Location: Bromley & Dulwich
Tell us a bit about yourself and what you were doing prior to setting up your Northwood franchise business?
I had been an IT professional for 15 years, and then became a professional landlord.
Why did you go down the franchise route? And why did you choose Northwood?
I felt that existing letting agents were not going a good enough job. As a landlord I was frustrated by their failed promises and felt I could do a better job. I wanted to be able to guarantee landlords their income and take away their hassle. I had an idea about how to do this, but was worried about starting out on my own with a new kind of business model in an industry that I was not that familiar with from the inside. I read some statistics about the general failure rate of start-up businesses, which scared me. It was interesting to see that franchise start-ups have a very high survival rate.
I shopped around some franchises, but everyone was offering the same standard high street lettings agency. No one did anything innovative. Some seemed honest, most wanted a lot of money from me each month, regardless of office performance. One even demanded that all my clients would actually be their clients!
I chose Northwood because they were already running a product that I wanted to offer, Guaranteed Rent and found them very honest and helpful.
How did you raise the finance?
I had savings, plus Northwood helped me get a loan from the banks. With the Northwood name and support behind me, the banks were receptive.
What training and support did you receive initially and ongoing?
Initial training was very good with courses run in the head office followed by regular visits to me to see how things were going, and encouraging me to visit other offices to see how they worked.
What is a typical day for you as a franchisee?
There is no typical day. Most days there is a lot of work. I have staff meetings to see what is happening and plan their day. I am not a sales oriented person, so I just make sure the sales team have what they need and try to keep them motivated and happy.
What challenges have you faced?
I have had to learn a lot about marketing and sales skills. It all looks very easy from the outside, but is a very specific skill set and one which Northwood helped me to recruit for.
Has becoming a franchisee changed your life, if so how?
Massively. I am the boss now. There is no one to report to, which is great. But there is great responsibility towards my clients and staff.
What is the most invaluable piece of advice you could give someone looking to set up their first franchise?
If you are not an expert in the industry, hire one. If you are an expert, hire another one, just to be sure.
In your opinion, what makes a successful franchisee?
Someone who is willing to work hard, but also learn and learn quickly. Being a part of a franchise gives you support and help, but ultimately you are the boss and it’s up to you to make it work.
What are your plans for the future?
Expand.
Would you do it again?
Yes.
