Neil Waller on what to look for in a franchise...
“You need to look for a franchise that is always innovating and developing. You see so many businesses that develop a product which worked three years ago and just franchise it like mad to try to make as much money as possible, but they never develop their product. I’d say those are the businesses that are really risky to get involved with because times change.
“For an online business, within three months everything’s old so you really need to look for a company which is always innovating and at the forefront of what they’re doing.
“You want to look at how recently they were franchising. If it’s a business which did loads of franchising three years ago, then last year franchised, in comparison, 10%, there’s obviously something wrong there.”
The money that we’ve made through franchising, what makes it great is that people invest in us and we’ll invest that straightaway back into the product
James Street, MyDestinationInfo co-founder
Neil on the advantages of an internet marketing franchise...
“With an online business you’ve also got no big capital costs. It’s different from a restaurant franchise, where you pay a franchise fee and then £100,000 for the building. With an online business the costs are much lower.”
James Street on funding the business and its rapid expansion...
“The money that we’ve made through franchising, what makes it great is that people invest in us and we’ll invest that straightaway back into the product. So we do get economies of scale, everyone is putting money into their own business and we’re all one big network looking to grow.
“If you try to do this on your own and build a website you’d be spending hundreds of thousands, which is what we’ve built up over the last three years of getting loads of franchises.”