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Thinking of opening a franchise but not sure where to start?
DepiCool share our experiences and explore the concept in more depth.
Franchising is a proven method to work for yourself but not by yourself. The franchise structure allows you to gain support, ongoing training, and guidance and also benefit from the knowledge of the franchisor, which in many instances has taken years if not decades to build up, and this invaluable information is available to you like turning on a tap, one of the many benefits of this type of business venture.
In today’s testing times many people are facing uncertainty in their employment and as a result are turning to franchising as an alternative route. Last year franchising contributed £11.4 billion to the UK's GDP, with 90% of franchises trading profitably, which is an incredible feat considering the current financial state of the nation.
As a Consulting Room ethos, DepiCool are keen to contribute to providing clear and unbiased information, so we have provided you with a useful 5 point summary on how to choose the right franchise for you:
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Know what you want
Before you go any further be certain to consider whether you are ready to take on the responsibilities of starting and running your own business and whether your spouse and family will be supportive, because this will affect them as well as you. Be clear from the beginning what you are looking for, whether you want a new career or to use or incorporate existing skills. There are lots of specialist franchises out there which if you have qualifications in a specific area can make your business a bigger success and minimise the competition and the costs. Nevertheless with any good franchise a qualification(s) should not be necessary as any good and experienced franchisor should provide training and guidance to allow you entry into the field, for example to open your own DepiCool centre you do not need to be experienced in permanent hair reduction, as DepiCool provide full training, franchise manuals and support to allow you to be an owner operator or entrepreneur manager.
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Investment, Finance, Fees & ROI
Ensure you have the finances or at least minimum capital in order to put your business plan forward to an independent financier like your bank. You should also consider all the financial aspects; your franchisor should be able to help you arrange finance with a reputable and suitable company in order to confirm that your investment does not outweigh your return on investment. Be aware of the types and amount of fees or royalties payable to your franchisor and remember this is an ongoing commitment and will continuously affect your ROI so secure the most attractive deal for you.
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Research
Thoroughly investigate the franchisor's credentials, in order to know who they are and the company ethos, background and goals, a thorough website and internet check is a good starting point! You can also do other things such as attend Franchise Shows (The Franchise Show or the National Franchise Exhibition) which are good places to meet some of the franchisors face to face.
Organisations like the British Franchise Association (BFA) can provide invaluable and impartial advice. The BFA are the voluntary self regulating governing body for franchising, where a franchisor has to demonstrate and embed the BFA code of business practice in order to become a registered member.
You can also get independent financial advice from banks like Nat West, who were the first UK bank to recognise the potential of franchising in 1981, so now have built up a barrage of knowledge disposable to any potential franchisee. DepiCool are a listed franchise with Nat West which means we would always point our clients in the direction of their impartial advice: another good sign of a tried and trusted franchisor!
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Understand the Package
Understand fully what you get as part of the package, there generally isn’t a better way to do this than to meet face to face in a meeting with your franchisor, and at DepiCool we always recommend to do this! In order to understand the permanent hair reduction market, there is no better way than to meet Alex, DepiCool Managing Director who could explain the ins and outs in all the fine detail.
Understand the options available; is there more than one that means you could potentially expand your franchise at a later date? Assess the support on offer (training, premises, lease negotiation, building work and décor, ongoing development) and make sure you are happy with the small print, that would include understanding which territory was “exclusively yours” and how long this arrangement will last for.
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Make it interesting!
Finally, remember that this business will be your own personal venture: it has to interest and engage you in order for you to get the most from it and reap the rewards: so choose an industry of interest which you can nurture and see grow! You should only buy a franchise you believe will be successful and that you can add value to. If you bare these 5 simple points in mind when selecting your future career path, then franchising could be just the route to free you from the binds of employment and provide you with an enjoyable, stable and unlimited profit and income potential!
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Lauren Taylor
Communications & Training Manager, Depicool UK
DepiCool rose from the idea of offering quality permanent depilation treatments at an affordable price. This meant that we opened up a popular and previously high end treatment to the masses, allowing people to save on the cost of IPL permanent hair reduction.
All DepiCool centres use the latest Intense Pulsed Light technology in a simple yet stylish business format to offer a low cost option in the booming permanent hair removal beauty market. With DepiCool there are two franchise business models you can take advantage of with no previous experience necessary as DepiCool support and train all our franchisees in how to set up and run a successful IPL permanent hair reduction centre. DepiCool also offer the opportunity to diversify into other exciting aesthetic fields such as photo skin rejuvenation and of course provide full support and training in this remit too.
DepiCool are a listed franchise with Nat West to support our franchisees with financing, as well a being a recognised member of the British Franchise Association (BFA) demonstrating our commitment to quality standards and service.
With stores being centrally located for ease of access and in some of the most prestigious locations across the UK, our wealth of experience, flat rate cost, low franchise entry cost level and no experience necessary to become a DepiCool franchisee; DepiCool is positioning itself as market leader in the Intense Pulsed Light beauty industry for both clients and potential business partners.
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