Money Advice and Planning
The MAP Finances franchise is the only independent financial advisor to be franchised.
How do you know which franchise you would truly enjoy? How do you know which one represents the best business opportunity?
Hear from Amy Cross, Business Developer and Marketing Manager of the Spoton.net Franchise who provides you with 8 top tips when researching franchisors.
To find out more about the Spoton.net Franchise click here to visit their profile page.
Find out what your role as a franchisee would actually entail and what the team at head office do. Some franchisors expect you to do a lot and not all these requirements may be suited to your skills and experience. For example, if admin isn’t your thing, then opting for a franchise like Spoton.net whereby the paperwork is highly automated could be an option.
If you like the look of particular franchise, don’t rule it out because you assume you don’t have the necessary skills to do the job. Many of our franchisees had no previous sales or technical experience when they started out with Spoton.net. We provide all our franchisees with all the training and support required to be successful.
3. Find out about ongoing royalties
Franchisors often charge a monthly management fee but you should find out what this charge is and when it is applicable. Spoton.net for example, only apply a management fee after 6 months of trading. It’s important to find out if there are any other ongoing royalties that you have to pay to your franchisor.
4.Take into account ongoing business costs
Don’t overlook the fact that stock, staff and premises can quickly eat into your profits.
You could opt for a franchisee like Spoton.net, where you can work from home without any stock or staff but these types of franchises are far and few between. Before committing to a franchise you need to weigh up if your incomings can realistically exceed your outgoings.
5. Ask to speak with other franchisees
Who better to give you an honest opinion about a franchise you are interested in than other franchisees?! A good franchisor will have a several franchisees who are happy to have their details passed on to anyone who might be considering joining the franchise.
6. Take time to visit the Head Office
Before committing to anything it’s highly recommended that you meet the team who will be supporting you and see for yourself how the business operates.
Visit the franchisors premises and get a feel for how professional the office and the team actually are. It doesn’t matter if the franchisor is the other end of the country, if your serious about investing then you need to make that journey.
Don’t be put off if a franchisors asks you for CV or appears to be assessing you. A good franchisor will be selective in who they work with rather than just looking to take your money. A franchise is about a partnership so it shouldn’t just be you deciding if a franchise is right for you. A good franchisor will assess if you’re right for them also.
Comprehensive training is essential to being successful. The topics we cover in the training week range from how the different systems and processes work and how to market your business to finding and meeting clients. The week includes a training session with a franchisee, so you’ll learn from real experience. This is essential in providing you with the foundation to being successful.
The Spoton.net Franchise:
Spoton.net is one of the fastest growing Website and Internet Marketing Businesses in the UK and Ireland. As a Spoton.net Franchisee you will help small and medium businesses to thrive on the web.
The main quality Spoton.net look for in a franchisee is your ability to talk to people and build rapport with everyone you meet – because that’s the key to winning business. You don’t need design skills or to be technically minded.
You’ll be giving presentations – so you should be comfortable communicating with new people.
A fast learner and happy to work under your own steam, you’ll have no qualms about getting out there and winning business. A lot will depend on your ambition and determination to succeed.
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