When looking for a white collar franchise, Richard considered Expense Reduction Analysts and one other cost reduction company. Identifying the reasons that he chose Expense Reduction Analysts.
“In comparing the two models, I felt that Expense Reduction Analysts had a wider cost base expertise, whereas the other opportunity had a narrower proposition which was much more confined to just utilities. I also felt that the systems and processes were more advanced within Expense Reduction Analysts, that the whole set-up was more professional and ambitious. This feeling was certainly borne out by my experience of raising finance, I was aware that the Expense Reduction Analysts name is respected in the lending world."
Richard began his training in July 2010, describing the support he was provided, he said:
"The training was extremely thorough. It obviously has serious intent. Historically, the network has relied upon a simple, traditional telemarketing approach to create a pipeline. The market also requires a sophisticated approach where we leverage of existing relationships, client testimonials and success stories to deliver warm referrals."
Reflecting on the challenges that Richard faced in his early days as an Expense Reduction Analyst procurement consultant, Richard describes how the self-employed working structure wasn’t a difficulty for him:
"The lifestyle was not a shock to me. I was encouraged to work from home during my time with Barclays so I already had the home
office infrastructure and mindset in place. In the beginning of my career with Expense Reduction Analysts, it became clear that takes time to get your client base in place and to market your business in the early days."
Referring to the goals for his business, Richard stated that prior to signing up, he had nurtured one particular prospect, whom he felt could use as a launch pad for his new business with Expense Reduction Analysts. Speaking of the plans he has for his business in the future:
“I do expect significant business to emerge. I aim to develop one or two major clients in order to deliver sustainable income. This will lead to referrals into other organisations. Ultimately, I want to recruit someone else to take on some of the client management work that is required as a result."
Giving his inside knowledge to someone thinking of buying their first franchise, Richard advises:
"Cash is king. You have to be very realistic about how long you are prepared to carry on without income. If you are targeting large clients with complex needs, it can take time to make progress, but if you are prepared for that, then the infrastructure and the opportunities certainly exist."