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Why pay for a franchise instead of going it alone in business?

     

Release date: 3-May-2018

Platinum Property Partners are the world’s first property investment franchise. Steve Bolton the Founder and Chairman of Platinum Property Partners has a passion for helping people to not go through the same challenges that he experienced.

In a Hangout on Air event on Tuesday 1st May, Steve discussed what you get when you pay for a franchise rather than going it alone in business. Click here to watch it.

A franchise has a tried, tested and proven system, it allows you to avoid the mistakes that others have made and follow a step by step system. The British Franchising Association is the seal of approval for a franchise, Platinum Property Partners are full members which is the highest level of membership.

The nice thing about franchise networks is that they are positive, supportive, people are aiming to achieve the same types of objectives, so they share the things that worked and those that didn’t. The benefit of a network is being around people that want you to achieve and will share best practices.

Support is one of the critical success factors. There is model in training called the cone of learning, it says that we remember 10% of what we hear, 20% of what we see and 90% of what we experience. A good franchise should provide a combination of support like one-to-one mentoring, group workshops, buddy groups and a support team of professional advisors and supply chain network.

Knowing whether a franchise is value for money is an individual decision. It will depend on the level of investment capital you need and if you like the business. You should also consider what is the value of your time, as you will have to put a lot of your time into it. What is value for money is a complex question to answer, but it is also an individual one.

There are a variety of reasons our franchisees chose Platinum Property Partners, the most common would be that they wanted to take control of their own future. If you were to ask them, the keywords that you would hear would be freedom and choice.

One of the critical factors to be a successful franchisee candidate is that you need the money to invest as well as the desire and motivation for the business. The franchisor will also be very clear on the skills that they are looking for in a potential franchisee.

On the British Franchise Association website they have 50 questions to ask a franchisor which is a great place to start, we actually turned those questions into a list of 69 questions to ask. It is important to ask the difficult questions about things like their success rate, how many have failed and why. Find the balance between proper due diligence and suffering from analysis paralysis.

Not everybody succeeds in franchising, you need to have the money and put the time in. Franchising suits people that are a hybrid between an entrepreneur and an employee.

If you are considering the Platinum Property Partners franchise and would like more information, please fill you the contact request form below.

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