There are plenty of reasons for buying into a franchise when you want to start a business. Yes, going it alone when you set up your company can be liberating – but also scary. Who’s got your back? Who can you turn to for sector advice? Why do you have to juggle so many balls at once?
The good think about being part of a franchise is that all the hard work has been done for you. The business model is proven to be successful (otherwise you wouldn’t be buying into it), the branding has been completed and works, and there is already a good customer base out there. Better still, when the business seems to be getting on top of you and you need to blow off steam well, you can just pick up the phone and chat to one of your fellow franchisees.
Franchisee – Best of both worlds
One of the biggest reasons people become franchisees is because they get to be an entrepreneur, yet also have the expertise and resources of a big, proven, operation behind them. In other words, they get the best of both worlds.
Ongoing Support
When you join a franchise, what you actually do is sign up to a mutual support network. Your fellow franchisees have all ‘been there and got the tee-shirt’ – which is very reassuring when you’re first starting out and not sure where to turn at times. At that point you just pick up that phone again or go and have a face-to-face chat with a franchise colleague or support person.
Another plus about these colleagues is that they’re role models in a way. They’ve been in the franchise for years and have the type of success you yourself are probably hankering after. Well, by following their example, you know that is entirely possible.
At Sourced our franchisees have a dedicated property mentor, who is available at all times to sit down with you and assess a potential deal you have found, or assist you in writing up a contract for an investor, for example.
Funding
Starting up any business is expensive. When it comes to a franchise you’ll pay an initial fee for joining, then you will have operating costs and stock to buy. Every franchise has a different fee, depending on how large it is, how successful, it’s location etc. But even if it’s a franchise with a small start-up fee, you’re still going to require an adequate amount of funding from the get-go.
And that’s where joining a franchise puts you in a better position than starting out in business on your own. Because, when you go to your bank or other lender for a loan, you are far more likely to be accepted if you’ve joined a business with a proven track record of success, ie a franchise.
At Sourced we also offer access to funding via our peer to peer lending scheme. That means the money to invest is there, provided the deal our franchisee presents with, ticks the ‘profitable’ box.
Training
Buy into a franchise and you will be taught everything you need to know to make your business a success. That means learning to manage customers and staff, carry out promotions, do your books etc.
At Sourced we have regular training classes covering a range of topics you’ll need to understand for your business. This includes the how, where and why of more than nine property strategies. That way you’ll find the best one (or two) that work for you at the time of joining.
Educational resources
You will learn basic accounting, marketing and HR – all areas of a business that are important, which you’ll learn ‘on the job’ and from experienced hands. Usually you would need to attend night classes, college day relief or complete a distance learning course for these type of subject areas – all of which mean spending less time on your business.
The fact that, as a franchisee, you are learning these subjects in relation to your business means you’re not doing that – ie removing yourself and having to pay someone else to keep an eye on your business.
Investor and property leads
One of – if not the most – fruitful elements of joining our a franchise is the business leads. This is an area which is crucial when it comes to success within the property industry. If you don’t have the leads, after all, it’s far more difficult to find out where the best BMV properties are or who is looking for a quick sale. Estate agents, solicitors, surveyors, fellow property investors – they’re all important to sourcers and investors.
Finding out about property deals, then matching them with the right investor is a great way to kick-start your property career, as well as giving you an insight into what’s available and how the market as a whole works.
Networking with other property professionals
Another great reason for buying a franchise is the access to a network of other businesspeople, you’d otherwise have to find yourself. For examples, Sourced franchisees get access to a network of over 220 property professionals, allowing them to meet and work with like-minded people.
The type of networking opportunities available to our franchisees include regular meet-ups with the team and our other franchisees – that could be at training events or a social night. Then, there are the monthly professional investor meet-ups with property professionals in your area and, of course, the relationships you yourself manage to make.
Get in touch with the team at Sourced
As a Sourced franchisee you get access to all that and more. Our tried and tested business structure allows you to start a successful property business, by focusing only on how to achieve your financial goals. To find out more about what becoming a Sourced franchisee means, download the Sourced franchise prospectus today.
