Already successful in Canada and launching now in Australia and Asia Skill Samurai is a franchise that’s bang on trend, hugely engaging for parents and children and something students look forward to every week.

We’ll be announcing further details very shortly.

Want to be the first to know? Fill in the form below or call Andy Cheetham on 07782 115993.

The post Coding school franchise Skill Samurai comes to the UK appeared first on Lime Licensing Group.

I wrote a blog in 2019 about the five barriers to business growth, obviously having no idea how the Covid-19 pandemic would start to dominate our business lives. When I recently joined Lime Licensing Group, I reflected on that blog, my expertise helping people with strategy and funding, and as an advisor on The Government backed Startup Loan Scheme. My thinking led me to the issue of franchise funding. Both for new franchisors and for people investigating becoming a franchisee.

I have worked in strategy, marketing, advisory and commercial roles with businesses pursuing business growth models ranging from using agents, distributors, franchising and licensing, as well as businesses that follow a direct to customer business expansion model. Regardless of the business model, for most SME’s access to finance remains the number one barrier to growth, followed by nurturing the right type of customers, harnessing accurate information and good technology tools, and getting good expert advice.

Whilst many parts of the small business community are sadly currently in limbo, or worse, the performance of franchising businesses during previous recessions indicates a positive outlook for the sector. One reason for this is that, for a franchisor, growth to a large degree can be achieved with less need for finance and more control than with other growth models. For the franchisee growth can be achieved based on the franchisor’s tried and tested business blueprint; taking away some of those barriers to growth.

Franchise Funding & Finance

One barrier that remains for the franchisee however is access to finance.

Financing a franchise can be expensive and most franchisees need to secure capital to get their business up and running. Despite options including some franchisors tailoring financing solutions exclusively designed for their franchisees, high street and challenger bank loans, overdrafts, The Enterprise Finance Guarantee Scheme, crowd funding, peer to peer options, friends and family lending, securing the finance is often not easy. All those attractive headlines and attractive headline interest rates do not get your franchise financed.

I am a fan of the of the Government backed Startup Loan Scheme; not just because I have helped over a hundred businesses get funding, but because for the right people, franchises being very much included, it is a great option to investigate.

Having our own in-house expertise, working closely with our franchisor clients and with two of the Government’s largest Delivery Partners on the scheme is an added benefit that can help get the finance over the line.

Startup loans

The Startup Loan is a way for people with a business idea, who are buying a business, or who have a business that has been trading for under two years, to borrow between £500 and £25,000 up to a limit of £100,000 between four people within the business.

Data from many sources say that on a like for like basis franchises are probably more likely to survive than other types of business; based on the statistics the added profitability, survival and viability of a typical franchise business model means a Startup Loan could be seen as a good lending risk for the Startup Loan; and it is lending risk along with affordability of the repayments by the borrower and viability of the business that inform a lending decision.

The Startup Loan scheme is a government supported scheme run the The British Business Bank initiative that provides loans to businesses of all types across the UK Normally the loan is over five years and it is an unsecured personal loan at 6% interest rate that you can inject into a business. The loan can be paid back early without incurring additional charges or paying the interest due on the time left on the loan. The process is relatively quick and simple.

Different from most bank derived lending, a Startup Loan offers up to 100% of the investment amount of buying a franchise, and applicants can apply for capital repayment holidays. It is a great way to fund a viable business but as with other forms of lending there are hurdles to clear and hoops to jump through. For example you will need a good credit rating, and to submit a business plan, a cash flow, and financials; but if you are a franchise buyer you are using the franchisor’s tried and tested business model and have the support of the franchisor. As an expert on the scheme we have built templates to help with those hurdles and also offer on going advice, working with the franchisor and their potential franchisees.

That’s a good start as far as this scheme is concerned.

Ultimately franchise funding, for both franchisor and franchisees, is about getting good advice from advisors with the combination of experience and knowledge to help. And ultimately the biggest barrier to business growth is getting good, experienced advice. My view is that as we at last seem to be seeing some dim light at the end of the Covid-19 tunnel, the Startup Loan Scheme can be a great benefit for the franchisor and the franchisee. For both, finance is one of the biggest barriers to growth, and the Startup Loan Scheme is potentially a very good fit.

There is a book that everyone seems to be reading at the moment ‘The Boy, The Mole, The Fox and The Horse’. In it The Horse says ‘the truth is, everyone is winging it’. True, but there has to be something said for winging it backed by access to good finance, support and advice, helping you overcome those five barriers to growth.

Maybe, just maybe, looking at a Startup Loan might help.

Patrick Burge is a specialist in business growth. He has helped build online and offline businesses in many sectors including tech startups, apparel, sport, fitness, health, printing, retail, coaching and consulting. Apart from specialising in brand licensing and franchising, he has also advised numerous businesses on getting their strategy and funding in place. He is an advisor and Delivery Partner CEO on The Government Startup Loan Scheme.

He can be contacted at patrick@smorgasbord.tech or patrick@limelicensinggroup.co.uk

Further reading:

Why startup franchises are not really startups

The post How to get franchise funding appeared first on Lime Licensing Group.

How To Unite Franchising and the economy in 2021

Some of you readers might recall 1992. The Queen’s speech referred to that year being “annus horribilis”. I would think most of us reading this article right now would agree that 2020 would seemingly be on par with the Queen’s thoughts. Nobody would ever think that what has happened this year was even possible, let alone the effects that came to life.

As this article is being written, breaking stories of two of the high streets more prominent players in really serious trouble. Thus impacting on tens of thousands of jobs. Furthermore, and at the worst possible time, this will have a short and medium term impact. As a result there will also be the longer term implication of empty high street sites.

An Empty High Street Is Good For Nobody!

And yet, despite the doom and gloom, there does appear to be some optimism! The Pandemic does, at least for the moment, show some signs of slowing. There is plenty of talk about a good enough vaccine, and a roll-out could begin within a few short months.

Let’s take the positives then! 2020 has been very strong for the franchise sector, with more enquiries all round than historic records show. It may be people looking to buy a franchise or businesses looking to create a version of their own business as a franchise opportunity. Overseas brands are also looking to enter what they believe is the safe haven that is in the UK. Yet, is there still a further opportunity?

Could Franchising Be The Darling Of The New Economy?

Things will undoubtedly change moving forwards. Online has thrived during these uncertain times (it was on an upwards curve anyway!) Delivery has almost become widely accepted as standard now. The way we shop and become accepted of change has happened at a rapid pace, however, has our need for an experience just being heightened?

The high street was attacked for being more of ‘Clone Towns’ a few years back. This thinking will change with some dying businesses falling by the wayside now, so, could things be about to change?

Get Ready For Pent Up Demand!

Visiting our friends and family, going to the cinema, just sitting in a coffee shop and relaxing with a hot drink. We aren’t browsing the shops or buying clothes like we used to. These are largely experience led, the demand will not go away for ever. It never will in fact. Further, it is a well-known fact that the human in us craves this to survive. Arguably one of the reasons we work … to then enjoy the experience. I bet you cannot wait to have this option again can you?

Here’s How Franchising Can Play A Huge Part

Historically each franchise system operates individually. There is little evidence to suggest that this will change. However, can the franchise sector be more concerted in their efforts to unite? Here are a few suggestions for further consideration:

• Competing and non-competing food brands (for example) can complement each other. Either by driving more traffic or creating further choice to generate footfall into specific areas like high streets
• Larger high street units can be split to either zones or split unit spaces to ensure high fixed costs are kept low. This may ensure long term economically viable. It may also create more choice which drives footfall.
• Franchising can be a great alternative to employment (granted, not for everyone) but with so much support, such as the well backed Government Start-Ups Scheme, options are there to help people transition if they are made aware
• Some home-based franchises can fuel the appetite for the new work-life balance that has recently been thrust on us all, but only if people are educated on the prospect, strangely enough, some business concepts that maybe were not suitable to be operational from home historically, are now having to!
• And last, but no means least, the franchising community has at long last its best chance to have a real voice that can truly be heard, the ins and outs of franchising in the UK is still little known, ask the majority of the public and the thought is that franchising is still reserved for the big corporates, unbelievably, there are still only around 1000 different franchised concepts in the UK, this is massively dwarfed by most other developed countries, yet, this is the time and place where lots of individuals are on the look-out, yet they simply do not realise that franchising is a real possibility for them

As we draw to a close for the end of the year, I would personally like to wish you all a very Happy Christmas and New Year, thank you for taking the time to read my articles, I do hope they spark a debate at least, keep well, keep safe and let’s smash it together in 2021!

See the best franchises of 2021 here.

Richard Pakey is a franchising expert and Regional Director for the award-winning Lime Licensing Group and can be contacted in the following ways:

Email: richard@limelicensinggroup.co.uk

Mobile/text/whatsapp: 07904 697591

LinkedIn

https://www.limelicensinggroup.co.uk/franchise-consultants-in-cambridgeshire/

The post Franchising and the economy in 2021 appeared first on Lime Licensing Group.

Wok & Grow!

 Richard Pakey from Lime Licensing Group fast-tracks Wok&Go’s expansion across the UK.

 Despite the state of the economy, franchising is still holding up well, and with further proof such as Asian noodle bar concept Wok&Go expanding its brand with 100 stores set to be open in the next 5 years, thanks to its collaboration with award winning Lime Licensing Group in recent months.

Lime Licensing Group Regional Director Richard Pakey says that though this isn’t the ideal time for anyone in the hospitality industry he noticed that the owner of Wok&Go was uniquely poised for growth due to the ability to create a unique offering in the franchise market which we were able to utilise to fuel the growth.

Lime Licensing Group is proud to support the franchising industry with 27 consecutive years in doing so, and now with no less than 4 regional offices across the UK, along with a new office in Canada (launched during lockdown!) Lime Licensing Group is committed to rolling out elite franchising blueprints and then assisting those brands finding new franchisees, Lime Licensing Group has also seen huge expansion in the market-place in recent months and is well positioned as it continues.

Working with Wok&Go has been a real pleasure so far, explains Richard, as consultants we look for the ‘best fit’ in a franchisee and the Wok&Go team are such a great bunch that we just know that when we put the best people in front of them, they will be extremely keen to proceed, our role simply becomes so much easier when you have relationships like this, the future is looking extremely positive for both of our companies.

Lime Licensing Group also has plans to announce more franchisees officially signing up over the coming weeks, and is pleased to report that Wok&Go is the fastest growing noodle bar concept in the UK.

Are you interested in franchising your business or want more franchisees? But, don’t know a lot about the process involved or what you can do to get involved? Lime Licensing Group will be pleased to discuss your options. For more information about franchising, https://www.limelicensinggroup.co.uk

Apply for a Wok&Go franchise here.

Ends

Notes to Editors

• Richard Pakey is available for interview and comment. Please contact richard@limelicensinggroup.co.uk
• Founded by Andy Cheetham, Lime Licensing Group is a bespoke franchise consultancy firm that offers to franchise a business using an elite blueprint and then recruits new franchisees for that franchise brand in the UK and Canada
• Visit https://www.limelicensinggroup.co.uk for more information or give a member of our team a call on 01274 662001

The post Wok & Grow! appeared first on Lime Licensing Group.

As we slowly but surely progress towards the end of 2020, despite the economy, franchising remains incredibly buoyant, with some franchisors recording record levels of enquiries from potential franchisees, so it appears that there is still good news to be had!

No doubt you will already have a keen interest in franchising and buying a franchise, and the aim of this quick report is to step the process out in very simple way, and with small steps to help you gain some traction, it is by no way exhaustive, but we hope helps you to make that next step into franchising with some helpful guidance, I hope you find this a useful resource

Which Type Of Franchise Should I Buy?

With in-excess of around 1000 franchises systems in the UK market, it is no surprise why you might be asking yourself this question, and having now placed many franchisees over many years, my initial response would be: what sectors (types of franchises) are you genuinely interested in? It just so happens that we know that someone who is keen on the subject is more likely to perform better in that type of business, for example, there is no point is being a franchisee for perhaps a pet care franchise if you do not like dogs and cats!

STEP 1: Choose A Franchise Type That You Are Genuinely Interested In

What Skills Do I Have?

You will know yourself what elements in life you are strong and weak in, and you really should be looking at a franchise that helps you use these strengths, maybe you can even use your entrepreneurial spirit to improve on your weaknesses, but this should not be to the detriment of your business, for example, you might have a real passion for numbers and data, but maybe you do not enjoy certain social settings like networking, so it is important to know where your comfort levels lie and find a franchise that best matches these

STEP 2: Find A Franchise That Closely Matches Your Ability

How Much Can I Afford To Invest In A Franchise?

This is an area too often overlooked in franchising, you might get carried away with the franchise type and make an enquiry based on the maybe the type of food that it is, to then much later discover that it is a ‘bricks and mortar’ franchise with a heavy reliant on capital to find assets, stock, fixtures and fittings and not least more staff!

So, be realistic with funds you either have, or have access to, without going all in!

You will need to not only consider the cost of buying a franchise, but then also working capital probably for the first year and then your own costs to cover your everyday personal expenses, there are so many businesses out that that are great, and often profitable, but they fail simply because they have run out of cash…

STEP 3: Make Sure You Can Fund Your Franchise Purchase

Why Are There So Many Franchise Options?

And this is a fair point, like when you a buying a new car, all of a sudden all you ever see if that type of car on the road, where you did not spot them before! Same in franchising, you are now active in this space and you will be amazed at how much choice there is, however, get tough on yourself…limit your research to purely the franchises you have interest within that type of franchise, and only ones that you know you can afford to purchase and operate, if you fail to do this, you will merely scratch the surface and get know-where, from here make a shortlist of maybe 10 franchises at most that you need to obtain further information on

STEP 4: Make A Shortlist Of 10 Franchises Only

How Do I Obtain Information About A Franchise I Am Interested In?

You might well be reading this report on a franchise directory, these are excellent places to start your franchise research because they typically have multiple franchisors you can take a quick view, on and then with a simple form fill in your details to receive further information, ensure you use an up to date email and phone number though otherwise you might get nothing!

Franchisors actually want to help you find the most suitable franchise for you and want you to buy their franchise, so information will be plentiful if you are receptive to receiving it and beginning dialogue, they will also however assume you have no genuine interest if they cannot see a willingness to have a two-way conversation, so get yourself in the mix of it and you will most likely be in a better position to have some great communications!

STEP 5: You Need To Show A Franchisor That You Are a Genuine Enquiry

How Do I Proceed With Actually Purchasing A Franchise?

Here is a Top Tip that will help you! Never suggest you want to buy without first going through the entire franchise application process…You might feel you are ready to buy from the outset, however, a franchisor needs to reassure themselves that you can follow a system, after all, a franchise is a system that you will need to operate, so if you do not follow it now, it will just reinforce to them that you will not be suitable to follow their tried-and-tested format, never skip this process, not least because the franchise might not end up being the type of business you thought it might be, ask questions, attend an open day (if there is on) ask to look at more information, speak with other franchisees and so on

STEP 6: Follow The Franchisors Entire Recruitment Process!

Can I Get Any Support To Find A Franchise And Help Me Through The Process?

Great news for you, because there is plenty of help out there, you might not know that there will be a franchise division for the franchisor which will be internal or external, either way, they will be best placed to ensure that the franchisor themselves ensure they onboard potential franchisees who they also believe are the best fit, most franchise consultants also work and get paid by the franchisors, so in most cases this service is actually free of charge to you, the consultants will also often represent several brands and know the process inside out, also advising you what you should doing and when and can very easily be your 3^rd party to ask difficult questions where you might not feel the need to ask the actual franchisor.

Sometimes, after this process, you, or the franchisor might not feel is appropriate to proceed, and that is actually OK for both parties, simply move on to your 2^nd choice and so on…

STEP 7: Commit 100% Or Move On

If you are serious about buying a franchise and approach the process thoroughly, a consultant can seriously help to speed up the process for you. As long as you follow the system through the process, just as you would if and when you become a franchisee, so you had better get into the habit early! The information us franchise consultants can provide will help you save time and money. In the end, the choice belongs to the you of course. You will still be responsible for the due diligence, analysis and, of course, parting with your own money. However, understanding what franchise consultants do and utilising us as a tool in a franchise search process can be very valuable, indeed.

Richard Pakey is a franchising expert and Regional Director for the award-winning Lime Licensing Group and can be contacted in the following ways:

Email: richard@limelicensinggroup.co.uk

Mobile/text/whatsapp: 07904 697591

LinkedIn: https://www.linkedin.com/in/richard-pakey-vfp-0b46ab147

https://www.limelicensinggroup.co.uk/franchise-consultants-in-cambridgeshire/

Photo Credit

Further reading:
What is the best franchise to buy?
Finding a Franchises in the UK

The post How To Buy A Franchise In 7 Easy Steps appeared first on Lime Licensing Group.

Acknowledge that starting any business is a risk and that their are no guarantees. With that unpalatable truth out of the way everyone can move forward with their eyes open.

Market statistics for UK franchising

A bit of google searching throws up some interesting statistics on the success of franchising. For example, some surveys suggest that 93% of franchises are profitable. This is quite a claim. Franchising is generally successful but no investor should assume they have a 93% chance of succeeding. In understanding what are the risks of franchising it’s important to consider some critical issues . Theo Paphitis states that 50% of all business fail within the first couple of years. If you are comfortable with this percentage then your eyes are more wider open than many. We think that’s sensible to start with this in mind despite the 93% figure!

Your own skill set

I can guarantee to you that if I was offered Harry Kane’s job as the new England striker then I would be the hardest working member of the squad. Literally, no-one would put in more effort. Not no one! However, (and sadly for me) effort simply isn’t enough.  If you are a shrinking violet then don’t buy a face to face sales orientated franchise. You’ll fail. Similarly if you have the charm of Basil Fawlty then you’re probably not suited to a face to face customer services role. You get the idea! Your skill set must match the role.

Your work rate

Ask any successful person and I would think they would all agree that hard work is linked to success. Sure there’s the odd exception. However, let’s deal with likely scenarios here not lottery odds of a 2 hour week making you a million. If you know within yourself that you can’t get out of bed on a morning then self employment won’t suit you. You need the fixed hours of a job because you’ll struggle with the self discipline  you need to crack on under your own steam. But if you find the right franchise you’ll have motivation a plenty. One that totally engages you and you have natural enthusiasm for.

Your financing

Your available capital shouldn’t be “just enough”. If you manage to scrape together “just enough” then your car’s going to break down. Or some other unexpected cost will magically appear. We use a phrase here at Lime that is always true in franchising. “You’ve got to be able to comfortably fund it”. Your success is, at least to a degree, linked to the franchisor and their training and support. They might not be as good as you expected and the may affect you. Also consider that you might have a slower start for any number of reasons. Your capital needs to carry you until such time as profits are sufficient. That might take longer than you think. So, put plenty of funding in place. You can then concentrate on doing the business.

Professional Advice

Do we need to say this? Ask your accountant for finance advice by all means but he or she should never be the judge of whether it’s a good business for you or not. Have them look at the figures, present scenarios even, and then you decide! Remember that lawyers will always look to tear up other peoples agreements. What you want from them is a statement of the legalities not a commercial judgement, again that’s for you to decide. We experience a lot of lawyers giving commercial advice to people. Have them stick to explaining the legal position and not being a business coach. If you find a franchise professional ask them to spell out what are the risks of franchising.

Non Professional advice

The value of someone else’s opinion is often underestimated. At a franchise meeting it’s a good idea to bring someone along whose opinion you trust. They have your best interests at heart and won’t be wearing rose coloured glasses. Is the person a friend, a parent, a business associate? Ask a few people and see what they say. I’m always pleased to see others come along to a meeting. They’ll help you to see things differently. It’s even better if they throw cold water all over your grand plans. Honestly, it’s a good thing to find people who jolt you into thinking about the downside.

Market Research

My colleague Kevin Thomas was one of the top performing franchisees for Cafe2U. Prior to buying the franchise he literally visited all his potential sites and counted how many people were there. He then spoke with potential customers. Would they buy it? Once he had done his research he was comfortable moving forward.

Consider the regional demand of different businesses. You may not do as well with a garden services business in central London than someone in the leafy suburbs. This is where you hope the your franchisor has run several pilot schemes or has experience of different demographics.

Market shifts and adverse news.

Consider too where your market is going. Would now be a good time to open a night club? Would you be better in a covid proof business format? Why not apply to join our focus group and we’ll confer with you for free. You’ll also potentially get to know some like minded people.

Franchisors aren’t guaranteed to be successful businesses. We’ve seen many franchisors go under. So, check them out financially. In understanding what are the risks of franchising you need to consider what happens to you if the franchisor goes under? What happens of there is some significant adverse news with a Director or a brand, or another franchisee? You’re all in it together in franchising, good or bad.

In summary

There are no guaranteed outcomes in self employment. Income and activity is solely yours to create. If you want a guaranteed outcome get a job. Franchising has proven to be very successful, but only in the right hands. Running a business can be a lonely role too. We think it’s the sharing of best practice and the camaraderie that makes franchising work well. You’re not alone. Your colleagues are dong the same thing as you.  Everyones sharing what works and what doesn’t and that, probably more than anything else is why we are advocates for great franchisors.

Call me to discuss franchising anytime. It’s my favourite topic!

Andy Cheetham

07782 115993

Some further reading that is linked to this below.

What is the best franchise to buy.

The post What are the risks of franchising? appeared first on Lime Licensing Group.

You are reading the headline correctly! I bet you did not expect that did you?

One of the common mistakes when individuals are looking to explore something new in the business world, is to compare either a franchise or stand-alone business. In my opinion this is a very fatal flaw. They are definitely not the same, so please continue to read so that I can explain further.

Don’t Just Take My Word For The Facts…

You can research online and find that independent studies prove the successes of franchising. Usually in the region of 90% of franchises are profitable. Now compare these statistics to those for independent businesses as a direct comparison. They are often seen as low as 20%. I’m sure these figures alone will surprise you. But, does that mean that you will buy or start an independent and fail? Absolutely not! However the figures do tell a picture that you are largely starting off on the wrong foot! Having said this, it is important to think about the real direction you want to take if you want to be fiercely independent. You do have to go down this route as franchising would be totally the wrong fit for you. Furthermore if you are, sat on the fence, franchising does look more appealing, to start with. The numbers speak for themselves. As a result from a purely economic point of view franchises look good don’t they?

Is Franchising Actual More Viable For You than an independent business?

One of the reasons why franchising is a very viable option is because someone before you has taken all of the risks. All the good and bad decisions have been done already. The optimised model is laid out in a format that they know works for you to pick up from day one. You will not need to reinvent the wheel, which would have time and financial implications. Have a think about the value of that alone in this for a moment. It’s one of the best reasons why you should buy a franchise and not an independent business.

You will also need to consider the pro’s and con’s of going alone, prepare yourself for having to think about building your business from the ground up as well as it’s strategic direction, testing and measuring, the failures and successes, there are many more areas not mentioned in this briefest of articles! Then there are the admin duties (often done outside the working day when you are on your own) and in time this will affect your ability to scale, you might not want to of course, but it’s yet another matter to think about now, franchising does also offer a community, and whilst you are effectively paying for the privilege in ongoing fees covered in your franchise term, you will not feel like you are spending more for advice and support like you would need to if you were on your own.

When Is The Best Time To Buy A Franchise or Start an Independent Business?

2020 for sure has been the strangest times for most of us in business and personally hasn’t it? It’s affected virtually everyone across the world, let’s hope it is a ‘once in a generation’ problem. Some will tell you never to start an independent business post economic resets. They are right, but I can tell you that I have a few businesses under my belt that did do exactly this. Largely they grew and were a success. That aside, I would definitely advise doing so when the time is right for you, this then changes the whole outlook, despite the economy!

Starting an independent business when it best suits you, might mean when you are in the right zone. Or if you simply want achieve the right lifestyle. However there is usually a trigger that forces your hand, such as employment uncertainty for example.

Should You Even Be In Business?

Business, whether independent, franchising or other options, is a largely fascinating and rewarding area to been involved in. At the same time, mistakes can cost you dearly. Furthermore in some instances I have known individuals to literally inject all their collateral into their new way of thinking and lose it all. Often more, but when they look back, they can clearly pin-point areas that they could have minimised the risks. This, I guess, is partly the point I am trying to make on this article to try and help you. Hopefully it will steer you towards looking to buy a franchise.

Always look to make measured risks. Talk, do your research, seek professional advisers, you can do all of this for little or zero expense. Your due diligence could result in the best investment decisions you make in your entire business life! Check out franchise details on companies like this motoring franchise.

An Objective Final Point…

Please do remember this, you do have options! I have been there myself too and now have the experience of both types of businesses, I now know what I would (and wouldn’t) do again, but you must do what it right for you, sure, go and seek the expert opinion of others (which by the way is rarely served on social media) and then go and make an informed decision on what feels right in your gut, with that, you will probably make the right decision!

Go and do something today, please remember this…the best time to do something was probably years ago, the second best time is now!

Best of luck with the future, I hope this has given you some ‘food for thought’ I would love to learn more about how this small article impacted on you!

Richard Pakey is a franchising expert and Regional Director for the award-winning Lime Licensing Group and can be contacted in the following ways:

Email: richard@limelicensinggroup.co.uk

Mobile/text/whatsapp: 07904 697591

LinkedIn: https://www.linkedin.com/in/richard-pakey-vfp-0b46ab147

https://www.limelicensinggroup.co.uk/franchise-consultants-in-cambridgeshire/

The post Why You Should Buy A Franchise OR Independent Business! appeared first on Lime Licensing Group.

Let’s start with absolute clarity, I am a franchise consultant…there…I said it! Now let’s get on with exposing the secrets to buying a franchise!

So, some of you reading this may dismiss this article as biased. That is not the intention. The main point that I am trying to demonstrate is to analyse the actual realisation of searching for a franchise and the genuine value franchise consultants bring to the process. Surprisingly enough though, this doesn’t necessarily mean using me or any of my colleagues at Lime. There are plenty others out there offering a service. I will happily even refer you to them!

If you are searching for a franchise, entrepreneurs like you will often come across various franchise consultants, like me. You may wonder: “Why should I use a franchise consultant?”. The answer is simple though: “To save time and money.” Franchise consultants may not always provide a total solution. However our services usually come at no cost to you (as most of the time we are paid by the Franchisor). The good news for you is that we regularly spend hours interacting with people who buy and sell franchises. This makes us a good source of all round information, albeit good and bad!

It’s what you know and how you use it.

I bet you probably didn’t know that such a service was available until you started the  hunt for suitable franchise, did you? In addition, there are just not that many franchise consultants around. Especially ones with long standing knowledge and experience. Sure, people do come and go, like they do in all sectors but it is a niche profession that was born from the franchisors’ constant desire for more qualified potential franchisees.

There are enough franchise consultants out there that will offer to help you. I would imagine you have already spoken to a few if you have been searching for a franchise by now. Like the other franchise professionals in Lime Licensing I often spend hours a day developing new franchises and doing research on behalf of my clients. I constantly look to learn and improve our all round knowledge. Others spend little time learning and more time steering people towards the companies that they know will pay the highest commissions, rather than finding the best for you. Some work with a small number of companies, others many more. It is not, and never should be, a secret that the majority of franchise consultants work on success fees paid by the franchisors. I, and some other colleagues, provide information at no cost to you with a plan to pass along a qualified potential franchisee to the Franchisor. This is very valuable for both parties.

My advice to someone looking for a franchise is to explore every option available. Also be careful to not just scratch the surface on just about every franchise that exists. That will get you on a never ending path! But you should always include the services of a franchise consultant. In the same manner I would advise anyone to use the services of a solicitor and accountant during your search.

Not using a consultant will not save you any money that is for sure!

Think of people like me and other franchise consultants as another tool to help you:

• We are best placed to guide you, it’s all we do!
• We are more knowledgeable about the in’s and out’s of franchising than you are.
• You may not like what they have to say, or the franchises being represented though, but for fair judgement.
• At the very least, a franchise consultant will educate you on the process. That way you are better represented to the franchisor.

Are you serious about knowing the secrets to buying a franchise

Then approach the process thoroughly. A consultant can seriously help to speed up the process for you. As long as you follow the system through the process, just as you would if and when you become a franchisee, so you had better get into the habit early! The information us franchise consultants can provide will help you save time and money. In the end, the choice belongs to the you of course. You will still be responsible for the due diligence, analysis and, of course, parting with your own money. However, understanding what franchise consultants do and utilising us as a tool in a franchise search process can be very valuable, indeed.

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Richard Pakey is a franchising expert and Regional Director for the award-winning Lime Licensing Group and can be contacted in the following ways:

Email: richard@limelicensinggroup.co.uk

Mobile/text/whatsapp: 07904 697591

LinkedIn:

https://www.limelicensinggroup.co.uk/franchise-consultants-in-cambridgeshire/

The post The Secrets To Buying A Franchise appeared first on Lime Licensing Group.

You often only get one chance at a successful startup business. This is because those who fail, are sufficiently scared by the experience they usually avoid self employment like the plague thereafter! So at Lime we recognise what a big step launching your own franchise is. But, startup businesses in the truest sense of the word aren’t really the same as franchises due to the value of the franchises activity before you’ve even launched. As a result of this activity each new franchise has countless hours of development, monetisation and efficiency built in from day 1. The learning curve has already been and gone. Each new franchisee walks straight into a business where someone else has taken the pain of trial and error.

Startup business in franchising carry less risk.

Franchising is the most successful route into self employment and by quite a large margin. Outside of the franchise industry roughly 50% of businesses fail within a few years where as over 90% of franchises are at least marginally profitable. That’s a huge difference and reflects the fact that all franchisees are replicating an already successful business. Furthermore they are then supported and coached on how to monetise it and fully optimise it. It’s that training and support that makes all of the difference.

It’s not a new business

Your franchisor has a reputation that is very difficult to create on your own, but as a franchise owner you immediately have that reputation. You have the rights to a brand that has real credibility in the market place which means that although you are technically a new business you have the characteristics of a well established brand before you’ve even started.

Raising funds is easier For startup franchises

Most banks recognise that franchises are a lower risk than a new business. As a result they’ll often lend on more attractive terms. Banks like Natwest and HSBC are particularly active in the new franchise market.

Genuine good value

All franchisors are worth the royalty. Franchisors can make a lot more difference than the royalty cost. Royalty is a small percentage or fixed amount and often the economies of scale of products and central services saves franchisees money. These days a big hitting website can easily be a five figure sum and the support of a Head Office brings resources at every franchisees disposal.

Team work makes the dream work.

But it’s not just the financials that makes sense in franchising. For many the camaraderie of being with like minded people operating the same business is a huge factor. Being in business for yourself can be lonely but you’re not alone in a franchise network. As a result franchising goes some way to solving that issue. Within a franchise network you have colleagues in the same boat as you. Colleagues you can discuss issues with in a confidential way with or without the franchisor. Outside of franchising it is rare that people in the same line of business will share best practice and trade secrets with you. Particularly if you’re a new business – why would they? You’re a threat and might just compete against them! This shows the value of what they’ve learnt doesn’t it? That’s what franchisors provide. In franchise networks tips and hints flow freely.

A valuable asset for the future

Franchises are also a business that you can sell at a premium price down the road even as a sole owner operator. It can be difficult for someone to sell a one man band due to the reliance on that one individual. Buyers worry that the outgoing owner’s personality and connections won’t easily transfer over. However, unlike startup franchises the established ones can be sold far easier than many startup businesses. Simply because many buyers prefer to join a franchise system due to all the above reasons versus going to alone. The brand is what matters more than the individual franchise owner.

Established franchises

When a franchisee’s business is already established the risk of franchising is lowered even further. A buyer looking at acquiring a franchise resale has completely doubled down on the risk. As a result franchise resales can sell for significant value because the only real question mark for many is will the franchise work in their specific locality. With that proved an established franchise carries a big goodwill value and a top end valuation.

Where to find the best startup franchises?

You can also get a free copy of Franchise Life magazine by following this link Franchise Life magazine by following this link.

Or speak with one of our team by calling 01274 662001 today.

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