VISelecting a franchiseIt is crucial that a prospective franchisee undertakes a rigorous assessment of the chosenfranchise. Independent professional assessment and advice is available and is money wellspent. Be sure to select a franchise that:• you can identify with, and fits your budget• has a clearly defined market, and suits your locality• has distinct competitive advantages over similar franchises• has intellectual property properly protected• has a proven track record in the Irish market• has a track record of operating profitably• is open with information and to approaching existing franchisees• has a good franchisor / franchisee relationship• has strong branding• offers high quality supports and ongoing trainingRemember, good franchises are bought and not sold.
XOutlook for franchisingThe competitive advantage that a franchisee holds over a “greenfield start-up” business is oneof the key dynamics that drives the growth of franchising. A franchise owner is part of a widernetwork and is at the receiving end of a constant flow of new ideas and new products, in mostcases ideas and products that have been tried internationally and have already proven theirworth.Other elements of the competitive advantage include ongoing support, group purchasing, fullscalebrand awareness and national advertising. Franchisees can usually expect immediateacceptance on the part of the consumer, and will generally be looked on favourably from abanking perspective as the perceived business risk is lower for a proven business formatfranchise.Franchising growth in Ireland is expected to continue and be the target of international franchisecompanies seeking new lucrative growth opportunities overseas.Useful PublicationsFranchising in Ireland survey 2006 – see www.irishfranchiseassociation.comA Guide to Starting Your Own Business – see our guides and podcastson www.bankofireland.ie/business
Key ContactsBankofIreland Business BankingSpecialist sectors40 Mespil RoadTel 01 –6653422Website: www.bankofireland.ie/businessMargaret NolanPhone: 01 665 3422E-mail: email@example.comIrish Franchise Association30 Tolka Valley Business ParkBallyboggan Road,GlasnevinDublin 11Tel 01-8134555Website: www.irishfranchiseassociation.comFranchise Direct UK & IrelandWebsite: www.franchisedirect.co.ukFranchise IrelandWebsite: www.franchise-pitstop.ieFranchise OptionsWebsite: www.franchiseoptions.ieBritish Franchise AssociationWebsite: www.thebfa.org
www.bankofireland.ie/business12BankofIreland is regulated by the Financial Regulator