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What are Impact Franchises?
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British Franchise Association
Advantages and Disadvantages of Franchising
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If the idea of starting your own business through an impact franchise seems attractive then you need to make sure it is right for you. There is a lot of work you need to do before you become fully aware of what is involved, decide to go ahead or not and most importantly part with any money.
Distilling advice from many quarters, the steps seem to be:
You will find more detail on each of these steps below. Whilst we cannot say if running a franchise is the correct thing for you, we do hope these articles help you think through the process you might need to take to reach a considered decision.
BRITISH FRANCHISE ASSOCIATION
In 1977, the major franchise companies in the UK decided to set up their own association. The British Franchise Association (bfa), was formed to act in the interests of the industry as a whole in assessing and accrediting franchising companies as those which meet its criteria for the structure of the franchise business, the terms of the contract between franchisor and franchisee, the testing of the system and its success as a franchise.
On this site, we only feature franchisors who are either:
Full Members of the bfa
Full Members are established franchised businesses with a proven trading and franchising record. They are prepared to have their reputation examined by the bfa, and have an established network of franchisees.
Associate Members of the bfa
Associate Members have proven their ability to launch and support at least one franchised outlet for 12 months and are now in the business of building their network. There will be few franchisees whose experience you can research and a short period of time over which the business has been tested.
If the idea of starting your own business through an impact franchise seems attractive then you need to make sure it is right for you. There is a lot of work you need to do before you become fully aware of what is involved and decide to go ahead or not.
1. PRELIMINARY RESEARCH
There are many areas to research which can help you reach decision; Yourself, Your means, The Franchise and the Market.
2. CONTACT FRANCHISOR
So, you have identified at least one franchise opportunity you are interested in. Now comes the crucial stage of finding out a lot more about the franchise and starting to build a relationship.
3. BUSINESS PLANNING
A good franchisor will help their franchisees with business planning as they know what it has taken to get a franchise off the ground. They also know what it takes to keep it running. A business plan is more than just a financial forcast.
4. GETTING ADVICE
To help you reach a conclusion as to whether or not a particular franchise is for you, on top of your own research, it is vital you take advice.
Having prepared the business plan you should have a clear idea of the financing you will need. There are a range of options available to you if you are looking to finance a franchise.
6. PERSONAL REFLECTION
We've added this step because a major, life changing decision deserves time and reflection. You've done you research, you've found a franchise, you've developed a business plan, sought advice and have secured funding. Now you need to make a decision.
Impact Franchises Ltd Registered Company 9012222