Category Archives: Franchise

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How to Stand Out At Franchise Events

In January, we attended the 2017 British and International Franchise Exhibition in London. We had an amazing time meeting and talking to potential franchisees. While reflecting on the exhibition we realised some key attributes that made some people stand out from the crowd and seem like stronger candidates to work with. Here are some things to be aware for your next event. 

Emphasis on your business background

Business experience is extremely valuable, while it doesn’t have to be in franchising specifically it’s important to have practical business knowledge. This shows that individuals are able to demonstrate leadership, communication skills, and also understandings of business operations

Research, Research, Research

Before coming to an event or exhibition make sure to read up on franchising; not only the process of opening a franchise but also the experience of franchise owners and their day to day workload. Not only does this allow for deeper conversations and networking opportunities but it also shows Chopstix, and other organisations, that you are serious about pursuing a franchise relationship with.

Know what you want

This is the most important part of standing out! Some people come to exhibitions and events without knowing what they want to get out of the event itself. If you’re into the early stages of deciding if franchising is right for you, that’s fine. Come to the event and ask questions about the day to day tasks of owning a franchise and questions that are important to you. If you’re more serious, know the industry that you want to go into, if it’s food services, know if you want to run a quick service restaurant, like Chopstix, or a pub or a sit-down restaurant. There are many different options throughout the franchise industry with a wide variety of upfront costs. Know how much you can spend, how quickly you would to see a return on investment, and where you would like to open. For Chopstix specifically, having or operating a site is preferred during the application process.

Didn’t have a chance to stop by the franchise event? No problem! If you’re interested in finding out more about Chopstix franchise opportunities send an email to franchise@chopstixgroup.com and check out the franchise area of our website here: http://bit.ly/2krNxb8.

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Switching from the Corporate World to Franchising

Bored at work? Looking for more responsibilities and challenges? Not following your true passions?

Becoming an entrepreneur could be your answer!

Making the change

Many are wary of trading the stability of corporate life and stepping out of their comfort zone. If you’re looking for a safe alternative, franchising is a great way to become your own boss. Choosing an existing franchise that already has a proven business concept and track record makes this transition even more secure. You can look at the performances of other outlets and then calculate your own potential profitability.

Did you know that approximately 3 out of every 4 franchisees are former employees from the corporate world? You could be the next one!

Starting from scratch 

You don’t need a wealth of business experience to become a franchisee. What is essential however is that your chosen franchise is one you are interested in and fully committed to. Consider the reasons for your decision and make sure they are valid ones. For example, going into business just because you can’t find another job is not advisable. Once you’ve partnered up with a franchisor, you’ll be taught their own specific methods and procedures of working. It’s a great way to learn new skills and you don’t have to worry about being an expert in the field!

Accompanied step by step

With franchising you won’t be alone. One of the advantages of owning a franchise is the support of the franchisor. Whether it’s finding the ideal location, staff training or promotions, the company is by your side to support you. The franchisor provides you with all the know-how in terms of working methods, management, administration, and more, meaning you’ll have all the right tools at your fingertips in order to run your store successfully.

At Chopstix we support entrepreneurs and encourage people’s bravery to take on new challenges. Thinking of making the switch? We’re right behind you! 

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Franchisee for beginners

Each year, thousands of entrepreneurs realise their dream of independence by starting a franchise. However, becoming a franchisee is not an easy task and choosing between thousands of franchise options can be a daunting prospect. If owning your own franchise tempts you, you’d better keep the following points in mind!

Step 1: Make a personal assessment

Before taking any action, it is important to focus on your personal and professional needs. This allows you to be clear about your motivations, skills, know-how, strengths and weaknesses to see if your professional goals are compatible with your personal life.

Step 2: Choose your industry

Pick an area that you have an affinity for, whether this is food, fitness, insurance or something else. After all, the more you enjoy something, the more motivated you will be to persevere. This is the opportunity to be your own boss, to satisfy your passion, and to move in different directions. Learn about the skills you will need because extra training is sometimes necessary, especially if you go for a technical profession.

Step 3: The financial input

It is crucial to have at least the minimum capital required. If not, review any loan options, whether this is from banks, private investors, government or family and friends. Some brands require no personal contribution; others will require you to pay entrance fees, royalties, advertising fees, etc. These are 3 types of franchise:

  • Business format franchises
  • Product franchises
  • Manufacturing franchises

Step 4: Select your franchises

Identify companies and do some research on them. Collect information on the Internet, at trade exhibitions, in news magazines, etc. Assess the chances of your success at each of the franchisee networks. Take time to investigate and never hesitate to meet franchisees of a brand for their testimonials. After signing the franchise agreement, you will establish a partnership for five to seven years.

Step 5: Elaborate a business plan

This is essential to assess the feasibility of your project and your chances of ROI (Return on Investment)! It includes an executive summary, market research and financial forecasts over a specified period (3-5 years). This document is for your franchisor which will let them know if you can cover the costs of the enterprise, ensure repayment of your loans and make a profit.

Step 6: Choose the location of your site and your legal status

Think about visibility, traffic, competition… A strategic choice to make! Also remember to decide your legal status (Ltd, EURLs, etc.). Several other criteria are also important (financial requirements, tax system, etc.). Get advice from an accountant.

Step 7: Join a franchise network

Ready to get started? All that remains is the signature of the franchise agreement.
This document commits you to accepting a number of obligations to the franchisor, and vice versa.

The most important aspect is the trust that you need to have in the franchisor. At the end of the day you need a good, if not great, relationship with your franchisor to be successful.

Chopstix Group have a comprehensive franchise support programme in place, including our online business management Enterprise Resource Planning (ERP) software aptly entitled ‘Noodles’, to ensure our franchisees are set for success. We provide trainee programmes and total business and marketing support for our franchisees. They are a part of our adventure and we believe in every member of our team. After all, their success is our future.