May 4, 2011 - Making the decision to become a franchise owner can be a daunting one with many aspects to consider. BCR Associates’ franchise owner Neil Rice has been a franchisee since June 2010 and in this article he explains more about life as a franchise owner.
Each individual has a different reason for looking into a franchised business. In Neil’s case he explains that his decision was due to regulation changes which he believed would have negative effects on his business:
“Myself and my business partner ran an independent financial advice practice when the Government announced it would be making changes to the regulatory system. We both felt the new Financial Services Authority (FSA) regulations, due by the end of 2012, would impact adversely on our incomes so we decided to look into different career options.
“We both wanted a career which was rewarding but equally wanted the right work/life balance as we both have children. The BCR Associates franchise opportunity instantly attracted us because, unlike many franchises, we are not tied down to one specific territory. So we can take advantage of our existing business contacts all over the UK whilst still spending time with our family.”
The financial commitment of a franchise is always at the forefront of people’s minds. Neil explains “the finance for our franchise was raised through savings and part of the sale proceeds of our IFA practice”. However, all major banks will consider finance options and each of them have specialist franchise departments.
With any new business there are always worries and concerns but a major benefit of a franchise is the help and support you receive along your journey. From initial training when you learn about the business industry and processes through to ongoing support, your franchisor should be there to offer you help and guidance whenever you need it. Neil says:
“For us, the company’s pre-launch training programme was excellent. The training manual we were supplied with is a fabulous reference tool and the ongoing support services from head office really are second-to-none. We know there is an expert a phone call away whenever we need guidance.”
The ultimate question to ask a franchisor is ‘What advice would you give to someone thinking of buying their first franchise?’. Neil’s advice is:
“Do it! If you want the satisfaction of running your own business but with the help and support of an existing business model franchising is the right route for you.
“I don’t hide the fact that it was hard work initially while we got to grips with the cost reduction industry but the support of a franchisor does make the process of starting a new business a lot easier.”
Neil sums up his franchise experience by saying:
“I get a lot of satisfaction from this business, both from the services we provide our customers and the work/life balance it gives me. It may sound cheesy, but it really has changed my life and I am very pleased I made the move from being an IFA to owning a business cost reduction franchise.
“We see many opportunities for expanding and I am thoroughly looking forward to the future.”
View Company Website: http://www.bcrassociatesfranchise.co.uk