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Posted by Seeker in Ask The Experts on 04.09.2008 10:26:59 pm | 751 views
Hi Matthew,
I am referring to Loans 2 Go franchise. I came across it at the website: www.franchisedirect.co.uk/directory. They claim it's a recession-proof opportunity. I get the feeling it's something similar to the Money Shop franchise.
Many thanks for your help
Seeker
Visit.TV on 05.09.2008 9:49:18 amDoes the franchise seller make money by selling you the franchise or by you making a success of it?
In this case I think that you might look at a finance company that will lend of the securtity of a vehicle and see if you can become an agent. I am not convinced that you need to pay afee although you might have to do a traing course (FSA) etc.
Gordon
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Hi Seeker
This is not a company I am familiar with at all, however I have done a little research on them and they do appear to be a genuine and interesting opportunity. The franchise appears to be fairly new on the scene and as such you always have to be careful, especially as it has high levels of investment. I would recommend asking them for a complete list of their franchisees (which may be quite low) and give them all a phone to ask how they are doing. This is always one of the first steps you should take.
I'm not so sure if the term "recession proof" applies here as although it could be the correct usage of the term I do not think it really applies to this type of business. A lot of franchise companies use this term, it's a buzz phrase and I would just ignore it really. However do not let that put you off, do your due diligence and most importantly, find out how well the current franchisees are doing and in what locations they are trading. Obviously if they are all based in major city’s and have large territories they are going to do a lot better than a rural town so look into territory placement of the current franchisees too.
When looking at their operational franchises it would be good to ask which are independently run and which are pilot franchises also, it can be the case that the franchisor will give you a list of the best performing franchises, some of which are run as pilots or by management so be sure that it is the independants (if any) that you are contacting.
In all though I am impressed by the opportunity so really it's down to you to take the next step and find out whether it is one which works or if it is just presented well.
Good luck
Kind regards,
Matthew Anderson
The Franchise Shop