The East Midlands is a region in England. It has a population of approximately 4.8 million people and includes locations such as Northampton, Nottingham, Mansfield, Leicester, Derby, and Lincoln.
Were you aware that the turnover generated by franchising in this area comes to almost £2,000,000,000? This is just one of the reasons why you should seriously consider investing in one of the East Midlands franchise opportunities we have on Franchise Fame.
A franchise is an agreement between two parties – a franchisor and a franchisee.
A franchisor is an established company with a tried and tested business model. A franchisee is usually an independent aspiring entrepreneur.
The franchise agreement entitles the franchisee to market and sell the franchisor’s goods and services while using its brand name. In exchange for this, the franchisee pays the franchisor. While the franchisor is obligated to support the franchisee until the deal expires.
What does this mean for you? Buying into an East Midlands Franchise will give you a chance to become financially independent. To learn exactly what advantages you’ll gain, read below…
You’d experience limited risk if you took an East Midlands business opportunity – 90% of franchises become financially viable. This is in stark contrast to the 15% of independent businesses that succeed. But why is the gap so large?
Small and medium-sized enterprises usually fail because the owners don’t have sufficient funding, a sound business model, or an effective marketing plan. This isn’t a problem for franchisees. You’d find it much easier to secure financing from a bank, you’d be following proven business processes refined by your franchisor, and you’d be given marketing materials. Simply stated, your parent company would give you everything you need to avoid the obstacles often encountered by independent business owners.
It’s also important to realise that if you invested in an East Midlands franchise, your franchisor would be required to provide you with on-going support. This would encompass, but wouldn’t be limited to, national marketing initiatives, research and development, continuous training, and advice and guidance. On top of this, your franchisor would also have to ensure that you’ve got a territory that contains an ample amount of business opportunities. Thus enabling your enterprise to expand at a reasonable rate. In the event your operation grows large enough, you’d have the option to purchase an additional territory and become a multi-unit franchisee.
How would you benefit on a personal level? For one, you’d be your own boss and choose your working hours. Consequently, your work-life balance would be significantly improved. For another, in certain circumstances you’d be able to work from home, allowing you to keep your overheads low. But this would depend on the particular requirements of your franchisor.
Your role will be dependent on the specific East Midlands business opportunity you choose. For example, if you decided to buy into a van-based courier franchise, you’d have to drive throughout your territory delivering packages from your parent company. It goes without saying that this type of franchise would be very hands-on. Conversely, if you bought into a home care franchise, you wouldn’t be expected to perform elderly care services yourself. You’d employ a care manager to manage your team of carers, while you managed your business, and marketed it. Rest assured that any franchisor will be able to clearly define your role for you before you make a commitment.
Your other obligations while running an East Midlands franchise may include finding and leasing a suitable property, hiring and then training employees, maintaining quality control, and so on.
All franchise opportunities in the East Midlands are available at different prices – there’s no set cost for a franchise. Prices can vary based on factors such as location, property expenses, staff wages, insurance requirements, equipment needs, and that’s not all. So what should you be aware of?
There are three different costs you need to take into account during your research into an East Midlands franchise. The package fee, the startup costs, and the on-going charges.
The package fee is essentially the price of the agreement itself. Once you’ve paid anywhere between £2,500 and £50,000, you’ll receive a license to use your parent company’s branding, on-going support, training, bespoke systems, and more.
The startup costs will indicate how much capital it’ll take for your new business to get up and running. The size of this figure will depend on the requirements of your parent company. For instance, if you’re going to be managing a restaurant franchise, you’ll need a suitably sized property that can house your guests and chefs. This could cost over £100,000. While, if you were to act as an online travel agent, it’s possible that you could be home based, and run your operation with just a personal computer and phone. In this case, you wouldn’t have to pay much more than the package fee to begin with.
The on-going charges usually require monthly payments and are normally for royalties, operational support, or brand-wide marketing funding. You’ll pay a set percentage of your net turnover – it’s unlikely to be more than 10%.
What if you can’t afford the costs associated with an East Midlands franchise? You’ll simply need to ask for a loan. Most major financial institutions have departments dedicated to offering loans to prospective franchisees. Write a business plan including a description of the franchise opportunity, as well as a forecast of your future financial performance. Your request will be approved, subject to status.
While you’re researching East Midlands franchise opportunities you’ll see that all franchisors give their franchisees at least some level of training. You’ll take part in a training course not long after you sign your agreement. The instructional period will be intensive and could be completed in just a few days. However, there are some franchisors who’ll insist on a much longer training programme that consists of not only classroom-based teaching but on-the-job learning too.
During your training, you’ll learn how to identify and take business opportunities in your territory. Plus, you’ll be told how to market your East Midlands franchise effectively so you attract new customers, and you’ll be taught how to handle all of your other responsibilities. Nothing will be left to chance.
If you’ve found a business opportunity in the East Midlands that suits your skillset, you should register your interest with the franchisor. You can send an enquiry through Franchise Fame! Remember, this is free and you won’t be under any obligation to proceed further. In response to your enquiry, the franchisor will send you a prospectus containing more details about the opportunity.
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