Case Study - Richard Wedgwood
Richard, 41, set up FASTSIGNS® Manchester in July 2010 after a career in the ceramics industry spanning 20 years and involving lots of international travel. The recession led to inevitable cost-cutting in the industry and when Richard found himself moved to a new role that wasn’t working for him, he decided to seek a redundancy package.
Why did you opt for redundancy?
“I loved the job but the travelling became too much. It sounds glamorous but living out of a suitcase loses its appeal after a while.”
“I’m a workaholic by nature and my roles had all been quite pioneering. It got me thinking ‘If I can set up and grow somebody else’s business surely I can do it for myself?”
Why franchising?
“I hadn’t previously considered franchising and was looking at moving overseas, Canada in particular. Most of the business opportunities there seemed to be franchises so I enlisted the help of a franchise consulting network who match prospective franchisees’ skills to potential franchisors, to help me find a good ‘fit’.”
“When I discovered the range of franchising opportunities in the UK I reconsidered moving overseas and started looking at what was available here.”
FASTSIGNS were one of the franchises the consultancy put forward and the company ticked all the boxes.
Why FASTSIGNS?
“I met with Garth Allison, the UK Managing Director, and I was impressed by the business model. The initial investment was manageable and there is a good split between franchise fee and royalty. I want the franchisor to have a vested interest in my continuing success.”
“I want a business that can challenge me and keep me interested for the next 20 years, so I like the fact that FASTSIGNS offers a complex range of products, from a simple printed poster to state of the art multi-media electronic installations. There’s a lot to learn and a lot of market opportunities.”
Lessons learned?
“Running your own business tests your metal, resolve and drive. You can’t afford to be complacent in business. I did an MBA which exposed me to the basic tools of business and here is my opportunity to put the theory into practice.”
“As an employee you have a fixed income every month largely irrespective of how the company is doing. When it’s your own company you’re acutely aware of every rise and fall in revenue and if you don’t chase for payment you don’t get paid!”
“Above all I love the diversity of running a FASTSIGNS centre. At 10am I might be the IT manager, then at 12 I’m a salesman then at 2pm I’m the Financial Director. It’s exciting and there is no opportunity to get bored.”
Advice to prospective franchisees?
“My advice would be to make sure you ask yourself what you want to get out of it as an individual. Really think it through. You need to make sure the franchise you choose fits with your strengths and doesn’t require you to spend a lot of time on activities you don’t enjoy.”
