What is a Franchise?
The British Franchise Association defines franchising as the following:
"Business format franchising is the granting of a license by one person (the franchisor) to another (the franchisee), which entitles the franchisee to trade under the trade mark/trade name of the franchisor and to make use of an entire package, comprising all the elements necessary to establish a previously untrained person in the business and to run it with continual assistance, on a predetermined basis."
Some facts about franchising:
- There are 930 franchise systems in the UK.
- There are 39,000 franchise units
- There are an estimated 561,000 people employed in franchising.
- 92% of franchisees claim to be profitable.
- The average turnover for franchised businesses is £356,000.
- The estimated annual turnover of the business format franchise sector is £13.7 billion
- The average age of a franchisee is 47, with those having just started having an average age of 41
- The cost to a business in setting up as a franchise in the first year ranges from £20,000 to £900,000, with the average being £150,000 - £170,000 that has remained fairly static at this level for a number of years.
(Source: 2013 NatWest/British Franchising Association Survey)
Many companies operate on a franchise model, including Subway, Starbucks, KFC, Dominos Pizza, O2.
WHAT ABOUT THE FINANCIAL MANAGEMENT CENTRE FRANCHISE?
Why shouldn’t I just set up on my own?
- Business success. Our accountancy franchise business will give you an increased chance of success. You will be operating our proven and tested business model.
- Mistakes cost money. When you setup in business there are limited funds available, can you afford to make mistakes? Our experience ensures you don’t need to worry about this.
- Growth. We have proven methods to acquire and retain clients. Marketing is more than advertising. This is something we are extremely successful at doing and you will benefit from this when joining the franchise.
- Access to national accounts. We have relationships with many national organisations that refer business to our franchisees.
- Holiday or sick leave. Who will cover your clients when you are on holiday or ill? Being part of our network means you will be able to get help if you need it
I’m already running a good business, so what’s in it for me?
Your business may benefit from coming under the banner and business model of The Financial Management Centre.
- You will benefit from being part of our National brand
- You will have the back-up of other offices and be able to work together
- We provide you with strong marketing, sales and business support.
- Introductions to our established partners and favourable deals we’ve negotiated with them