23 October 2014
The NHBF has published a guide to help ambitious hairdressing, barbering and beauty entrepreneurs expand their businesses through franchising.
In association with Franchise Finance, the Federation is also running a special “discover franchising” day on 17 November for members and non-members to find out all about franchising and how it might work for you.
Franchising is when a business (a franchisor) sells its name, brand and operating model to an individual (a franchisee) to set up and run, with the franchisee also paying an ongoing fee or royalty in return.
For many salon owners it can seem like a quicker and easier way to expand than simply buying another salon and running it yourself.
But the NHBF’s new guide, Franchising Your Business, makes it clear that franchising can be tricky to get right. It’s important to do all your research and planning thoroughly – after all, it’s not just your own business that’s at stake, but your potential franchisees too.
The guide sets out practical tips and advice including:
- What franchising is and how it works
- How to decide if it’s right for you
- First steps
- How and when to use specialist franchising solicitors and agents
- Business planning and finance
- Training and equipment
- Recruiting and supporting potential franchisees
- How to make it work for the long term
Franchising Event
The event is being held on 17 November in the City of London from 10am to 4pm.
Tickets are priced £50 each for members (up to two places, so you can bring a business partner or colleague along for no extra cost), and £100 each for non-members.
Tickets are available from www.nhf.info/events
NHBF chief executive Hilary Hall said:
Franchising has for many years now been one of the success stories of UK retailing. For salons it can offer an attractive alternative, a way to expand and grow locally, regionally and even nationally.
But if you’re thinking about franchising it’s important to go into it with your eyes open. That’s where both our guide and our ‘discover franchising’ day will help.