Business Mentor - Do It Yourself with a Franchise

18/12/2018 18:00 | Start a business

business mentor

Business mentoring and coaching is becoming an increasingly popular option among entrepreneurs with excellent communication and management skills. Here, we take a look at why this is the case and how you can go about launching your own business mentoring franchise.

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Business mentor UK

It is estimated that approximately 19,000 mentors are operating in England alone. These 19,000 mentors are employed by or operating through roughly 400 different organisations. However, a large percentage of these individual mentors operate on a part-time basis or are regarded as dormant. This means that theyre not currently offering their services to any organisation in particular.

These figures demonstrate two things. First and foremost, there is sufficient demand to sustain a large population of business mentors in the UK. Second, that there may be an issue with business mentors connecting with SMEs and other clients. This second statement is backed up by a recent study carried out by the government that 1/3 of all SMEs would have appreciated the services of a business mentor at some point in the past but never used one.

Business mentor London

Within the UK, London is undoubtedly the epicentre of the business community. For this reason, a large number of business mentors set up in the capital. While this may allow for greater proximity and exposure to businesses that require your assistance, it also means increased competition. Consequently, more and more business coaches are looking to launch a mentoring service outside of the capital. Franchise business models that are operated remotely or from home facilitate this. With increasingly powerful digital technology at their disposal, business mentors no longer need to be physically close to their clients.

What to look for in a business mentor franchise

As there are a considerable number of business mentor franchises to choose between, its essential that you understand what youre looking for before you come to any final decision. As with all franchises, youre looking for a franchisor that you feel you can trust and who is going to deliver on their promises.

Likewise, its a good idea to look into the franchise network as a whole and establish whether youll fit in as part of the wider team. All franchisees should also be looking for a franchise that allows you to work in a manner that suits your needs and personal requirements. If you only want to work part-time, theres no point in pursuing franchise opportunities that offer only full-time positions. Finally, its vital that all franchisees perform thorough research into the franchise package. You need to know that youre receiving all the support you require.

How to find a business mentor

Its one thing knowing what to look for in a business coaching franchise, but its another thing entirely knowing how to look for one. To find the perfect franchise opportunity, youll need to utilise a diverse array of methods and resources. The first place to look is online, on franchising brokerage sites like Point Franchise. Here, the details of the most popular and reputable franchises are collected and collated, allowing would-be franchisees to compare the opportunities on offer.

However, this isnt sufficient research on its own. Franchisees should also attend franchising expos and read the industrys trade publications, too. Personal networks should be exploited to see if any of your friends, family, or colleagues have any contacts. Finally, its a good idea to speak to existing franchisees to get an inside account of what a franchisor is like to work for. Remember if you cant find the perfect franchise, you could always start one yourself.

How to find financing for your business mentor franchise

How you finance your business venture is mostly dependant on how much investment your chosen business mentoring franchise requires. In some cases, it may be possible to finance the entire investment yourself. However, only a small minority of lucky first-time franchisees will be in this position. The vast majority will have to rely on other sources of capital.

The most popular means of acquiring the required investment is via an agreement with a major lender. In many instances, it will be possible to finance up to 70% of the total investment required in this manner. Many franchisees also rely on friends and family to top up their investment. This is a good option if your friends and family have a significant amount of savings that they wish to invest and potentially grow.

How to finalise the deal with your franchisor

If you've identified the ideal franchise and are just looking to close the deal, there are a few things to think about. First and foremost, youll need to hire professional legal and financial advisors who can help go over the contracts and financial projections provided by your franchisor, this is necessary, as franchise agreements are often complex documents that utilise a significant amount of industry-specific jargon. Entering into an agreement without a full understanding of what it entails is a risky idea. Second, youll need to produce a business plan. In most cases, the franchisor will assist you in this process, as theyll usually have a considerable amount of experience drafting such documents.

A business mentor franchise profile ActionCOACH

Having explained the process of finding a franchise, we thought it would be a good idea to take a more in-depth look at a specific mentoring franchise and to provide a brief profile of the business.

Established in 1993, ActionCOACH has mentored tens of thousands of businesses in countries across the globe. Over the last quarter of a century, they have grown into the largest and most reputable mentoring franchising in the world and now boast a network of more than 1,000 coaches operating in over 40 countries. Despite this remarkable success and rapid expansion, the franchise has been able to maintain its high standards and to continue supplying high-quality coaching services to those businesses that require them.

To become a franchisee, youll need to invest approximately £70,000. In return, youll be granted your own exclusive territory (with a minimum of 10,000 potential customers) and access to the complete ActionCOACH support network. All franchisees are enrolled on a comprehensive training programme and are designated an ActionCOACH mentor to seem them through the opening months of business.

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