rtbiscuit Posted February 22, 2011 Share Posted February 22, 2011 just wondered if anyone had any experience on setting up a franchise; does anyone own one; i'm looking at purchasing a franchise to give me a change in career. had a phone call tonight from the director and they are sending me an info pack. i've started doing some research and only 3 other companies do the same thing in this area. am going to email/contact local businesses who would use this service to see if they are already catered for and how much demand there might be. i think for me the scary prospect is leaving a secure job to step into the unknown and take on a big business loan. i just want to make sure i can provide for my family and keep a roof over my head. earning potential seems good; going on what the business is proposing; and i have ideas to further market the business beyond what comes with the franchise. i suppose i just need some reassurance, as its a lot to risk. Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted February 22, 2011 Share Posted February 22, 2011 If you ask me its a crazy time to leave a secure career and go off on your own, especially if you have a family to support. I know some will say nothing ventured nothing gained but it won't be the roof on their house at risk. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted February 22, 2011 Share Posted February 22, 2011 Don't listen to their sales patter. Talk to people ACTUALLY doing the job. Try to speak to other Franchise owners, they will give you an actual honest response rather that the Directors saying; if you sell 10 of these a month it will earn you £100k pa...etc Work out what you need to bring home a month and find out how long it took the other Franchise owners to get to that level. Don't be put off but just go into it with your eyes wide open. Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted February 22, 2011 Share Posted February 22, 2011 Life is full of opportunities ........ "whether you think you can or you think you can't - you are most probably right" ......... Henry Ford Quote Link to comment Share on other sites More sharing options...
LRF4N Posted February 22, 2011 Share Posted February 22, 2011 Was ur discussion with cragus too much for u? jk mate hope it works out whichever route u take Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted February 22, 2011 Author Share Posted February 22, 2011 i listened to the bloke and must admit there was no real sales pitch; am waiting to get the pack to see if i can work out some solid figures. they given me an average financial turnover but that is gross and not profit. i want to find out from them how much materials are etc, so basically from the job how much of the profit is for the user and how much has to go back into resources. got to find out what loan repayments would be like, what the setup speed has been like for other franchise owners. etc. i know that the original company take Management fees are of 10% and advertising levies 1% of the turnover. just want to know that if i do make the big turnovers how much of that is my end of year profit after all other payments have been made, and then that will tell me if stepping out of teaching is a wise idea or not. the one benefit i have is that i can swap to supply work and ease from one to the other as business picks up so its not quiet a case of going out on an all or nothing limb. i am by no means rushing into anything. Quote Link to comment Share on other sites More sharing options...
350 Russ Posted February 22, 2011 Share Posted February 22, 2011 ive got to agree with dave on this one seems nuts to leave a secure job with the current financial climate Quote Link to comment Share on other sites More sharing options...
glrnet Posted February 22, 2011 Share Posted February 22, 2011 +1, this might help a bit mate:- http://www.thebfa.org/ If you ask me its a crazy time to leave a secure career and go off on your own, especially if you have a family to support. I know some will say nothing ventured nothing gained but it won't be the roof on their house at risk. Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted February 22, 2011 Author Share Posted February 22, 2011 the government seem to be backing franchisee's and so are the banks as they hold a high sucess rate something like 95% on average. compared to about 66% of independent setups. i think it definetly has potential even in this climate, but i need ot work out if i will be competing in a closed market or diminishing market as the already established places have cornered all the work. and if the prices from the franchise come out higher or lower than whats currently on offer locally. Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted February 22, 2011 Share Posted February 22, 2011 the government seem to be backing franchisee's and so are the banks as they hold a high sucess rate something like 95% on average. compared to about 66% of independent setups. i think it definetly has potential even in this climate, but i need ot work out if i will be competing in a closed market or diminishing market as the already established places have cornered all the work. and if the prices from the franchise come out higher or lower than whats currently on offer locally. Then why ask for any advice if you know all the answers? Quote Link to comment Share on other sites More sharing options...
glrnet Posted February 22, 2011 Share Posted February 22, 2011 Without giving too much away, which market are you potentially looking at? the government seem to be backing franchisee's and so are the banks as they hold a high sucess rate something like 95% on average. compared to about 66% of independent setups. i think it definetly has potential even in this climate, but i need ot work out if i will be competing in a closed market or diminishing market as the already established places have cornered all the work. and if the prices from the franchise come out higher or lower than whats currently on offer locally. Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted February 22, 2011 Author Share Posted February 22, 2011 the government seem to be backing franchisee's and so are the banks as they hold a high sucess rate something like 95% on average. compared to about 66% of independent setups. i think it definetly has potential even in this climate, but i need ot work out if i will be competing in a closed market or diminishing market as the already established places have cornered all the work. and if the prices from the franchise come out higher or lower than whats currently on offer locally. Then why ask for any advice if you know all the answers? i have answers, but no experience or knowledge in the area, i have for the last 15 years worked for other people, i have never been the big boss, and at the end of the day, those major issues have been someone elses problem. i want info form people in that situation or who own their own business who might highlight things i haven't thought of. will wait for more info from the company and if im more serious then i might book a meeting with the bank to find out more about figures etc and how it might work. if i'm honest the thought of it scares the crap out of me, but i also find the prospect quiet exciting at the same time. Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted February 22, 2011 Share Posted February 22, 2011 Without giving too much away, which market are you potentially looking at? This one I believe.... Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted February 22, 2011 Author Share Posted February 22, 2011 lol no its automotive based can't work out if i say anymore or not Quote Link to comment Share on other sites More sharing options...
glrnet Posted February 22, 2011 Share Posted February 22, 2011 Seriously, if it scares the crap out of you and excites at you at the same time then that is a good basis to start from but you MUST believe in the "product" the government seem to be backing franchisee's and so are the banks as they hold a high sucess rate something like 95% on average. compared to about 66% of independent setups. i think it definetly has potential even in this climate, but i need ot work out if i will be competing in a closed market or diminishing market as the already established places have cornered all the work. and if the prices from the franchise come out higher or lower than whats currently on offer locally. Then why ask for any advice if you know all the answers? i have answers, but no experience or knowledge in the area, i have for the last 15 years worked for other people, i have never been the big boss, and at the end of the day, those major issues have been someone elses problem. i want info form people in that situation or who own their own business who might highlight things i haven't thought of. will wait for more info from the company and if im more serious then i might book a meeting with the bank to find out more about figures etc and how it might work. if i'm honest the thought of it scares the crap out of me, but i also find the prospect quiet exciting at the same time. Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted February 22, 2011 Share Posted February 22, 2011 lol no its automotive based can't work out if i say anymore or not Automotive.... I am SHOCKED Only you can say if the scary part outweighs the excited part.... Quote Link to comment Share on other sites More sharing options...
Sarnie Posted February 22, 2011 Share Posted February 22, 2011 the government seem to be backing franchisee's and so are the banks as they hold a high sucess rate something like 95% on average. compared to about 66% of independent setups. i think it definetly has potential even in this climate, but i need ot work out if i will be competing in a closed market or diminishing market as the already established places have cornered all the work. and if the prices from the franchise come out higher or lower than whats currently on offer locally. Then why ask for any advice if you know all the answers? i have answers, but no experience or knowledge in the area, i have for the last 15 years worked for other people, i have never been the big boss, and at the end of the day, those major issues have been someone elses problem. i want info form people in that situation or who own their own business who might highlight things i haven't thought of. will wait for more info from the company and if im more serious then i might book a meeting with the bank to find out more about figures etc and how it might work. if i'm honest the thought of it scares the crap out of me, but i also find the prospect quiet exciting at the same time. I can work out what the loan repayments will be if you give me the figures...... It's very hard to give specific advice without knowing what the industry is...... Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted February 22, 2011 Author Share Posted February 22, 2011 definatly need to see the product in action to judge for myself, seen some of the competitions work and its not bad but this is mean to be quiet good. but the type of work interests me and would allow m eto get out and about, and i'd still be able to work with my hands; i wouldn't be indoors based in an office. id get to do some driving, meet people and possibly make a lot more money than i would in teaching. Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted February 22, 2011 Author Share Posted February 22, 2011 sarnie i'll pm you Quote Link to comment Share on other sites More sharing options...
Sarnie Posted February 22, 2011 Share Posted February 22, 2011 Automotive could be anything though: Vinyl Wrapping Wheels ICE Exhausts Smart repairs Wheel refurbing etc etc, plenty of scope......... You must think you can earn money from it so tell us what it is Quote Link to comment Share on other sites More sharing options...
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