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need to raise your prices to carry on growing, but because you are pouring all the profit into building the business you never progress any further on your bottom line. This bit is hard. My advice to any new business would be don’t put off making the strategic and structural changes to your business needed to help with that growth. Don’t delay getting a decent CRM system – you are just kicking the problem further down the line and the change, when you finally implement it, will be harder the bigger you are. Rip the plaster off early and get on with building the wealth.” What are Theo’s thoughts on the upcoming budget? Candidly, he said: “Go back 200 years and you’ll see that all great innovations in this country have come from entrepreneurs, not Governments, but they don’t seem to appreciate this. If Labour wants to fix the economy, they need to remove barriers, red tape and taxes and let us get on with what we are good at.” Realistic expectations So, what does d&t’s Phil Archer think are the biggest mistakes that new franchisors make when setting up their franchises? Phil said: “I think not having a clear understanding of how much they will need to invest to start their business can be a problem. Potential franchisors come to us with three- and five-year plans, saying they are going to take on X-number of franchisees a month or a year, but in our experience, it rarely works out that way. New franchisors also need to factor in how much time it will take to support these new franchisees. They probably only have a small team, so it’s going to be hard work for a while to get everyone bedded in. They’ve also got to consider if the franchise model they are building is attractive to banks to fund potential franchisees. How do other people view the business opportunity they are trying to sell?” Meet the experts PipWilkins Pip Wilkins, QFP is CEO of the BFA (British Franchise Association), the voluntary self- regulating body for UK franchising, established in 1977 by leading franchising organisations. Its goal is to accredit and promote franchise systems that meet its strict ethical and business standards. Theo Millward Theo Millward is the managing director of Swimtime, one of the UK’s largest independent swimming schools, and the founder of FranScape, a franchise management software platform designed to streamline and automate various aspects of franchise operations. Phil Archer Phil Archer serves as the head of business planning and funding at d&t chartered accountants, an award-winning firm that has collaborated with over 100 franchise networks. He assists businesses in achieving financial success through effective planning and funding strategies. 53 WHAT-FRANCHISE.COM Ana lys i s | FEATURE