In this week’s Facebook and LinkedIn Live, Elizabeth Willetts chats with Rebecca Newenham, the owner of the Get Ahead franchise.
They discuss franchising, its benefits, and how it can help someone become a business owner without having to figure everything out on their own.
Rebecca and Liz also discuss the emotional aspects of setting up a business and the importance of having a support system.
Watch to learn more about the investment required to buy a franchise, which varies by franchise type and the level of support provided. And why, if you want to be an entrepreneur, should you consider buying a franchise with a proven business model and a support system?
Enjoyed this conversation? Then check out this LinkedIn Live replay, where Rebecca discusses how a Get Ahead recruitment franchise can give you the perfect work-life balance. Check it out here.
Timestamps
Overview of Franchising [00:00:00]
Liz and Rebecca introduce franchising, its benefits, and how it can help someone become a business owner without having to figure everything out on their own.
What is a Franchise? [00:01:17]
Rebecca explains that a franchise is a tried-and-tested business model established by someone else. It’s a “business in a box” that provides a step-by-step process for launching a business.
Benefits of Franchising [00:02:03]
Liz and Rebecca discuss the benefits of franchising, including its proven business model that can help someone make money without having to figure everything out on their own. They also mention the emotional aspect of setting up a business and the importance of having a support system.
Why Buy a Franchise? [00:03:23]
Rebecca explains that buying a franchise is a way to speed up business setup and access a support system. Liz adds that it’s a way to grow a business quickly without taking on investment.
Franchise Research [00:05:32]
The benefits of franchising, how to find a franchise, and the different types of franchises available.
Examples of Franchises [00:07:13]
Examples of franchises in different industries include cleaning, gyms, travel, and coffee shops.
McDonald’s as a Franchise [00:08:20]
Discussion of McDonald’s as a successful franchise and the importance of a consistent customer experience.
Franchise Investment [00:09:41]
The cost of buying a franchise and the importance of considering realistic aspirations.
Franchise fee and funding [00:09:59]
Discussion on the cost of buying a franchise, funding options, and the importance of cash flow.
Renewing a franchise license [00:11:40]
Explanation of what happens at the end of a franchise license and the possibility of extending it without paying the franchise fee again.
Choosing the right franchisor [00:12:23]
Importance of selecting a franchisor that provides support and the ability to talk to existing franchisees.
Support from franchisor [00:13:35]
Discussion on the support provided by franchisors, including selling the business if the franchisee decides to leave.
Experience needed for a franchise [00:14:22]
Clarification that experience in a specific industry is not always necessary to buy a franchise.
Franchise Requirements [00:14:41]
Discussion on whether some franchises require specific experience and the importance of researching franchise requirements.
The flexibility of Franchises [00:15:23]
The flexibility of franchises and the ability to build a team around the franchisee’s needs.
British Franchise Association [00:16:03]
The British Franchise Association (BFA) website is a resource for researching franchises and the importance of due diligence.
Choosing a Franchise [00:16:24]
The checklist for choosing a franchise includes checking consistency, speaking to current franchisees, and visiting the franchisor in person.
What to Expect from a Franchise [00:17:26]
The contents of a franchise package include web presence, training, branding, and ongoing support.
Financial Model of a Franchise [00:18:23]
It is important to understand a franchise’s financial model and ensure it is scalable and delivers the desired income.
Transparency of Franchise Companies [00:19:13]
The transparency of franchise companies in providing information on other franchisees and warning signs to look out for.
Get Ahead Franchise [00:19:54]
Description of the Get Ahead franchise, its outsourcing services, and how franchisees match clients with virtual experts.
Territory and Networking [00:21:00]
Explanation of how franchise territories are established and how networking is a crucial part of the franchise model.
Working from Home [00:23:49]
Discussion of how franchisees work from home and can network from coffee shops and co-working spaces.
Flexible working hours [00:24:50]
Discussion on the benefits of part-time hours and flexibility in scheduling for franchise owners.
Finding out more about Get Ahead [00:25:34]
How to find out if a territory is available and register for Get Ahead’s pool of experts.
Franchising and flexible working [00:25:43]
The importance of education on franchising and the benefits of flexible working.
Joining Get Ahead [00:26:38]
How to join Get Ahead’s pool of experts and connect with Rebecca.
Wrap-up [00:27:10]
Thanking Rebecca for joining and providing information on where to find the replay and additional resources.
Show Links:
- British Franchise Association website (BFA) – mentioned at 00:05:59
- Domestic Angels franchise – mentioned at 00:07:19
- Calendly (00:24:50)
- LinkedIn (00:25:43)
- Get Ahead website (00:25:43)
- Investing in Women Flexible Working Job Board (00:25:58)
- Join Us page on the Get Ahead website (00:26:38)