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Top 5 tips for new franchisees

Winkworth New Franchising Executive James Campbell saw steady growth in Winkworth offices last year. He envisages a similar growth rate in 2018, and here gives his top tips to potential franchisees looking to join the Winkworth network.

  1. Research your local area and market
    'At Winkworth we really look for potential franchisees who not only have experience within the industry, but also really know the area they are going to be operating in. As a family owned business, we think it's important to play an active role in the local community.'

  2. Plan ahead
    'There can be unexpected hurdles when setting up a new business, such as finding the most suitable premises, lead times on internet, telephone lines and furniture, as well as recruitment and marketing. All of the departments in Head office can help guide on these lead times so its vital to have open communication throughout the process - we're all here to help.'

  3. Know your competition
    'We ask all on-boarding franchisees to complete a five year business plan. There is a section included which prompts a SWOT (Strengths/Weaknesses/Opportunities/Threats) analysis of local competitors. It's important to understand what the other brands are doing well and what they could be doing better - these are the points to learn from and use to your advantage.'

  4. Lettings is key
    'Winkworth is very nearly a 50/50 business now in terms of sales and lettings generated across the network. If your experience is more with sales, make sure you employ, or let us help you recruit, the right lettings manager. Lettings provides a quicker cash flow for your new business.'

  5. Outsource
    'Setting up any business is hard work and takes a lot of time and effort. For new businesses with lower staffing levels, we suggest using qualified third parties to take care of the important, yet time-consuming day to day tasks like client accounting, property management and IT support. Winkworth can help suggest preferred suppliers for all of these.'

To find out how you can become part of Winkworth contact our New Franchising team

James Campbell | Gina Piper
newbusiness@winkworth.com | 0207 355 0200

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