Women and franchising

Tell us a bit about yourself and what you were doing prior to buying a franchise business?

Having started my working career in a Bank.  I then progressed into various managerial roles culminating in running my family business alongside my husband.  We had a construction firm which, over a period of 12 years, we developed from a small business turning over £80K to a large SME with annual sales over £5M and employing 80 people. This experience equipped me with sound knowledge of accounting and finance skills required for small businesses, especially those that wanted to grow. . It also gave me real passion and joy in running my own business and this stayed with me when I moved on to my next position as a Finance Manager covering internal investment.

What attracted you to franchising versus started starting up on your own or finding employment?

As I grew tired of corporate life, I started looking at options to start my own business again. Owning a TaxAssist franchise appealed to me as I valued the on-going support and readymade systems which would fast track my business.

Why did you choose your particular franchise business?  What research did you undertake?

I didn’t want to be “just an Accountant”. After attending a TaxAssist Discovery Day, it was great to realise that I was actually expected to run the business, employing accountants to do the operational side. This was exactly what I wanted and what I was looking for.

For my research, I did a lot of reading up on the franchise and spoke to many franchisees to hear how their businesses were going.  I also completed marketing and financial business plans.

How did you raise the finance for funding your franchise?  Did you use any financial support (grants etc) specific to business startup?

I was lucky in that I had a decent personal pension and was able to utilise some of this for start up finance. I also found my bank, who understood the benefits of franchising, were very supportive and able to offer me a competitive loan for the balance of the funding I needed.

Did you take advantage of any support available to women looking to get into business? E.g. member of a women in business network, attend any specific women business events? 

I joined several networking groups, some mixed and some women only. Having moved to Bristol to start my business, I knew no-one and the support offered by networking was invaluable. I no longer network as much, but maintain regular contact with female friends I met via networking.

What training and support did you receive initially and ongoing from your franchisor? 

There is a comprehensive initial 6 week training course, followed up by further training days at months 2, 3 and 6. This is complemented by onsite visits and of course the Support Team are available to chat to on the technical and marketing helplines.

The support from the franchisor and fellow franchisees has been amazing and helped me set up the business. We are not in competition with each other, due to our exclusive territories and it gives us a real opportunity to work together and support each other. You tend to find that you have your own business but you are not on your own; my staff get great training from the courses provided and I get the benefit of on-going great marketing and operational support.

What is a typical day for you as a franchisee?

It’s a mix of meeting with new and existing clients, managing my staff, supervising work and networking.

What challenges have you faced?

If you are thinking of buying a TaxAssist Franchise, I would advise you to remember that it is a marathon and not a sprint. It takes time and hard work to grow, but I now have a solid business.

Has becoming a franchisee changed your life, if so how?

I bought the TaxAssist Franchise for Portishead and West Bristol in November 2009 and now run a strong team of five, from my office in Portishead.  I feel that I am now building an asset for a comfortable retirement, which I would not be in a position to do, had I remained in employment.

In your opinion, what makes a successful franchisee?  

Listen to the advice and training given to you by your franchisor. I feel it is vital to use the tools, systems and support available to you to ensure you achieve your goals. 

What is the most invaluable piece of advice you could give other women looking to start their own business through franchising? 

The main advice I would give relates to anyone looking to invest in a franchise – make sure you have a great franchise. They need to have a solid track record and allow you to contact as many of their franchisees as you can when researching your chosen area.  If you are looking to build a franchise business around your family, it’s vital that the franchise you are looking at works for you in this way. By speaking to other female franchisees, you can understand if this will work for you.

What are your plans for the future?

The business is doing well and growing at a good pace. The main areas where I invest most of my time are business and team development and improving the customer experience. It took some time to establish, but I now have an exceptionally good team in place, who are now taking on responsibilities with managing clients. This frees up my time to develop the business, growing the current office and I have just opened a second office in Clifton Bristol. I hope to open a third one within the next three years.

Would you do it again?

Yes I would!