09
Mar

Radfield Offers Advice at the National Franchise Exhibition and Gains Media Coverage

Hannah MacKechnie Read 732 times

Dr Hannah MacKechnie speaking at National Franchise Exhibition, NEC

Radfield's Dr MacKechnie recently provided guidance for people interested in starting their own business at the National Franchise Exhibition in Birmingham at the NEC, and this invaluable advice has been covered by This is Money and The Daily Mail this week.

Talking to people interested in starting their own business and who are considering franchising as a viable opportunity is something that Hannah is passionate about. Having set up Radfield Home Care with her brother Alex in 2008, and more recently launched into franchising it is a topic that she knows and understands very well. There are some key areas where getting the right advice from the outset can make a big difference and a few of these tips are detailed below.

The full article is available to read on the Daily Mail Money Section.

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Do you Have Support from Family?

 

Starting a business whether on your own or with the support of a franchisor takes a huge amount of effort and commitment. It is so important that the person has the support of their family and that they can put in the hours required to make the business a success.

Part-time vs Full-time Commitment?

 

It is a common question asked by prospective franchisees about whether they can still work part-time whilst running the business. The answer to this is a simple no. Setting up and running a business is more than a full-time job and a new business owner must also be able to commit 100% of their focus to the new business or they simply won't succeed.

Sufficient Funding to Support Breakeven Goals

 

A prospective franchisee must also have sufficient funds available to not only purchase the franchise but also to ensure enough working capital is available to get the business safely through to break-even. If a prospective franchisee doesn't have all the money to hand then it is still worth discussing the opportunity with the franchisor. Dr MacKechnie advises, “for the right person, there may be alternative funding routes available that the franchisor can support with”.

Know any Good Business Mentors?

 

Having the support of a good franchisor is a recipe for business success. A good franchisor will provide not only the expertise and the business systems but also the training and support that will get franchisees off to a flying start. Hannah reflects: “looking back to when we first started our business I wish we had a mentor to support and guide us through the challenges - it would have saved us plenty of blood, sweat and tears! However, now our franchisees are reaping the benefit of all our experiences and knowledge and mistakes made along the way. Franchising provides a shortcut route to business success.”

Align your Ethics with Success

 

Finding an ethical and supportive franchisor is a key component to starting and growing a successful franchise business. Hannah's advice to people starting their journey is clear, “When beginning to think about what franchise would be right for you, it is important to spend time reflecting on your own skill set. Think about the things that give you the most satisfaction, both in your work and home life and what you would like to spend your time doing. You need to be very honest with yourself and then try to match your values, experience and expectations with a franchisor who you feel can best help you to achieve what you are looking for.”

Can we assist with your business start-up idea?

 

We offer the right candidate a B Corp Certified Home Care Franchise opportunity, which means we exist to support the community as a business. We are proud to be the first UK healthcare business to be part of this global B Corp movement who promote “people and the planet above profits”.

Get in touch to see how we can help.