Mugg & Bean franchise Somerset – West
Why I chose franchising
At age of 50 I wanted to lower my risk in business and buying into a well known franchise was the best option for me.
I realised a strong brand would ensure a secure investment. While analyzing all the different franchises, Mugg and Bean was the fastest growing. Throughout the process of analysing the different franchises, Mugg and Bean stood out as a well managed and organized business. I was impressed with the readiness and quality of information available from the franchisor. Mugg and Bean is primarily a breakfast-lunch franchise which enables me to spend much more quality time with my family and have quality of life.
What I did before taking up my Mugg & Bean franchise
For eighteen years I was part of business advisory services with one of the big international auditing companies.
How I raised the finance to buy my franchise
I was in the fortunate position to put down 85% of the purchase price in cash and the rest was a term loan from the bank.
The training and support I receive from Mugg & Bean
Support can be categorized in formal training:
a. One week intensive training at the franchisor
b. Quarterly training for franchisees and managers at the franchisors regional office
c. Monthly business evaluation review
a. Immediate response if asked
b. On site training by regional support team
c. Sharing and implementation of best practise through franchise consultant
The challenges I have faced as a Mugg & Bean franchise owner
To change the mindset from a corporate environment to a hands-on small business owner. Developing the capacity to deal with the different skill-levels of personnel in this type of environment.
Adapting to an environment where numerous indirect variables can have a major influence on business growth and success (like holidays and weather determining flow of customers).
Both the number of people reporting to me as well as the physical environment that decreased dramatically from the corporate and international world in which I used to operate.
After I bought my Mugg & Bean franchise, sudden unaccounted maintenance and upgrading of equipment were financial expenditure I did not bargain for.
Typically a new leader (owner) attracts and appoints a new team which implied a change of some personnel in search of excellence which can make it extremely difficult for the new franchisee to operate in a different environment at optimum level.
To manage effectively you adapt the roles of a leader, a marketer, a plumber, an electrician et cetera – and most of it happens at totally inconvenient times!
My advice to someone thinking of buying their first franchise
My plans for the future
To buy another Mugg and Bean franchise within the next two years!