Thinking About Becoming a Franchisee? Choose a BFA Accredited Franchise Back
There are many people who have started a franchise whilst knowing it can be demanding in the beginning, as you will have to invest heavily in the future of your own business. Not only financially, but also when it comes to your personal time. You should research all your options carefully.
For Franchisors, there is a governing body that can regulate franchises, and it is called the BFA. When you start a franchise, you do not need to be registered with the BFA, but any established franchise should be registered. A BFA Accreditation is not only a membership you pay for, but also a fully recognised association, that promotes and protects ethical standards in the business of franchising. It is an important indicator of the standard of the franchise you are planning to join.
The BFA has the right to reject applications from franchisors if they feel like the standards are not of the expected level, or the company’s ethics are questionable. There could be situations where the BFA rejects applications from franchisors because the franchisor does not promote a healthy relationship with the franchisees.
Franchise business seem to be much more likely to receive funding or loans from banks, if the company is a BFA accredited franchise network, due to the reason that banks rate BFA accredited franchises as higher quality businesses with proven business models thus lowering the risk attached to the loan.
At The Financial Management Centre, we have been member of the BFA for many years, and continue to support the BFA in becoming a stronger association. We fully comply to all the guidelines set out by the BFA. We believe in full transparency between the association, the Franchisor, and Franchisee.
Outside of being the regulatory body for franchises in the United Kingdom, the BFA operates one of the main online resources for franchising advice in the UK on their website; organising monthly educational seminars about topics related franchising and providing numerous informative articles. The BFA also operates the UKs leading qualification for franchising: the BFA Qualified Franchise Professional.
Are you interested in starting an Accounting Franchise? Not only do we offer a great starter package, but we also offer thorough training and full support from day one. Read more here or contact us on 0345 862 1078.