Age is nothing but a number

According to the last undertaken British Franchise Association survey in 2018, almost 20% of franchise units are owned by individuals under the age of 30.

This statistic goes to show that that age doesn’t stop entrepreneurs from achieving their dreams. This can be put down to more individuals looking to business ownership rather than employment to achieve their career goals.

It’s refreshing to see younger individuals trusting the franchise model, particularly for their first step in to entrepreneurship.

Here are some reasons why under 30’s have chosen to join our franchise:

  • Support received by franchisor and franchise network
  • Quicker learning experience because it is all set out
  • Less mistakes to be made because it’s a proven model (lower risk)
  • Some of the hard work is removed (brand already established, systems in place)
  • Structure is in place (franchise terms), but the possibilities are endless

Age has no bearing on whether you are awarded a franchise or not. Suitability is assessed on your ability to operate the business effectively. We are looking for motivated, driven individuals who are keen to succeed in business, regardless of their age.

Experience is not necessary to join our franchise so it makes for a great entry level in to business for those with fewer years’ experience in business under their belt.

For an introductory chat, contact our franchise recruitment team today at franchisesales@servicemaster.co.uk

Timescales to buy

Buying a franchise isn’t like buying a loaf of bread. It’s not just a decision for there and then, it is one for not only now, but also the future.

It will therefore be no surprise to you that we have had business owners join our franchise in a timescale as short as one month and as long as almost three years. Both of these are okay!

You need total ‘commitment to the cause’ to join a franchise. It’s a lifestyle choice and at times it can be difficult and you may indeed feel like giving up. The truth is, if you follow the model, put the work in to it and take the rough with the smooth, you can build a substantial investment for the future.

For 2020 we surveyed the timescale taken for each new franchise partner to come on board.

The longest period of time was 2 years and 4 months*

The shortest period of time was just 1 month*

The average period of time was 8 months* 

*it’s important to note that timescales do not include the due diligence taken and the onboarding process.

The fact is that there is no right or wrong amount of time to take in making this kind of decision. We’re here with you every step of the way and are guided by your timescales rather than our own.

We do however recommend that you begin the conversation as early as possible to make the most out of the journey.

To start yours today, contact our franchise recruitment team on 0116 275 9005.

2021 – What does it mean for Merry Maids?

If you are thinking about joining our brand this year, but have concerns over the current situation and the effect that it may have, this blog is for you.

In 2020, the Merry Maids franchise became stronger as it adapted to the ‘new normal’ and as such, pushed the business model to new heights. All businesses found their feet to remain open safelywhen allowed, following government guidelines to provide essential domestic cleaning services to those who rely upon it.

As we enter in to the third national lockdown, working in people’s homes, in particular, providing domestic cleaning services is permitted. The domestic cleaning service has been recognised as a safe, hygienic and essential service to be provided inside the home.

We expect more and more individuals to turn to domestic cleaning companies to ensure that their home cleaning is undertaken thoroughly to guarantee the home is a safe and hygienic place to be whilst advised to ‘stay home’. Not only this, families are under more and more pressure to home-school, work from home and carry out other household duties, as such, cleaning cannot possibly be done as well in the limited time remaining in the day. Thus, there becomes a need to hire a professional domestic cleaner to ensure that it not only gets done, but gets done effectively to protect the family.

Our online booking facility also reduces the number of visits to a customer’s property and the time spent within it, because the admin is done online and all that is left to do is for the cleaners to deliver cleaning services during the time slot chosen by the customer. No quotation visit required!

Trust plays a huge part in an individual choosing a domestic cleaning company at the best of times, but now due to the risk involved with not taking the proper precautions, it has never been more important to choose a trusted, reliable and conscientious cleaning company.

As you will already know, Merry Maids is a global, well-established domestic cleaning company with over 40 years domestic cleaning experience in the UK and is known for providing professional one off and regular domestic cleaning services. Merry Maids is a name that individuals know and trust.

This year, like any other year, our support as a franchisor continues. Business owners will receive unlimited support in not only all of the necessary business disciplines required to operate a first-rate Merry Maids business, but also updates and guidance on the current and ongoing situation with regards to the pandemic. A sympathetic ear is also always available from a peer network of existing Merry Maids business owners.

With the added learnings and experiences from 2020 across a wide franchise network, the momentum is already there to build on 2020 and to make 2021 a better year.

If you would like to find out more about our resilience as a brand and our plans for 2021, speak to a member of our franchise recruitment team today on 0116 275 9005.

Merry Maids – 2020 in review

Back in 2019 when we were evaluating our brand and making decisions for 2020, we could never have predicted what was in store for our franchise in 2020.

That said, our brand has developed, our franchise owners have built resilient businesses that have stood the difficult trading conditions that the pandemic has brought upon the globe.

The very early part of the year in January and February, the brand operated as per expected with a surge in deep cleans after Christmas and regular customers securing bookings for yet another year.

In early Spring, news of the virus was on the horizon and we were able to adapt quickly to enhance our cleaning regimes to offer customers a heightened cleaning service.

As our franchise owners were able to adapt quickly, it meant that many customers were still able to enjoy the cleaning services that they have come to expect, and franchise owners saved much of their business through delivering services differently, but safely.

Some franchise owners have even reported growth in some areas of their businesses where customers have new found importance of maintaining a clean and hygienic home, as such, have decided to outsource their cleaning requirements to professionals to ensure that it is done effectively to protect those within their household.

In short, whilst 2020 proved to be a difficult year, utilising our support, Merry Maids franchise owners have showed new learnings and developed their businesses to survive in the new normal. As such, our brand has become more unified and much stronger.

All franchise owners are fully supported in all aspects of business not only by the franchise professionals at the franchise support centre, but also by the peer network of existing Merry Maids business owners.

Stronger together, Merry Maids Franchise.

An all-year-round opportunity

There are many great business opportunities out there and it’s important to consider whether you wish to operate to capacity all year round, or in seasons.

Seasonal work is great for those who undertake more than one venture or prefer a little time off to regenerate. However, all year round is great for those who require a constant, regular flow of income to give them their chosen lifestyle.

Whilst most businesses naturally have busier and quieter periods, a Merry Maids Franchise, is an all-year-round opportunity.

Domestic cleaning is a nice to have for some, but a necessity for many. As such, our franchise owners manage a busy team of maids all year round. Typically, our cleaning teams operate during school hours so that the business days are shorter, making the franchise opportunity ideal for those with school age children.

With no work on evenings and weekends, there is ample opportunity to have a great lifestyle away from the business.

So, if you are looking for an all-year-round opportunity where no two days are the same, a Merry Maids Franchise may be exactly what you are looking for. Contact our friendly franchise recruitment team today on 0116 275 9005 for more information.  

The Importance of a CRM System

The importance of a Customer Relationship Management System (CRM)

Whether you store customer data on a spreadsheet or via business cards, both are disorganised and likely a breach in GDPR.

If you are looking to get in to business, it’s a good idea to have thought about how you intend to store customer data to ensure that it is well organised and safe.

A CRM system can do this effectively for you, and also has many other benefits.

  • Data storage in compliance with GDPR
  • Data segmentation so that customers can be grouped
  • Anniversary and milestone tracking so they can be recognised
  • Lifetime and average value calculations so they can be recognised
  • Customer buying patterns so they can be remarketed to
  • Recording of contacts made so there is a contact history

& any, many more…

There are lots of CRM systems to choose from, so it’s important to choose one that most suits the requirements of your business.

If you decide to join our franchise network, our franchise owners benefit from a complementary and exclusive CRM system so you don’t have to worry about finding and paying for your own!

For further information, contact our franchise recruitment team on 0116 275 9005 today

Ranked in Elite Top 75 Franchises in the UK

The Elite Franchise Top 100 Franchises is all about celebrating successes in British franchising by ranking applicants from 1 to 100. 

Despite the difficult trading conditions in the past year, we are proud to announce that the Merry Maids brand has ranked within the TOP 75 franchises in a solid position of #61 – two places higher than last year! You can view our ranking by clicking on this link. 

It is worth noting that securing a place in the rankings isn’t all about profitability and turnover, it’s also about the value added to the community and the franchise sector.

Our application included a complex write up of how our brand has developed over the year and what affect that this has had on our franchise network, customers and all stake holders alike.

Andrew Brattesani – UK Head of Franchising at HSBC was one of the judging experts and had this to say: 

“This year we have had to assess how business have had to proactively adjusted in response to closures caused by the pandemic. It’s been essential for entrants to demonstrate how they have pivoted their services. Despite the economic difficulties of this year, these franchises have prospered due to their proven business models and determination. 

Steve Morris, Merry Maids brand leader followed with;

The continued inclusion of Merry Maids in the Elite Top 100 in Franchising for 2021 is a welcome and valuable recognition of the outstanding professionalism of our franchisees, and our committed and dedicated head office support staff. 

We are absolutely thrilled to be a part of a prestigious ranking and will continue to work on our franchise offering over the next 12 months to secure a spot in the 2022 ranking next year.

For further information on our franchise or our spot in the Elite Franchise Top 100, contact a member of our franchise recruitment team today on 0116 275 9005. 

Prospect Franchisee Certificate

As proud members of the British Franchise Association, we are pleased to share their Prospect Franchise Certificate, a free course designed to help you to feel fully prepared ahead of embarking on your new journey.

The British Franchise Association (bfa) is the source of impartial information on all things franchising. It’s the self-regulatory body for the ethical franchise sector, setting and maintaining standards which are respected around the world. 

The popular business model of ‘self-employment with support’ is favoured by many, and the course shares with you the hints and tips of becoming accepted in to a franchise so that you can start your new business.

Joining a franchise is a huge lifestyle choice, it’s a commitment over a term of 5 years (in the case of our franchise) where you will devote your working hours solely to the business to help it to thrive. There is a lot of hard work involved, so you’ll hear what franchisors look for in franchisees so that you can prepare and are aware.

Click this link to be directed to the Prospect Franchise Certificate

Upon completion, we’d love to hear about your experience studying the Prospect Franchise Certificate and further assist you to continue your journey in becoming a proud franchise owner with our brand.

Contact our franchise recruitment team on 0116 275 9005 for our network availability and next steps  

Support when times are tough

Businesses have experienced two national lockdowns, local lockdowns and tier restrictions but fortunately for the businesses that are part of our franchise network, they have received support throughout.

Support is one of the main reasons cited by business owners as to why they chose to join our franchise. It’s not just received from our team of franchise support professionals, but also from the peer network too.

It comes in the form of professional advice, but also from relative experience too. The ‘been there done that’ phrase is one that explains this perfectly. It means that mistakes have already been made and learnt from, so that they don’t have to be made again.

A supportive franchisor and franchise network truly do make a difference to the franchise journey because you are never alone. There is always someone at the end of the phone, whether it’s a member of our team or a fellow franchisee.

We are stronger together and that’s why being a part of a franchise network helps you to feel support when times are tough, particularly how they have been for most in 2020.

To discuss our available franchise opportunities, give our friendly franchise recruitment team a call on 0116 275 9005 today.

Why having a brand is important

Having a brand is extremely important if you want to differentiate yourself from others, ensure consistency and build recognition.

A brand isn’t just a logo, it’s the whole business image and everything that it stands for. The idea of a brand is for it to become desirable, that individuals want to be a part of it, get a slice of the action.

The logo and brand styling are of course important. They need to be attractive in a typically crowded market place to grab the attention of the purchaser. It’s much easier to create brand awareness in the modern day because there are so many mediums that it can be shared on.

What brands are you thinking of?

  1. Soft drinks brand where the main colour is red
  2. Low cost airline where the main colour is orange
  3. Supermarket where the main colour is green

It’s likely that we’re all thinking of the same three brands with their distinctive brand styling.

Joining an established brand such as Merry Maids

That’s why joining an established brand such as ours helps you to open doors, particularly in those early days. The brand is established and has gained recognition over 30 years so that customers feel that they know and can trust you already.

A head start in starting up is beneficial to entrepreneurs because it helps remove some of the risk associated with start-ups and helps the business to gain customers right from the start.

With clever marketing initiatives proven successful by the franchisor, the brand can be exposed faster and more effectively, to increase market share further.

If you would like to learn more about our brand and how you can become a part of it, speak to a member of our franchise recruitment team today.

The importance of a great website

According to a source* 88% of consumers search for products and services online before looking via other avenues. As such, a website ensures that you don’t miss out on this captive audience.

The basics

Websites do not need to be state of the art to serve a purpose. They need to include information about the business and the product/service for sale, as well as contact information.

The above should help you to be found via an internet search, and enable a customer to make a call to action should they need to. A great website helps to generate sales.

However, being ‘found’ online can be a much harder process than it seems. Ranking in top search listings depends on many factors decided by the search engine including relevance and the age, history and good-standing of the web domain.

Why a website is important

As well as being a general information source, a website also helps prospective customers to validate your business and your offering ahead of making a buying decision.

A website also helps you to reduce costs and improve customer satisfaction by enabling customers to find answers to questions online, and ask them without waiting for office hours to be able to make a call direct to you.

The future is something that we cannot ignore and a website can be integrated with many new technologies, as well as being updated with speed and ease.

Websites and franchising

Most franchisors will give franchise owners their own local page on their branded, managed website.

The key here is that the page will therefore be uniformed with the rest of the brand to protect the brand integrity, whilst also benefitting from the size and age of the brands website domain to improve search rankings.

If you would like to find out more about how our websites can help to generate income for your new franchise, contact a member of the franchise recruitment team today on 0116 275 9005.

What to expect in your franchisor interview

It’s a common misconception that buying a franchise is like buying a car. That providing you have the money and a driver’s licence, it’s yours. That is simply not the case with a franchise because it’s a commitment, typically over a minimum of five years to operate the business within the tramlines of the franchise agreement.

For that reason, most franchisors have a franchisor interview as one of the final stages before a franchise is awarded to an individual.

What is to be expected

The purpose of the franchisor interview is to ensure that the candidate is right for the franchise opportunity and has expectations that can be realistically achieved.

Don’t be surprised if you are asked about the following personal areas of your life:

Financial situation

Whilst it is a good indicator that there is a need to succeed, too much debt can become overwhelming, particularly when the franchise opportunity is yet to break even or reaches financial difficulties.

Home life

Some franchise opportunities are quite demanding on your time and a franchisor needs to ensure that the business won’t be negatively affected, nor will your home life, by the typical needs of the business.

Goals and expectations

The franchisor needs to assess that the candidate has sufficient drive and ambition to be able to move the business in the right direction, equally that their expectations can be met, if not exceeded.

Reasons for wanting to join

It’s good to understand the motivations for an individual wanting to join the franchise, whether it was the sector, area, brand or something entirely different. This is also a good opportunity for the franchisor to ask the individual what they intend to bring to the opportunity.

Exit plan

Whilst it’s good to know when an individual hopes to start, it’s also good to know when they want to exit. A franchise is not forever. Knowing this information up front can help to put plans in place for a smooth exit that is beneficial for all parties.

If you’d like to chat with us ahead of this point in your franchise journey, give us a call on 0116 275 9005 today. 

Are you facing redundancy?

Was your role one of the 695,000 that was made redundant post Covid-19?

According to a piece written by the Guardian, redundancies rise at the fastest rate since 2009. This has meant that almost a half of those on furlough will not be returning to their previous job.

Receiving notice of redundancy can be a difficult time, particularly in these uncertain times where secure jobs can be hard to come by, and when you find them, are snapped up quickly by the best candidates.

What choices do you have?

Hopefully your redundancy package can give you a little breathing space to truly consider your options. You do spend a lot of time at work, so it’s important that you find the right role and company to work for.

If you have decided that working for someone isn’t what you want to do, why not consider going in to business for yourself?

Working for yourself 

You can throw your redundancy package in to your new business venture and hope for the best. Or you can invest it, in a franchise opportunity.

Franchising is a safer route in to business because the business model is proven, brand is established, and support is on hand for when you need it.

You still get all of the great benefits that you do working for yourself, just that you aren’t by yourself and have all of the great benefits of being part of something bigger.

Financing your new start

If you either you didn’t receive much of a redundancy package, none at all or have spent it, there are still options that you can consider so that you don’t have to go back in to employment.

The UK Government have a start-up loan scheme where you could be eligible to finance funds of up to £25,000.

Also, as a British Franchise Association associate member, most major banks and finance providers will lend (subject to personal status), up to 70% of the total franchise fee.

If you’d like to discuss your options following redundancy, give our franchise sales team a call on 0116 275 9005.

Is now the right time to start a business?

Like many others, you may find yourself questioning whether now is the right time to start a business. This is perfectly understandable given the current climate and the uncertainty in the air.

What do the statistics say?

Year to date, we have seen a 70% increase in enquiries from prospective business owners looking to join our franchise opportunities compared to 2019. Interestingly, the increase began just as we entered in to national lockdown. This poses the thought that many individuals were evaluating their options.

What are the common reasons for joining?

At ServiceMaster brands, we have welcomed several new franchise owners over the last nine months and the reasons for joining our franchise brands vary. One thing in common is that entrepreneurs are looking to be in business for themselves, but not by themselves.

Increased financial support

The recent situation has seen a rise in financial aid from the government and the government back start up loan scheme is proving to be popular. Decisions are made and paid out within eight weeks meaning that starting a business could be just around the corner and is much quicker than saving up before purchasing.

Security

Franchising is one of the safest routes in to business because the brand is already established, the business model is proven and support is on hand all of the way through the journey. As such, the risk is much lower in joining a franchise, whenever you may choose to join.

Although there have been many changes and surprises throughout this year, one thing that has remained constant is our level of support to both existing and prospective business owners. Our franchise recruitment department has remained open to those exploring going in to business for themselves and not by themselves, with virtual training academies for those who wish to proceed.

If you would like to discuss our Merry Maids franchise opportunity, speak to a member of our franchise recruitment team on 0116 275 9005.

Why the domestic cleaning market is a great place to invest

Domestic cleaning has been around for many years and despite many wrongly assuming that it is just for the wealthy, continues to grow in popularity due to more and more of others choosing to spend our time NOT cleaning.

The growth in demand for domestic cleaning can certainly be blamed on the fact that many of us simply do not have the time to clean, or value the time that we have, more than to spend it cleaning.

According to an article by TidyChoice, their reports suggests that domestic cleaning has grown almost 30% from 2013 to 2020. This is a whopping increase over such a short period of time which is certainly reflected in our business.

The article also suggests some other reasons as to why the domestic cleaning market has grown 

  • Increase in disposable income
  • Good value of cleaning services
  • Technology keeping prices low
  • Yuppies causing great demand
  • Increase in households working from home

Clean & Hygienic remains a priority 

In light of the recent pandemic surrounding Covid-19, we have also found that individuals have realised the necessity for a clean and hygienic home. As such, we have found that many have chosen to outsource their cleaning regime to the professionals, to ensure that cleaning is done effectively, to help protect themselves and their family.

Those struck by uncertainty

2020 is bringing a lot of uncertainty to many. We find that when our customers are looking to cut back, instead of cancelling altogether, they reduce their frequency or the elements of their clean because they simply cannot go without our services.

Who are our customers?

There is no such thing as a ‘typical Merry Maids customer‘. Merry Maids serve all customers from all walks of life, whether it be the elderly, a young professional, a family or even an individual who isn’t able to clean for themselves. As a team, we take pride in being able to help customers for whatever their reason may be to use us.

We hope that this piece helps to give reassurance to investing in the domestic cleaning market and if you’d like to find out the next steps, contact our Franchise Sales Team on 0116 275 9005. 

Start-up Loans

Could you be eligible for up to £25,000 Finance?

So you have decided that a Merry Maids franchise is right for you, but have concerns around raising the funding.

Did you know that the government offer a Start Up Loan Scheme?

You could be eligible to receive funding from £500 to £25,000 to start up or build up your business.

Key Facts

  • You need to live in the UK, be 18 or over and have (or a plan to start) a UK-based business that’s been fully trading for less than 24 months
  • Start Up Loans are government-backed and charge a fixed interest rate of 6% per year
  • You can repay the loan over a period of 1 to 5 years. There’s no application fee and no early repayment fee
  • You’ll get free support and guidance to help write your business plan, and successful applicants get up to 12 months of free mentoring

It’s a simple 3-step process to apply

  1. Register & Eligibility

You’ll need to register and complete the initial eligibility checks

  1. Application Forms

Further information, credit checks and business plans will be needed

  1. Finalise Business Documents

Business Advisor will work with you on your final documents before submitting for decision

If approved, you will be sent your personal Loan Agreement online and be invited to take-up 12-months of Post Loan Support.

Click to be redirected to find out more

Once you have checked your eligibility and available loan amount, it would be a good idea to ensure that your territory is still available and that we have space on the most suitable training academy.

We can also help you with your business plan once securing your territory with a small deposit. Contact the Franchise Sales team on 0116 275 9005 to find out more. 

Writing a business plan

Writing a business plan

First of all, congratulations for deciding to go in to business. The business plan is one of the first documents that you should complete.

Whether it is to apply for finance, attract a business partner or to give you a clear path to achieving your business dreams, ensure that your business plan achieves what you set out for it to do.

What needs to be covered?

Executive Summary

Think of this as a short paragraph as to what your business is and what it sets out to achieve. The purpose is to make your business proposition understood by others.

Business Description

Similar to the above, but in more detail describing the business purpose, the products/services it will provide and its overall structure to achieve the business goals.

Market Analysis

This section is dedicated to the research that has been undertaken to underpin the decision to go in to business. It includes market research, competitor research and customer research. It is useful to use a SWAT analysis here.

People & Processes

Here it’s useful to outline the people and processes that will be used to run the business effectively. Organisational charts and process maps are good to use here.

Marketing Plan & Sales Strategy

How will you attract customers/clients? In this section it is important to describe the activities that will take place to attract customers to enquire and then to buy.

Financials

Reveal the financial goals and expectations of the business in this section as this proves the financial viability of the business. Profit and loss, cash flow and balance sheets are good models to use.

The above should give you a few pointers when writing your own business plan. This is an exciting time for an entrepreneur and is the starting point for running a successful business.

If you require help with writing your business plan ahead of starting your Merry Maids franchise, speak to a member of the Franchise Sales team today on 0116 275 9005  

Meet the Marketing Manager

Meet the Merry Maids Marketing Manager

Sian Lovatt is the Merry Maids Marketing Manager and has successfully taken care of this role since February 2018.

Sian’s career since graduating university with a BA Hons in Journalism, has been spent in PR and Marketing roles. As such, Sian is well experienced in all marketing disciplines, particularly in creating brand awareness and brand recognition through her PR experience.

The Merry Maids brand is over 40 years old and Sian has the exciting role of ensuring that it is recognised as the domestic cleaning brand of choice. Sian implements marketing initiatives in line with her national marketing plan and works with franchise owners on a 1-2-1 basis to assist with their local marketing plans to help franchise owners to grow their businesses.

All in all, Sian has an extremely valued role within the business as ‘marketing makes the phone ring’ – or so they say!

What is the role of a Marketing Manager?

The role of a Marketing Manager is to ensure that the brand is positioned in the most effective part of the market, to receive the most enquiries to be converted in to customers.

This is done effectively through researching the market, creating a marketing strategy, implementing marketing initiatives and reviewing their effectiveness afterwards. All before starting the whole process again.

Marketing takes such a huge part in business. The importance of a dedicated brand marketing manager is paramount, which is why we have one!

For more information on the Merry Maids Brand from our Brand Leader, Steve Morris – call 0116 275 9005 or email franchisesales@servicemaster.co.uk to arrange a free, no obligation chat

Meet the Brand Leader

Meet the Merry Maids Brand Leader

Steve Morris joined the Merry Maids team in June 2019 in the role of Brand Leader. Steve’s role is to lead the Merry Maids franchise operation and provide dedicated network-wide support to our business owners.

Previous to joining the Merry Maids UK team, Steve worked with his wife and Merry Maids business owner, Nicky, in managing their Merry Maids franchises in Fylde, Blackpool and Preston.

This first-hand business experience in the Merry Maids network made Steve the perfect candidate for the job.

Steve is the biggest advocate for the brand and certainly sets the direction of travel for the business owners to make their businesses the biggest success that they can be.

What is the role of a Brand Leader?

The role of a Brand Leader is vast. Not only is it their responsibility to maintain brand integrity, but it is to also ensure that franchise owners are supported in their business from a technical and operational perspective.

Brand Leaders are responsible for innovation, setting the direction of travel and researching and developing new initiatives to take their brand even further.

Above all, it is the Brand Leader’s responsibility to champion the brand.

For more information on the Merry Maids Brand from our Brand Leader, Steve Morris – call 0116 275 9005 or email franchisesales@servicemaster.co.uk to arrange a free, no obligation chat

Financing your franchise

It’s a common misconception that you have to be cash rich to buy a franchise business. Entrepreneurs from all walks of life are able to buy a franchise through inheritance, redundancy, savings and of course, through finance.

Getting your ‘house’ in order

Obtaining finance is made easier if you have a good credit history and have your business plan ready.

Your credit history is something that you nurture over time. It’s an opportunity to show the banks and lenders that you are creditworthy. I.e. you will pay them back what you owe them.

A good business plan should be a detailed plan of what the investment (money borrowed from the bank) will be used for and how the return on investment will allow you to pay the borrowed sum back.

Fortunately, lenders like franchise models, like Merry Maids because they tend to be proven and as such, are less of a risk to borrow against. 

How much do you need?

It’s a good idea to consider the amount that you’ll need to borrow. There are many things associated with the cost of the franchise that isn’t included in the ‘start up package’.

These typically include, office equipment, vehicles, premises, registrations and insurances. So, it’s important to factor in these costs so that you ask for enough finance to cover all aspects of the business, but to also leave some ‘afloat’ for unexpected costs and cash flow.

What to ask your lender

You should ask your lender about their credit terms, such as amount, duration, fees, rates, covenants and any payment holidays that you might be eligible for.

Sources of funding

Most major banks, including Lloyds, Barclays, HSBC, NatWest to name just a few, support the financing of franchise businesses. There are also some specialist lenders that will also lend to those with a good credit history and a strong business plan.

Finance can certainly open doors for those individuals who are looking at franchise opportunities without the full investment amount. Speak to your high-street bank or a franchise finance lender for further information.