It should be top of your list of requirements when looking to invest in a franchise, says Nigel Botterill, founder and chief executive of thebestof, who has built eight separate million pound-plus businesses in the UK over the last eight years
So many people, when investing in a franchise, set out to buy themselves a business, but end up buying themselves a job.
I’m not saying there’s anything wrong with owning your own job, it’s just that owning your own business is better. It gives you much greater freedom and flexibility. It becomes more valuable as it grows.
Silver bullet
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For me, the single most important ingredient I look for in any business or franchise is residual income. It’s the silver bullet that, on its own, turns a ‘job’ into a ‘business’. Residual income is when customers pay you a set amount each month, usually by direct debit. And the impact that has on your life is immense.
We are so confident thebestof, the first independent web directory in the UK, represents the best franchise opportunity available in the UK today that we’re prepared to give every new franchisee a £3,000 per month earnings guarantee.
Across the country, when the calendar moves round and a new month starts, for the vast majority of franchisees the scoreboard is reset to zero. They have to do as much work this month as last month in order to earn the same amount of money. Their earnings are directly linked to the work they do. Think about it - a carpet cleaner only earns more money by cleaning more carpets.
Compare that to a franchisee of something like thebestof. His or her customers make monthly payments by direct debit. On the first of the month they know that on the 11th, say, £11,000 will be hitting their bank account - and that’s a wonderful position to be in.
It allows them to focus on the things that matter and grow a business. Things like the marketing and development of strategic partnerships and customer relationships. It enables you, as a franchisee, to take August off and spend it on the beach with the kids because your income doesn’t go down.
Sure, there’s still plenty of work to do, but the flexibility and security, not to mention the uplift in saleable value of your business a solid stream of residual income brings, is almost magical. And that’s why it’s top of my list and why, if you’re serious about buying a franchise that can become a business and isn’t just a job, residual income should be top of your list too.
The first and the best
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When thebestof was launched in July 2005, we were the first independent web directory in the UK. But things have changed a lot since then. Now thebestof is much more than just a website - and it is our progressive linking of online and offline initiatives that showcase only the best local businesses in each area that have earned us considerable recognition, including ‘Innovative Company of the Year’, a number of ‘best business’ awards and a prestigious third place in the Tech Track 100.
All about people
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In a nutshell, thebestof champions and showcases the best businesses and events in each local area, using a variety of online and offline elements. It also engages with local people and gives them a voice.
As a thebestof franchisee you’ll become a ‘word of mouth specialist’ in your local area - a key influencer in your local business community. All our franchisees have a strong desire to see their local area and the people within it prosper.
You’ll get to know and build relationships with all the best businesses on your patch and also engage with thousands of local people who will ‘join’ thebestof so they can share their opinion as to who’s best.
When you have a membership base of several thousand local people all plugged into thebestof (as many of our franchisees have), you become the most influential and powerful marketer in your town - bar none.
This combination of real relationships with local people and local businesses, done properly, can enable you to build yourself a significant income and business that gives you lots of flexibility around your time.
Six-figure incomes
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It’s a heady mix that’s incredibly effective, which is why we have dozens of franchisees earning big six-figure incomes and why thebestof has one of the highest ratios of multiple franchise owners in the country - ie, people who have bought second and third territories, having had success with their first - something of which we are very proud thebestof has one of, if not the, best franchisee support programmes of any franchise business in the UK. We’re very proud of the training and support that is available to our franchisees - it’s considerable and we’re often told it’s among the best provided by any franchisor in the UK.
You’ll start your journey with thebestof at a three-day induction course at our headquarters in Solihull. Thereafter, because everyone’s training requirements are different, you will be able to personalise your training to suit you. All training and support is free for thebestof franchisees.
One thing’s for sure, you’re never on your own as a thebestof franchisee.
