Time for You Franchise

[AndyMuir]

Has anybody got any knowledge or experience of the TFY franchise?

 

[EricGuys]

Depends what you want to know, it's quite well established and has many franchisees, but it looks like a management type franchise , you manage cleaners but don't clean anything yourself.
Obviously you'll need to find clients plus recruit staff so there will be a lot of immediate hard work involved before you make turnover let alone profit. I'm guessing you'll need a good £30k capital on top of the investment.
Speaking from a quick look at their site not from experience as a franchisee.

 

[Mark T Jones]

I don't have knowledge or insight to this franchise - I do have some experiences of franchises in general - which is summed up in the phrase 'The 2 main problems with franchises are the way they are sold and the way they are bought'.

Just to be clear - you are definitely not buying success.

• Ask lots of questions. Be very very clear on what they are bringing for the money and what is expected of you.
• Speak to existing franchisees - chosen by you, not them.
• Take professional advice.

(as an aside , the fact that one of the owners previously ran a business called 'The Property Millionaire Academy' would put me on my guard - but in fairness it might have just been a phase...)

 

[James]

I don't have knowledge or insight to this franchise - I do have some experiences of franchises in general - which is summed up in the phrase 'The 2 main problems with franchises are the way they are sold and the way they are bought'.

Just to be clear - you are definitely not buying success.

• Ask lots of questions. Be very very clear on what they are bringing for the money and what is expected of you.
• Speak to existing franchisees - chosen by you, not them.
• Take professional advice.

(as an aside , the fact that one of the owners previously ran a business called 'The Property Millionaire Academy' would put me on my guard - but in fairness it might have just been a phase...)

Just as Mark said do a lot of research. I bought into a franchise last year not TFY.


- understanding of the industry
- Spoke to other Franchisees / looked at there accounts
- Market research for competitors / customers
- Understood what i need to do to make it work (sell sell sell retain retain retain)
- Why is it a franchise and does it make sense that it is a franchise

With the power of hindsight i would have
- Lower expectations on how quickly i could pay myself
- Spoke to an accountant before starting

 

[JackB99]

They also do franchise resales, perhaps worth considering as would be buying into an already established area.

 

[Newchodge]

They also do franchise resales, perhaps worth considering as would be buying into an already established area.

Provided you can establish WHY it is available for resale?

 

[japancool]

What do you actually get for your money?

 

[Greg PW Shearman]

One thing I have noticed on this forum that there is a generalist negative option of franchising !

Franchises can be perfect for the right person , it is all about the franchisor and franchisee being a good match.

with honesty on both sides....

 

[Ozzy]

What do you actually get for your money?

Generally speaking you buy a process, which if done right has been proven and tested - so that someone is able to pick it up and follow the user manual.

A franchise quite simply wouldn't work for me, I hate being told how to do things and I like to dabble and try different things, break things, make mistakes, etc. For some people who are looking to be shown how to run the 'business' a franchise can work well, they get a user manual that tells them what they need to do and some franchises also have some good back office support too.

I'm not a fan, but as @Greg PW Shearman says; they can be right for the right person.

 

[fisicx]

One thing I have noticed on this forum that there is a generalist negative option of franchising !

Usually because the member has issues with their franchise and needs to ask a question.

If the franchise is working well they won’t be on UKBF asking for help.

 

[japancool]

Generally speaking you buy a process, which if done right has been proven and tested - so that someone is able to pick it up and follow the user manual.

Yes, but there are franchises that offer different levels of packaged assistance. I'm wondering what this one in particular offers.

I'm guessing they pass you clients via their website, but I'm wondering what else you get out of it that makes it worthwhile as a franchise.

 

[James]

All depends on the franchise that you are buying into. Is it offering a model that follow for success or does it offer you a competitive edge in your given market place by combining buying power as a group for example.

For me it works really well allows me to get on with what I enjoy meeting new customers building solutions for them ect. Without having to chase money / day to day customer service / finding suppliers / IT and staffing.

 

[japancool]

All depends on the franchise that you are buying into. Is it offering a model that follow for success or does it offer you a competitive edge in your given market place by combining buying power as a group for example.

For me it works really well allows me to get on with what I enjoy meeting new customers building solutions for them ect. Without having to chase money / day to day customer service / finding suppliers / IT and staffing.

Yes... but you said you bought a different franchise. I'm not asking about franchises in general, I'm asking about this specific franchise.

 

[fisicx]

All depends on the franchise that you are buying into.

Just like any business.

There are many really good franchises. But there are just as many really bad franchises and some that are almost criminal. Fortunately for the franchise owners there are enough suckers who end up paying for junk and losing all their money. Caveat emptor

 

[Greg PW Shearman]

Just like any business.

There are many really good franchises. But there are just as many really bad franchises and some that are almost criminal. Fortunately for the franchise owners there are enough suckers who end up paying for junk and losing all their money. Caveat emptor

Or maybe there are some educated purchasers of a franchise that see this as a low risk proven business model that can give good returns ?

 

[Ozzy]

Or maybe there are some educated purchasers of a franchise that see this as a low risk proven business model that can give good returns ?

Indeed, I personally know some people who have done very well through Tax Assist, McDonalds, and I did interview the founder of a new franchise Bewiched which I'd highly recommend.
Sadly, like any industry, there are some bad apples that abuse what could be a good model for many people.

As I said above, I know it won't work for me so not a fan myself but that doesn't mean it isn't a good route for someone else. Just like buying any business irrespective of whether it is a franchise or not, do detailed due diligence, background research, look under the carpets, check everything.

 

[Mark T Jones]

Or maybe there are some educated purchasers of a franchise that see this as a low risk proven business model that can give good returns ?

'The way they're sold & the way they're bought'.

Educated purchasers will make in formed decisions, by definition. That will include whether franchising is appropriate for them as a model, then which franchises will actually deliver.

The uninformed / waivering / naïve ones are the challenge. And will be easy prey for the shabby franchisors and the more dodgy end of the intermediary market.

 

[IanSuth]

'The way they're sold & the way they're bought'.

Educated purchasers will make in formed decisions, by definition. That will include whether franchising is appropriate for them as a model, then which franchises will actually deliver.

The uninformed / waivering / naïve ones are the challenge. And will be easy prey for the shabby franchisors and the more dodgy end of the intermediary market.

They are likely the same style of investor who pumps all their redundancy money (from a large company they worked in for decades) into a old shut pub they are persuaded can be a "vibrant destination gastro pub"

 

[Mark T Jones]

They are likely the same style of investor who pumps all their redundancy money (from a large company they worked in for decades) into a old shut pub they are persuaded can be a "vibrant destination gastro pub"

Every time the wife and I pass a pub for sale we have a little dialogue around 'let's buy it - it will be our dream'.

It's not hilarious, but it passes the miles away...

 

[Greg PW Shearman]

'The way they're sold & the way they're bought'.

Educated purchasers will make in formed decisions, by definition. That will include whether franchising is appropriate for them as a model, then which franchises will actually deliver.

The uninformed / waivering / naïve ones are the challenge. And will be easy prey for the shabby franchisors and the more dodgy end of the intermediary market.

Yep agreed , but reputable franchisors do not take the first £ waved in their eyes ! We recruit by interviewing and turned down a lot more than we have signed up ! Maybe that's why we have a low failure rate.

 

[Mark T Jones]

Yep agreed , but reputable franchisors do not take the first £ waved in their eyes ! We recruit by interviewing and turned down a lot more than we have signed up ! Maybe that's why we have a low failure rate.

Exactly that.

A really good franchise doesn't sell, they interview.

I've dealt with a lot for franchises - from serious business people running 10 + outlets to individuals looking for a 'self employed job' - Overall the failure rate of franchisees in F & B start-ups is significantly lower than in 'own brand'.

There is however a lot of snake-oil, and some very gullible buyers desperate to spend their redundancy.

 

[IanSuth]

Yep agreed , but reputable franchisors do not take the first £ waved in their eyes ! We recruit by interviewing and turned down a lot more than we have signed up ! Maybe that's why we have a low failure rate.

That's the difference though

You are looking for the right people to grow your brand which will bring you in more £, franchising is the means to an end

Some of the franchises seem to be run purely to make money from selling franchises, franchising has become the end goal itself

 

[Greg PW Shearman]

That's the difference though

You are looking for the right people to grow your brand which will bring you in more £, franchising is the means to an end

Some of the franchises seem to be run purely to make money from selling franchises, franchising has become the end goal itself

This is so so true , we actually make more of a point that we only make money when they buy our product , so we HAVE to support them to help them grow.

The franchise fee , half goes on kit rest on training and initial support , but that fee is important so they have some financial investment.

 

[numbersrule]

I don't have any experience with TFY as a franchise, but my cleaner is from TFY and she provides a really good house cleaning service once a fortnight.

 

[Chris Ashdown]

What experience do you have of the business

How good are you at selling to strangers and dealing with rejection, sounds easy but incredibly hard to start selling

How limiting is the area and what happens if you sign up to a customer in your area and get offered a similar contract to work there second outlet say 10 miles outside your area

Do you have any management skills

They should give you a operations manual, but reading how to run a company, and actually running one can be verry different

Do you have cash reserves to meet any large downfall in sales in early years, most people seem to over estimate sales in early years

Good luck