Have you ever dreamt of starting your own business but been put off by the risk involved? If this sounds like you, buying into a franchise might be a better option. In this live chat, Elizabeth of Investing in Women talks to Rebecca Newenham from the Get Ahead VA franchise about franchising and what you can expect if you launch a franchise business.
Rebecca explains how to start a franchise, beginning with choosing a franchise that suits you and outlining your due diligence process. She then outlines the typical deal people sign with franchises, with a breakdown of the costs, the length of the franchise agreement, and the support and resources you should get from a franchise in return for your money.
You’ll also hear more about the franchise that Rebecca works for, Get Ahead VAs, which provides virtual assistants to local businesses, qualified to perform a wide range of administrative tasks, including accountancy, social media account management, and copywriting.
This interview is a brilliant introduction to the world of business franchises, opening your eyes to a whole new world of business opportunities where you can be your own boss and run your business with support and advice from a larger organisation. If you enjoyed this interview, make sure to follow Elizabeth and Investing in Women for more great content like this. And check out our LinkedIn Live replay with Linda McCormick, Get Ahead’s newest franchisee, about why she wished she’d launched her franchise sooner here.
Timestamps
[1:00] Rebecca introduces herself and her professional background
[2:37] What’s a franchise?
[3:50] Rebecca explains the range of franchises available
[6:04] Franchises give you a chance to buy into a proven structure
[7:45] The franchise buddy system
[8:33] How to choose a franchise that’s right for you
[10:33] The ideal profile of a person who runs a successful franchise
[11:48] What are the downsides of working in a franchise?
[12:58] Rebecca breaks down the cost of investing in a franchise, how you can pay it off and what’s included in the price
[14:28] What happens after the 5-year franchise agreement ends?
[15:52] Scaling up a franchise and dividing up franchise territory
[17:02] Can franchises hire employees?
[18:07] Rebecca explains what support you can expect from her franchise when you’re starting out
[19:43] Elizabeth’s experience of working with a franchise and how Rebecca trains and stays in touch with her employees
[22:27] What does Get Ahead VA do? Rebecca explains the qualities of a good virtual assistant
[25:21] What Rebecca’s franchisees like about working with Get Ahead VA
[26:20] It’s a great time to become a virtual assistant
[27:10] A question from a viewer: What kind of expertise do the Get Ahead VAs have?
[29:24] Where to go to find out more about Rebecca and Get Ahead VA
Enjoyed this conversation? Then check out our chat with Rebecca Newenham on the Work It Like A Mum podcast here.
Links
The British Franchise Association site
Investing in Women’s Flexible Working Job Board
Investing in Women on Instagram
Investing in Women on LinkedIn
Investing in Women on Facebook
Investing in Women on Pinterest
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