The right business will suit you in more ways than one
FEWER than half of new shops survive for more than five years — but taking on a franchise can help to reduce some of the risk.
As a franchisee, you typically receive help finding suitable store locations and access to bulk-buying deals unavailable to independent shops, giving you a head start.
Mike Lane chose a Suit the City tailoring franchise when he wanted to move into retail.
Mike, from Bath, says: ‘I had started a business in the past, but when I decided to get into retail, I chose a franchise because I knew I needed strong support to start in a new industry.
‘The franchisor helped me find and negotiate on a studio in which to see clients, helped develop my marketing strategy and taught me how to handle clients. I also learned technical measuring skills.’
The 54-year-old adds: ‘Franchising is a good way to get into a profession that otherwise would be impossible. Ensure that your franchisor is willing to give you the support and encouragement required to start your retail business.’
Carol Rawson, managing director of Suit the City, says: ‘We offer full training in technical and business management systems, order processing and sales, and we help franchisees to set up their company and offer a launch package.’ The men’s tailoring franchise costs £19,950; the women’s is £22,950.
Former university lecturer Keddy Banda moved into retail with a Signarama signs franchise.
Keddy, from Preston, Lancashire, who opened his shop in 2009, says: ‘Being part of a known brand opens doors that as an independent I probably couldn’t. Customers recognise the brand name, and I enjoy discounts from equipment manufacturers and suppliers because of Signarama’s global buying power.’
Keddy started with the Signarama Light franchise, saving on rent, rates and staffing costs compared with the full franchise. That also includes in- house design and production facilities. The Signarama Light franchise starts at £35,000.
SUIT the City, 0800 011 2450; Signarama, 0208 930 9047.