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When purchasing a franchise, it is important to know as much as possible about the industry you are entering into. In recent years, the consulting industry has grown and many people have found sustainable franchise opportunities in this sector.
In this article, Franchise Direct sit down with Paul Lewis, UK Country Director at Expense Reduction Analysts, to find out more about the consulting franchise industry in the UK today and what Expense Reduction Analysts offer their franchisees.
Can you give an overview of the consulting franchise industry in the UK and how it has grown?
When our company entered the franchise market 27 years ago, there were little to no other franchise consultancies. We found that most of the other franchises were either van, retail or fast food. There are far more ‘white collar’ franchise opportunities today as the industry has grown, and we have enjoyed the increased talent pool of people from a corporate background looking to utilise their skills within a consultancy like ours. Having people like these as a resource within our network is beneficial to our business, but also gives those from a professional background the opportunity to become self-employed whilst making use of the skills they have gained throughout their career.
What is your ERA business model?
Expense Reduction Analysts (ERA) is the world’s number one franchise in business strategy, supply chain and cost management.
For over 27 years our franchise partners have enabled businesses to improve profit and gain greater financial control by reducing business expenditure. With more than 700 business consultants operating in over 40 countries worldwide, our franchisees enjoy the benefit of operating their own businesses with high income potential whilst collaborating with their colleagues as part of an award-winning international brand.
Who are your typical clients that you provide business-to-business services to?
Small to medium-sized businesses in the UK and Internationally. Across all sectors; private and public. Across all industries. The predominance of ERA clients are from the following sectors; manufacturing, wholesale/ retail, professional services, healthcare, education and construction.
Essentially, all of our franchisees are trained/licenced to operate as “cost management consultants”. They are trained and equipped to acquire their own clients and then to manage multiple client relationships. Franchisees are also enabled to deliver ‘cost management projects’ for their clients. We call this “Value through Insight” as, ERA will deliver key insights to clients who will then receive considerable value in the form of cost savings and improved efficiencies. ERA’s franchisees will often work together (in a joint-venture) and form teams in order to maximise the results for a client and deliver cost management projects across the maximum number of cost categories.
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Is a financial background needed to become an ERA franchisee?
No. This is not a pre-requisite to joining ERA. Does it help to have a financial background? It would be a potential bonus. There really aren’t any pre-requisites to joining ERA however, we are looking for people with good energy, a good work ethic, a commercial brain and the ability to confidently hold conversations with the directors/executives within a business.
Can you explain the set up of your business? Can a franchisee work from home?
Franchisees are required to set up a dedicated office from which to operate their ERA business. Most franchisees choose to work from a home office. This supports a great work/life balance. Although, increasingly, our franchisees are looking to expand and grow and will then take on an external commercial office, especially when taking on staff. Either way, the business running costs (overheads) are very low.
Is an ERA franchisee a low-risk venture?
Yes, it is a low-risk venture. Over the past 27 years ERA has developed and honed a very robust franchise business model. Having learnt from all of the possible pitfalls we have been able to de-risk the opportunity for the next generation of franchisees! The major banks are happy to support new franchisees seeking funding to launch an ERA franchise, which is testament to how low-risk the ERA opportunity is.
What kind of training is provided for your franchisees?
All new franchisees are provided with our intensive 2-week training program. We have a dedicated training centre with state-of-the-art facilities. Our Head of Performance Development, Lizzie Thomas, has created an impressive training experience for new franchisees. The trainers are a blend of highly qualified and experienced staff members and some of the most successful franchisees from across our European business.
How do you help your clients (franchisees) achieve a healthy work-life balance?
Our franchisees are encouraged to work from home as this supports a good work-life balance. Like starting any business, in the initial years franchisees are required to apply a lot of hard work and effort. However, because of the unique model that ERA operates, once a franchisee has established a good portfolio of clients, they can work very flexibly and determine how many hours per week they wish to work.
Learn more about a franchise opportunity with Expense Reduction Analysts right here.