When Paul Watson faced redundancy, he and his wife Carol decided to go into business together.
“I was the main breadwinner of the household and in a senior corporate role when I had redundancy forced upon me,” Paul said. “We were looking at franchising really just to get our heads around it – we weren’t up to speed with what was out there. But we signed up for the British Franchise Association’s monthly magazine and when we were flicking through the first copy that landed on our doormat, we came across an advert for Platinum Property Partners.”
After attending a Discovery Day, they signed up and bought two properties to kickstart their venture. Paul added,
“Don’t get me wrong – it was still scary… You’ve got to have real trust and belief in what you’re doing at that point, but when the tide turns and the money starts coming back in from room rentals, that’s when you know you’ve done the right thing.”
One of the best aspects of investing in the property franchise is the high level of support available.
“There’s always a go-to person for everything and trying to figure out stuff on our own would have been a really lonely place to be on the back of redundancy,” Paul explained.
But the couples’ journey with Platinum Property Partners didn’t end when their franchise term did. They became Platinum Alumni Partners, retaining access to the franchise’s team of experts. Carol said:
“As Alumni Partners, we’re focusing more on the health and wellness guidance and accountability that comes from Platinum. The wealth journey is great, of course, but it’s easy to neglect your health along the way. The Platinum team make sure you don’t fall into that trap.”
Six years after investing in the franchise, Paul and Carol have built a portfolio of five HMOs and 33 tenants. Now, they’ve got their sights set on a sixth house. Paul’s advice for new investors?
“Don’t try to reinvent the wheel. What you pay for when you join a franchise is a successful formula, so why try to change that? There will be bumps in the road, particularly with property because it’s the nature of the beast. But the important thing is to ask for help and keep things simple.”
Alice Tuffery, Point Franchise ©