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The secret to franchisee success? Versatility and discipline

Sarah Stowe

A redundancy and personal interest in numbers prompted Stuart Jaeschke join the First Class Accounts brand.

Ten years later Stuart’s business is going from strength to strength, and he was recently named the company’s 2014 Franchisee of the Year.

Stuart tells Franchising about his journey…

Training, support, reputation

There were three reasons I chose First Class Accounts.

One was the comprehensive training the brand offered to new franchisees. I had no prior experience in bookkeeping so it was important I learned those skills prior to starting my business.

Secondly, the technical support that First Class Accounts offers to all its franchisees is really strong. If there is ever an issue, I can call them for assistance and guidance.

Lastly, there was the benefit of working with an established company that had a good reputation. I knew that I had a better chance of succeeding with First Class Accounts than with a lesser known brand.

The research process: 3 things to consider

  1. The franchisor is obligated to give potential franchisees the names and numbers of existing franchisees, so make sure you ask for them, and give a few existing franchisees a call. See what they think of the business, what their jobs entail and how they’ve found the franchisor has been to work for – it will reveal a lot about the business you may not otherwise experience.
  2. Have a solicitor look at the contract before you sign it. This will ensure you don’t get yourself tied into anything.
  3. Talk to a financial planner. They will give you advice on the financial benefit you can expect out of your franchise.

Challenge #1: marketing

The biggest challenge for me has been marketing. Thankfully, First Class Accounts does provide extensive marketing training, which has helped me a lot.

They taught me about a whole range of marketing solutions including letterbox drops, advertising, writing letters to councils or businesses that might need a bookkeeper and cold calling. It’s still a challenging part of the business for me, but I am better equipped to deal with it now.

Looking to invest? Create a plan

For those looking to invest in a franchise:

Have a plan and stick to the plan. When there are so many things to do it’s easy to get distracted, but if you have a good plan and you follow it, you can’t go wrong.

It can take a while to get established, to get your name out and to get customers and referrals, which can tempt people into being side-tracked. But it does happen over time, so be patient and stick to the system and the success will follow.

A first class training approach

First Class provides three levels of training:

  1. The initial training covers all of the day to day processes, including marketing training and there’s also an overview of a 12 week marketing plan.
  2. The next level of training revolves around ongoing business support for franchisees. First Class Accounts provide support for people running their own businesses, and you can always call and ask for advice or information.
  3. First Class Accounts also organises four ‘training days’ per year. These are possibly the most useful, as they provide a great opportunity to talk to other franchisees about the business, which is always very productive. We share information and discuss issues. Often we have experienced similar problems, and are able to give each other solutions or advice.

The secret to success in franchising

You need to be versatile – especially if you’re a sole trader. You have to do everything yourself, from the administration to the marketing.

The other skill you need is discipline. You need to be disciplined in order to get everything done, but you also need to maintain a balance. It’s easy to get swept away in the work – the challenge is to find time for non-work activities as well.

The franchisee-franchisor relationship

I’ve found that to maintain a healthy relationship, be aware that franchisors only really want two things – they want you to follow the processes and they want you to talk to them.

Although I’ve never had any problems myself, I know of another franchisee that got quite ill and had to take a few weeks off work. He spoke to the franchisors, and they organised franchisees from the surrounding areas to look after the franchisee’s clients while he was absent.

It’s just about making sure that you keep the franchisor in the loop.

Being in a franchise is like being a part of a family. We’re not in competition; we’re here to help each other.

Building up the business

Looking to the future, I am hoping to build the business up a bit more and get another one or two people on board.

I am getting towards retirement, so I am currently setting up systems that will allow me to cut back my hours and ensure the business is not entirely dependent on me.

Of course, I also have the opportunity to sell the business as part of a long-term exit strategy when I want to retire as well.

The upside of owning a franchise

Being a franchisee can make life more flexible, although in reality we work the hours our clients need in this business.

Franchising has also given me a better appreciation for the different roles involved in running a business – marketing, promotion, business development – there are just so many aspects to it.

In addition, I have developed a variety of skills in several areas that I wouldn’t have if I hadn’t gotten involved with First Class Accounts.