How to get a Jewellery franchise in the UK?
The marketplace functions in various ways, with multiple business models. A franchise is one way to expand the business and get more revenue. It involves a license that enables the franchisee to access the franchisor’s trademarks, business process and knowledge. The franchisee can sell the franchisor’s products, under the franchisors name. There are numerous advantages to this and this type of business model has prospered. A person can start a business without having to look for a product with demand and will not have to work for goodwill or name. The franchisor will be able to expand and get revenue. Top franchising businesses in the world include McDonald’s, KFC, Tim Horton’s etc.
A jewellery franchise would involve opening a store in the name of an established jewellery retailer. Jewellery has a widespread appeal for women and hence a jewellery franchise is quite an exciting opportunity. Here are the points to consider if you need a jewellery franchise in the UK.
- There are leading jewellery makers, who are known franchisors. These jewellery manufacturers have established products, a supply chain and a business model. You can connect with them and make enquiries to start your own store.
- Find out the type of business model the franchisor has. Some jewellers prefer that the franchisee exclusively sells their products and some prefer a multi-brand format. Based on this, you will need to make arrangements.
- Check out the fees and charges that a franchisee needs to pay or incur when taking a jewellery franchise. There is a minimum investment amount and franchise fee that every franchisor will have. Look at the contract period and also the financing options if available. This helps in financial planning, as well as some sort of cost-benefit analysis.
- Most franchisors offer technical support and training so that the franchisee understands the company values and the brand. This support is critical and helps the franchisee stand on their own feet.
- There will be a legal agreement with terms and conditions for both parties.
The business of a franchise is quite profitable and has less risk as compared to an individual fresh business. So, how does one find a jewellery franchisor?
- One can find a franchisor by going to a jewellery market. This is a starting point. Some jewelers Hatton garden also have franchising options and you can enquire by visiting their store.
- Do read a jewellery brand’s reviews online and see if a franchise investment with them can be fruitful for you.
- Always perform the cost-benefit analysis and get help from an accountant if needed. You must be completely aware of financial the burden that you will have to bear. You will need to plan for financing the store and business too.
- Go online and perform a quick Google search. This is one of the easiest ways to find a jewellery franchisor. Yes, it could be just as easy as searching for engagement rings in hatton garden. You may find links to contact the franchisor or an email ID where you can send an enquiry.