If you're a follower of Platinum Wave on Facebook, Twitter or Linked In, you may have noticed we have been running a series of educational A - Z Franchising posts. These range from information about International Franchising to Franchise Recruitment and everything in between. After all, we are experts in all things franchising, so thought we would put our knowledge to good use and create the A - Z of Franchising for all you aspiring franchisees and franchisors!
See the third and final part of our series below, going through letters R - Z. We hope you learn a thing or two!
R is for Recruitment!
Franchise Moves is our recruitment agency dedicated to helping you find the best people for the key roles in your business and helping experienced industry professionals take the best next step in their franchise careers! Find out more about Franchise Moves here.
S is for Start up costs
Your initial investment usually involves much more than just the franchise fee. When assessing an opportunity, make sure you also consider things like working capital, rent, leasing, fit outs, staffing, stock and equipment. Ask the franchisor for a clear breakdown of all the costs!
T is for Training & Development
Each franchise brand is on its own journey and will require different types of support as it faces its own challenges with growth, competition, motivating established franchisees out of their comfort zones or getting new franchisees off to a running start. We become a part of your team and provide that all important extra pair of hands right when you need them.
U is for Unique Selling Point (USP)
Make sure you choose a franchise with a genuine USP. A simple copycat business is unlikely to attract the customer numbers you need!
V is for Values
For any business, it is important to have values in place. These values will be at the core of the business and should be made very clear to future franchisees. The values will help keep the brand cohesive and help improve clarity for franchisees, as well as shaping brand culture and image.
W is for Work Hard
Franchising can be the perfect opportunity for those who are willing to work hard. The correct resources are required, and hard work and long-term commitment is essential. Platinum Wave can help guide you on your journey, but a hard work ethic, determination and passion are a must!
X is for 'X Factor'
What is your ‘wow’ factor? Every franchise business has to have two ‘hooks’: one to keep customers coming back, and a second that makes franchisees always want to part of your network!
Y is for You!
We love hearing your feedback. Have you worked with Platinum Wave? We belief the best recommendations come from our clients, so drop us a line and tell us about your experience.
Z is for Zero to Hero!
Although never a 'Zero', Franchisee Hayley Limpkin, Founding Principal & Co-Owner of Razzamataz Theatre School in Medway, has enjoyed major success throughout her franchising journey with one of our oldest clients, Razzamataz Theatre Schools.