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Growing through franchise is particularly suited to companies that have a model which is easily transferable and has a process to follow for making a profit. For example, dance activities for children or tasting parties for food fans. The aim is to perfect a model that works in one area and then grow by enabling others to replicate it.

As a Business Development professional, Krishma Vaghela first started her journey in the franchise industry in 2009, with a successful 6 years on the operational front leading and turning around multiple ‘Pitman Training’ franchises. In 2015, as Managing Director of Pitman Training Harrow Centre, Krishma secured two ‘Best Business Women’ Finalist Awards for Best New Business and Best Business Woman in Franchising. Krishma was also recognised for operating one of the fastest growing franchises within the ‘Pitman Training’ network, taking the business to the top, in terms of ranking, just 6 months from takeover.

In 2016, Krishma held the position of UK Franchise Recruitment and Support Manager within the care industry at ‘Promedica24’, a live-in care provider. Krishma also spent time supporting franchisees towards the growth of their businesses.

In 2017 Krishma ventured outside her comfort zone when she landed a role in London, at one the UK fastest growing start-up tech companies, ‘Laundrapp’, where she was the lead for UK development and service provision, managing 35 partners across country and expanding the network by recruiting more. With proven experience in the franchise space, Krishma implemented a partner recruitment, training and support programme within the company which recognised and thereafter utilised for the international licensing division of the company.

It was eventually that entrepreneurial spirit that led Krishma out of employment and into self-employment and having experienced the ‘ugly’ side of the franchise industry, Krishma made a decision to make a difference, by educating and mentoring others through their franchise journeys. In January 2018, Krishma disrupted the franchise consultancy and advisory space when she launched ‘Franchise Futures’, with a goal to providing smarter and more affordable niche services to businesses looking to move into the Franchise industry and those already operational within it.

Krishmas main objective is to educate, motivate and inspire others, as well as continually breaking down the barriers affecting business owners from franchising their business, with financial commitment as the primary bottleneck. Krishmas goal is to ensure her clients have the opportunity to experience franchising, without breaking the bank and refraining clients from a long-term commitment that may not actually be right for them. “The cost of franchising is creating a wall, preventing people from getting through, so I decided to create a door”&nbsp;– Krishma Vaghela.

Krishma also featured on LBC Radios ‘Business Hour’ in March 2018, to talk about franchising and in May 2018 made a visit to 10 Downing Street with 19 other entrepreneurs to meet the Prime Ministers Business Adviser to discuss the issues surrounding start-ups and business growth.

Krishma contributes towards articles for Direct Line For Business and recently featured on their International Womens Day marketing campaign. At the very early stages of Franchise Futures Krishma was asked to make a book contribution by the author of&nbsp; ‘The Successful Mumpreneur’, on investing in a franchised business.

In August 2018, with extensive proven experience in supporting business owners with growth and turning around businesses, Krishma launched Business Futures, the non-franchise related sub-division of Franchise Futures. The objective to advice and mentor start-ups and small business owners on scaling up sensibly and successfully. Krishma has spoken at events about ‘Growing Your Small Business on a Budget’, which has proved successful following feedback from attendees.

2019 started with Krishma being shortlisted finalist for ‘Entrepreneur of the Year’, ‘Business Woman of the Year’ and ‘Best New Business’. Since 2018, Krishma has been a sponsor and judge of the national ‘Best Business Women Awards’, for the category ‘Best Franchisor’ and Krishma also now sponsors the national ‘Whats On 4 Kids Awards’.

Since starting, Krishma has consulted for businesses within various sectors and continues her experience on franchisor side by working with multiple franchisors as an extended member of their team, supporting with franchise development. In January 2020, with experience in marketing, Krishma launched a ‘franchise brand awareness’ initiative, in a bid to support franchisors with creating more brand awareness and by helping generate franchise leads.

Krishma is also now a member and ambassador of EWIF – Encouraging Women into Franchising. During the 2020 pandemic, Krishma followed passion by entering the world of Food and Beverage (hospitality). Krishma now also works with F&amp;B clients to develop innovative new concepts for franchising and even secured successful projects in menu development.

Krishma is also often called upon to judge the Warwick University Graduate Accelerator Programme.

Franchise and Business Development Consultant and Start-Up Mentor Mentor

Growing through franchise is particularly suited to companies that have a model which is easily transferable and has a process to follow for making a profit. For example, dance activities for children or tasting parties for food fans. The aim is to perfect a model that works in one area and then grow by enabling others to replicate it.

Here's a checklist so you are prepared when interested franchisees come to call.

Ensure the business is a working model of success. Franchisees will pay money for something they can see has a clear path to profit.

Be prepared to make your own accounts public or at least show what the franchisee can expect to earn if they follow the training and guidelines.

The brand is also an asset that's being bought so ensure you rightfully own it with trademarks and intellectual property protection in place.

The business model is something that has to be teach-able i.e. you can train people (some of whom may be quite new to business) on how the operation works.

After training provide a comprehensive toolkit or manual that guides the franchisee with tips on marketing, sales, finance and growing the business.

The toolkit could also include marketing templates or collateral such as posters, stickers, flyers etc.

Does the franchise involve a website for serving customers or intranet platform for accessing internal support? Either way, deliver an easy-to- use system with effective data collection so you can track progress and performance.

Have you got the right team in place; a support resource for franchisees and support for you, the business owner, in the form of a mentor or adviser.

Is your franchise opportunity restricted to a certain territory i.e. a franchisee pays to have access to a particular geographic area? If so, define this from the start.

Consider doing deals in the early days so you can expand quite quickly. This will be a factor in future recruitment as potential franchisees will probably ask to speak with existing ones. Have some quotes available to offer.

Put provisions in place to terminate the agreement if it's not working - from either side!

Get more tips on franchising at Enterprise Nation's event, 

, in London on 10 July. The event is delivered in partnership with Krishma Vaghela of Franchise Futures. Krishma offers some extra tips:

Franchising has many advantages if a business is considering it for growth purposes, it's far more cost effective, faster and there is less management involvement, as the franchisee becomes the local owner of the business and the one with expert local knowledge.

However, in addition to the many areas to consider before franchising, as listed above, it is crucial to get expert advice on whether your business is ready for franchising or how you can plan ahead to develop a business that in future, can be franchised.

It is also extremely useful for business owners to understand:

As long you seek advice, plan ahead and to your research, you could be on your way to growing your business faster than you ever could imagine.

How to grow your business by franchising

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