever for the travel industry. You can imagine there was much debate about whether to do it or not. However in the end we decided that if we can make it work now we can make it work any time.

When choosing a franchise you should always look at it’s target market and whether  it is effected by seasonal variations. For example if you were to buy a franchise which sold christmas decorations to the public, this is obviously a very limited market. You probably don’t want to be buying this in December as it’s going to be nearly 12 months before you earn a decent income.

Which ever franchise you look to buy, consider how much business there  will be when you start trading. Also consider will it take you a little while to find your feet. For example with our travel business we would suggest not spending lots on marketing when you first start. Make sure you are well practised and comfortable taking orders. You’ll find that through nerves and inexperience you’ll not convert as many enquiries in the early days, therefore if you are spending money on advertising it is better to ensure you can convert.

Therefore aim to buy your franchise and be ready for a busy period rather than aim to launch straight into a busy period. Both work, but one will see higher returns.

I know I’ve said a lot here, but just  to clarify, is there a good time to buy a franchise? Yes, when you are mentally and financially prepared and ready to put 100% in. Make sure there ia a market for the product or service you are going to be selling in your franchise and then just go for it. Providing all  these criteria are met just go for it.

Good luck with your  franchise.

Posted on October 21, 2011 - by Steve

Franchise Success – Top Tips

Top Tips for Making Your Franchise A Success

Franchising is about duplicating success. However it still requires input from you to make the franchise a success. The biggest mistake we see people make is they complete their franchise training and then wait for the business to come to them. That isn’t going to happen.

With our travel franchise, or with any other franchise, you have to get out and build your business. With that in mind, here are my initial tips for making your franchise a success

1. Let the franchisor know you want to be successful
2. Plan for success – mentally and set success goals
3. Make lots of notes during training
4. Plan to get started the day after training – don’t put it off
5. Remember it’s not easy – if it was everyone would be doing it
6. Franchising is about duplication – don’t try and change the process until you are already making money
7. The franchise company will focus their efforts on the people who are successful or trying to be successful. Push yourself to the front
8. Don’t give up – it may not work straight away. That’s ok. It will
9. Don’t be afraid to ask the franchise company for extra help

Franchising is about working as a team while keeping your independence. Remember that you have paid for the help and support of a company that knows what they are doing. Make use of the franchise company but don’t assume they will chase you. If they have sold a lot of franchises they will naturally spend their time with the ones which will generate the best return for them and those that are trying the hardest. If you keep yourself to yourself, the franchise company will probably think you don’t need or want their help.

There are lots of other top tips for franchising which I’ll look at in other blog articles, if you have your own top tips please feel free to comment and suggest others.

It’s also worth checking out my blog about franchise success through franchise  support. 

Posted on October 19, 2011 - by Steve

Franchises with Multiple Incomes

Buying a franchise is an exciting yet daunting time. This could be your first venture into life as a self employed person. It’s probably a sizable amount of money and there is probably a little voice in the back of your mind that is saying “what if it doesn’t work?”

Silence those voices! In buying a franchise you have straight away limited your risk. You are hopefully buying a proven business model with proven results. A good franchise will be able to show you exactly how the money is generated and how quickly.

One challenge for many new people buying  a franchise is cash flow.  This is a common problem for any new business. It takes time to build a customer base and for money to start coming in. Month one of a new business, even a franchise, always has the potential to not generate lots of money.

However one things to consider when buying a franchise is, how do I make money. If you are limited to making money through one single activity, what happens if something prevents you from doing this?  Also, how quickly can I make money?

Example: If I buy a franchise today, train tomorrow and  worked every possible hour,  how quickly will I get paid?

One traditional problem with a travel business and therefore a travel franchise is cash flow. As a travel business the income potential is fantastic. However you don’t get paid until people go on holiday. Therefore you could work really hard today but not earn for 12 months.

We build our travel franchise with this in mind and I would urge you to look at any franchise you buy and  ask yourself does it do this.

Unlike other travel businesses and travel franchises, we built multiple income streams into our business. As a franchisee you are therefore reliant 100% on the  sale of holidays to earn money.  This may sound  strange for a travel business, but it actually makes a lot of sense.

Within our travel franchise we have actually built 7 different income streams into our business. We don’t just mean the sale of  cruising or ski holidays or flights.  We have 7 different and unique ways of making money to ensure financial independence.

Within The Travel Franchise we have also built income streams which pay you immediately for the work that you do i.e. work today, get paid today.

What ever franchise you are looking to buy, you should consider how many different ways can I make money.  Multiple income  streams does not mean it’s more confusing or that you don’t believe in your product. It simply means protection for you. Any top business person will always tell you to diverisfy and give yourself protection. Our travel franchise does this for you from day one.

To find out more about how The Travel Franchise provides multiple income streams visit our website at www.the-travel-franchise.com

If you have a franchise or looking to buy a franchise with multiple income streams, or singular income streams we’d like to hear you view points. Comment below.

Posted on October 19, 2011 - by Steve

Franchise Support = Franchise Success

I was giving a training session to a new group of Franchisee’s and one of them looked up and said, “I don’t understand what you give us so much. I’ve never been on a training course where they give so much valuable information  away for free”.

I don’t say this to impress you, but to actually impress upon you the importance of training and support we give to our franchise team. Let me put it another way.

You are teach your child to walk for the first time. You wouldn’t wait for them to take their first steps and then walk away and leave them, no! You make sure they can walk time after time without help, then you slowly back away and leave them to it.  But you’re never far from their side.

Building a succesful franchise team is the same. If you are looking for a franchise opportunity that is going to give you the best chance for success, make sure you find out how much training and ongoing support they are going to give you.

When buying a franchise, ask yourself:

• Are they giving me enough training to enable me to run my business correctly?
• Are they charging enough for the franchise in order to provide proper support and training?
• How much support is available after I complete training?
• How easy is it to access support?
• Is there a limit on how much support I can use?

Posted on October 18, 2011 - by Steve

Franchising: BFA or not BFA?

It’s s a great question we get asked. Are you a member of the British Franchise Association and I’m sure lots of other franchises get asked the same question.

The Franchise Association just like any other ‘association’ or governing body is good as it builds trust. In the same way that our ABTA membership and ATOL carries weight with the customers, having a BFA logo can give that same association to a potential franchisee.

However as a company that is franchising it’s business we are still waying up the advantages and disadvantages. We operate a successful business model which isn’t necessarily considered conventional. Our business style and ethos is focused around ‘fanatical’ customer service.

I would say that to a large extent we follow the main remit / guidelines of the BFA, however as a franchise model we want to take the business in a slightly different direction. This may not be possible if we are members of the BFA.

So should Franchises be part of the British Franchise Association?

I would say it’s a great association to be a part of, however you need to look at each franchise opportunity on it’s own merits. For example, can the franchise provide it’s business model works with real life examples? Does it have a good quality and fair franchise agreement? Does it offer backup and support? Is the business model sound and is there a suitable customer base?

If the answer to all of these is yes, then the franchise business is probably very good regardles of whether or not it is part of the BFA.

Remember, sometimes being part of an association could actualy be restrictive and during economic times like now, do you want to be a part of a business which has to conform. Maybe you need a business which is breaking the mold and doing things a little bit differently.

That said, which ever business you choose, make sure it has a solid foundation and a proven success. Franchising is great and gives you a head start in business. Franchising is about duplication so make sure you are duplicating a succesful franchse, not a failing franchise.

Posted on October 13, 2011 - by Steve

How To Choose A Franchise

A franchise gives you a ready made business template, it can give you a fantastic head start in business. At the same time, buy the wrong franchise and you could be destined to fail. So which Franchise is the right franchise?

With hundreds, if not thousands of franchises to choose from, how do you know which one is right for you?

For anyone looking to buy our franchise this is what we would recommend and I would hope that other franchise’s have similar beliefs:

1. Do you believe in the product or service?
2. Is it something you could genuinely get excited about selling?
3. How big is the market place for the product?
4. How easy will it be to find customers?
5. How much money can you realistically make?
6. How quickly will you get paid the money?
7. How much help, training and ongoing support will you receive?
8. If you half the suggested income figures, could you still make money?
9. Can the franchise prove and demonstrate how to make money with existing examples?
10. Is there a long term future in the business?
11. How quickly can I earn my investment back from the franchise?

No matter how good the franchise sales person or how good the franchise income figures look, you have to ask yourself do you believe 100% in the product or service. Realistically can you see yourself doing what ever is required in the business.

When you start a franchise for the first time you are more than likely going to find yourself being the sales person, marketing person, person on the shop floor, accountant and everything in between.

So, can you see yourself doing these roles. For example, if there is a lot of selling required and it requires you make cold calls, is this something you are willing to do?

Above all, you need to enjoy your new business so what business is going to allow you to do this?

Posted on October 11, 2011 - by Steve

Why Buy A Franchise?

Franchising: Why should you buy a franchise rather than start your own business? It’s a great question. I have both started my own business from scratch, bought a franchise and created my own franchised company so I’ve seen it from all sides.

Starting your own business is a exciting time, you’ll experience massive highs when things go well and massive lows when things don’t go well…which they will! Starting from scratch you’ll have a lot to learn a lot of work to do. It can be massively rewarding both financially and emotionally. The biggest downside is that you will find yourself alone a lot of the time and you are exposed to more risk. Of course this can take many forms, it could be financial, contractual, employment or one of many things.

However if you compare this to buying a franchise, what are the differences? Below I’ve listed my top 7 reasons I would consider buying a franchise rather than starting my own business.

Top 7 Reasons To Buy A Franchise

1. Proven success
2. Someone else has already made all of the mistakes
3. Quicker to achieve profit
4. You’re not on your own
5. Gives you more confidence
6. More likely to get funding from a bank
7. Many areas of the business taken care of for you

Buying a franchise of course cost you money. It could be anything from £1,000 to £10,000 or even £100,000. The big thing you need to ask yourself is, how much would it cost be to obtain the level of knowledge buying a franchise will give me.

Knowledge is more than just what you can learn out of a text book. It’s as much about what not to do as what to do. How to avoid costly mistakes, which marketing activities generate the best returns, what sales techniques work best in this industry, how to make a higher profit margin.

If your franchise costs you £10,000, how quickly will you recover your investment?

If you invest £10,000 in setting up your own business how quickly will you recover the investment. My experience is that you’ll recover your investment much quicker by buying a franchise.

I’ll explain more about my top reasons to buy a franchise over the coming days and weeks on this blog so keep checking back or subscribe to our RSS feed.

Posted on October 8, 2011 - by Steve

A brand new travel franchise opportunity

October has seen the official launch of  the new Travel Franchise  opportunity from Not  Just Travel. We’ve spend the last 12 months building a testing what has proven to be a hugely successful franchise opportunity.

The Travel Franchise was built from the ground up as a franchise business designed to make the franchisee money from day one. We also created a brand new training program which focused not just on being a travel agent but how to run a successful travel business. The difference is we recognise most new franchisee’s do not know how to run, marketing and  grow a new business. In fact, most have never been self employed. Therefore at The Travel Franchise we teach and demonstrate how to run, build, grow, market your business as well as how to sell travel.

From customer service to sales techniques, we take our new franchisee’s through every step to ensure each and every travel franchise is successful.

During  our first 12 months we have created over 50 Travel Partners, Travel Counsultants and Franchise Partners. We have seen our franchisees become retail travel agents, call centre travel agents, office based travel agents and home based travel agents. We’ve created travel consultants specialising in areas such as Florida, franchises specialising in cruise or ski and many travel franchisee’s who’ve chosen to sell a full range of travel services.

It’s been an exciting time for everyone involved in the travel franchise.  October saw us officially launch and introduce even more features and benefits to our already great franchise packages. One of the biggest addition has been to introduce extra business mentoring, training and coaching.  This  includes an amazing 13 seperate training and mentoring sessions with your own business mentor.

In fact we now give an amaing £2500 worth of free business training as part of the franchise package. Why? Because if you start successful you will replicate the success over and over again. Start and do nothing, you’ll replicate this over and over again. For  us, making sure you are successful is our number one priority.

A new website, even better travel franchise opportunity and an amazing proven business. Find out more about the new travel franchise package for 2012. Visit our  new website at www.the-travel-franchise.com  or call us today.