On this page we answer frequently asked questions about the franchise opportunity at Opus Media.
What is franchising?
At its core, franchising is very simple. Franchisors are companies that grant a license to third parties to conduct business under their name. Franchisors grant a license to franchisees to operate under the brand and offer their products, support and services the franchisees need. A franchisee will make an initial investment to cover the cost of training and establishing the business. They will continue to pay an ongoing monthly fee.
How much money do I need to buy an Opus Media franchise?
The up-front licence fee for an Opus Media franchise is £15k+VAT
What is the franchise fee for an Opus Media franchise?
The ongoing monthly franchise free for an Opus Media franchise is 8% of your monthly turnover.
Am I ready to start my own business?
“Find something you love to do and you’ll never have to work a day in your life.” -Harvey Mackay
Is a franchise a good way to start your own business?
There are typically three paths to going into business for yourself: starting a new business, buying a new franchise, or purchasing an existing franchise. Each option carries pros and cons.
Is an Opus Media franchise right for you?
Key questions to ask….
1. Are you willing and able to take on the responsibilities of managing your own business?
2. Will you enjoy the work?
3. Are you willing to completely follow the franchise system?
4. Do you have a history of success in dealing and interacting with people?
5. Can you afford the franchise?
6. Have you carefully studied the legal documents?
7. Do you like the franchisor and their team?
8. Do you have a support system?
What are the advantages and disadvantages of owning an Opus Media franchise?
Advantages:
“Owning a franchise allows you to go into business for yourself, but not by yourself.”
• Opus Media franchises offer the independence of small business ownership supported by the benefits of a big business network.
• You don’t necessarily need business experience to run an Opus Media franchise. We will provide the training you need to operate our business model.
• Franchises have a higher rate of success than start-up businesses.
• You may find it easier to secure finance for an Opus Media franchises. It may cost less to buy an Opus Media franchise than start your own business of the same type.
• Opus Media franchises have an established reputation and image, proven management and work practices, access to national advertising and ongoing support.
• Much of the work needed to launch an Opus Media franchises has already been done.
• Support from a larger network of businesses.
• Ability to tap into the collective buying power of Opus Media.
Disadvantages:
• Buying an Opus Media franchise means ongoing sharing of profit with the head office.
• Less flexibility than running a business on your own.
• Business reputation is somewhat dependent on others who also run franchises in other parts of the country.
• Head office, by and large, holds most of the renewal power.
How do I fund my Opus Media franchise?
It is usually a good idea to start figuring out how you will be funding your business venture as early in the process as you can. We have access to multiple funding options. Please ask and we can make introductions to the relevant parties.
Am I ready to buy an Opus Media franchise?
There are three main questions you should ask yourself:
Do I have what it takes to start my own business/be an entrepreneur?
Do I have what it takes to be a franchisee?
Do I have all the answers I need about the franchise I am considering buying?
What are the risks of buying an Opus Media franchise?
Like starting any business, buying a franchise involves risk. Although most franchisees are satisfied and successful, some do suffer financial losses.
What should I consider before buying an Opus Media franchise?
Among the points IFA recommends for investigation are:
• The type of experience required in the franchised business.
• The hours and personal commitment necessary to run the business.
• How much it will cost to get into the franchise.
• How much you’re going to pay for the continuing right to operate the business.
• If there are any products or services you must buy from the franchisor and how and by whom they are supplied.
The terms and conditions under which the franchise relationship can be terminated or renewed, and how many franchisees have left the system during the past few years.
The Federal Trade Commission (www.ftc.gov) and IFA (www.franchise.org) have many helpful publications and resources. IFA also strongly recommends that you engage an attorney to examine the contract, as well as a professional accountant.
How do I make my Opus Media franchise successful?
Making any business reach its full potential takes talent and hard work.
• Make sure you have enough money.
• Follow the system.
• Don’t neglect your family and friends.
• Be an enthusiastic franchisee.
• Recruit the best and treat them with respect.
• Teach your employees.
• Give customers great service.
• Get involved with the community.
• Stay in touch with your franchisor and other franchisees:
• Watch the details.
To find out more about an Opus Media franchise, please fill out our contact form, call 0333 358 3335 or email info@weareopusmedia.com