Getting the right advice at the right time is key in any business, but more particularly if you are considering franchising it.
Earlier last month David Glover, Franchise Director of Caremark Limited was a guest speaker at the bfa’s Prospective Franchisor Seminar in London on Tuesday 10th April.
The event was organized for business professionals who wanted more information and advice regarding franchising their business. The seminar attracted a variety of entrepreneurs who wanted to learn more about the process, the benefits and the journey they would have to undertake.
Franchising can be the preferred development option for tried and tested business models. David used Caremark Limited as an example of a business which developed a strong business model and then saw the benefits of franchising it as a commercially sound method of development.
David explored the subject of growing a business through franchising from the franchisor’s perspective and took his delegates through the entire process, starting from why you should franchise your business through to offering sound tips and advice of what to do when, and what to avoid. He also outlined the importance of careful selection of franchisees as well as the all-essential training for new business owners and the on-going support and guidance given by the franchisor.
Franchising, as David explained, is the logical next step to developing a business model; it involves less cost than in creating ‘branches’ of your main business and by having franchisees, one brings in people who have a vested interest in being successful in their own right and thus will work to grow and protect your brand.
In addition, management of the franchise is more straightforward through the structure of the franchise agreement which gives the franchisor ultimate control of the business model and brand. Franchising also enables faster expansion, better market penetration and of course, the possibility for international development.
With a content-rich presentation, delegates were able to take away sound advice from David’s presentation, giving them a clear overview of the opportunities afforded by franchising their business.
David Glover has a wealth of experience in franchising, having first qualified as a solicitor over 25 years ago. He then became interested in franchising and chose to specialise in franchise law. During his career, he has been both a franchisee and franchisor of various businesses before taking up his role with Caremark, giving him unique insight into franchising as a whole.