YOUR BUSINESS SPRING 2019 - 107

Franchising
Irish, Barclays, Metro Bank and
Lloyds. Their teams do due diligence
on different franchises, agreeing
the ratio they're prepared to lend.
For established brands, this can be
up to 70% of the initial investment
including working capital."
Banks and franchise owners can
offer detailed guidance to help you
work out how much money should
be set aside as working capital. The
good news is the odds are on your
side if you follow the template.

Making it work

"Our survey shows 93% of franchises
are profitable, and just 1% suffered
commercial failure last year," says
Wilkins. However, the price of failure
when it does occur can be high.
"At the end of the day, you have
signed a legally binding contract.
This will contain obligations to set
up, run and build the business. The
franchisor can claim the fees they
would have made if you don't do
that," Wilkins continues, referring
to the monthly fees payable to the
brand owner. "These are paid at an
average of 12% of turnover, and buy
you ongoing support and expertise."

Bank on it

Kate Pullen, NatWest franchise director, talks financing a franchise
The mechanics of financing a
franchise are no different from
any other business. In fact, as
franchising is a proven business
model and provides a support
system that makes forecasting
more predictable, accessing
finance can actually be easier.
It's important not to over- or
under-borrow and to consider
personal drawing requirements. Make
sure you have a detailed business
plan, including cashflow forecasts,

and speak to other franchisees to
make sure your plans are realistic.
NatWest has more than 30 years'
experience and a team of 100
specialist franchise relationship
managers with ready access to a
wide network of local solicitors and
accountants to help a franchise get
off the ground and grow. We can
also support with finance - up to
75% of the start-up costs. We've just
published a report with the BFA,
which provides more information.

Time to renew?

A standard franchise contract
lasts five years, but can often be
renewed. If an individual wants to
leave within this period, however,
they would have to wait for a buyer
or the franchisor can purchase it
back. When choosing to buy into a
franchise, you must address these
financial questions before you start.
"In constructing a viable financial
plan for franchising a business
do not underestimate your initial
costs or overestimate the early
growth rates when you're just
learning how to attract the right
prospects," says Wilkins.
She points to the statistics
showing how successful the
model has become. "Franchising
contributes £17.2bn to the UK
economy - 1% of GDP," she says.
"It employs 710,000 people.
"You don't have to buy in at a
very high level and there are ways of
raising the finance - and evidence
shows people are successful."

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https://europe.nxtbook.com/emp/EMP/jobsandcareerswinter2020/21/jobsandcareerswinter2020
https://europe.nxtbook.com/emp/EMP/yourbusinessmarch2020/yourbusinessmarch2020
https://europe.nxtbook.com/emp/EMP/YOUR_BUSINESS_Spring2019
http://europe.nxtbook.com/emp/EMP/2016SixnationsGuide
http://europe.nxtbook.com/emp/EMP/NationalExpress
http://europe.nxtbook.com/emp/EMP/SixNationFeb2015
http://europe.nxtbook.com/emp/EMP/National_Express_2013
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