"Despite the economic climate there are still opportunities for business growth". This is the
message from the team at Fraser Brown solicitors who will be offering information and advice on how to grow
your business through franchising from stand 14 close to the show entrance.
Robin Wright, Partner at Fraser Brown, explained, "While lots of businesses have struggled in the
current economic uncertainty, it has not been bad news for everyone. Many banks are still willing to lend
on franchising activity, and we are also seeing an increase in the number of potential franchisees, who see
redundancy as an opportunity to invest in an established business and become their own boss. This
combination of funding and new franchisees makes it an attractive option for those looking to raise capital
or build their business."
"While many businesses may be suitable for franchising, not all will be appropriate and it is vital
to get the right information before making any decision. We will be available all day to answer questions
and help business people to consider their options in more detail, provide an independent appraisal on some
of the issues that may arise when considering franchising and advise on which businesses may be
suitable."
"Broadly speaking, your business needs to be successful as nobody will want to buy the franchise
for a business that doesn't make money. Remember that a franchised business needs to be profitable enough
to not only make money for the franchisee but also for you."
"In addition, your business needs to be one that can be replicated in different locations by your
franchisees. Businesses that need high skills levels or professional qualifications can be more difficult
to franchise but it is not impossible."
"You also need to offer your franchisees something extra, that makes them pay you, instead of
simply setting up their business independently. For example, you might have a recognised brand name,
provide equipment or supplies they need, or help with training and marketing support."
"Those businesses best suited to becoming a franchise generally have four key attributes:
- Established and successfully trading for two to three years with trial outlets in different
locations
- A suitable business model
- Strong brand foundations
- Good management to oversee development of several locations."
As well as providing further advice such as this from the stand, Robin will be hosting a lunchtime
seminar in conjunction with Ken Braddock, Senior Franchise Manager at HSBC and Emma Hanson, Associate
Director at Tenon Outsourcing, to give business people the opportunity to evaluate franchising in greater
depth and find out more about how it could benefit them.
Emma Hanson said, "Franchising offers a great way for people to grow their business but it is vital
that people understand exactly what it means to franchise and the benefits and risks involved which is why
a seminar like this provides such a useful overview. Even if you have not considered franchising as a route
to build your business it would be worth attending to gather more information and see if it could be a
viable route for you."
Robin added, "This seminar will allow people to find out about the funding on offer to prospective
franchisors, the accounting procedures and controls and the legal frameworks that are required."
The franchising sector is growing rapidly – there are more than 1,400 franchised businesses in the UK.
Over the past year Fraser Brown has helped a number of owners franchise their business, and has also
advised franchisees on everything from opening fast food outlets to water purification businesses. This has
made the franchising department one of the fastest growing within the firm and the level of business shows
no sign of abating.
The team advises on the whole range of franchise-related legal issues, dealing with matters for small,
self managed businesses, medium-sized local and regional companies, PLCs on a national basis and
international franchise organisations. Franchisees can also monitor the status of their lease and other
work being undertaken via live online matter tracking and progress reports.
For further information on Fraser Brown’s Franchising services, visit the stand, log onto www.fraserbrown.com, telephone 0115 9 888 777 or email franchise@fraserbrown.com
Fraser Brown is a dynamic law practice working at premises in Nottinghamshire through its branches in Nottingham, Radcliffe on Trent and Bingham.
Its philosophy is to deliver superior legal advice through a personal and highly professional service for both commercial and private clients. Since 1990, Fraser Brown has acquired eight established and respected local firms as part of its major growth strategy for doing business in the 21st Century.
Fraser Brown is one of the region's longest established firms of solicitors. Over the last 12 months, it has experienced significant growth in areas such as property, contract work, construction and general litigation.