FAQ's

1.      When will I find out if my application has been shortlisted?

Shortlisted finalists will be contacted on Monday 7^th November and will be asked to pitch nine days later on Wednesday 16th November to of a panel of judges.

 2.     If I am asked to pitch, how long should my presentation be?

You will be asked to pitch your franchise growth plan and marketing strategy for approximately 10 to 15 minutes, with an additional ten to fifteen minutes of questions from the panel.

3.      Who will I be pitching to?

You will be pitching to a panel of local successful business people, including Equation Franchise Managing Director Stephanie Pettitt and the Vice Chancellor of the Bournemouth University. 

4.      What exactly is the prize?

The initial franchise license fee and set up costs are waived, (normal RRP £14,750 plus VAT). The winner’s franchise package includes all software, equipment, PR materials, business cards, stationery, letter templates and operation’s manual. The package also includes a marketing launch campaign, a year’s membership to your local Chamber of Commerce and two tickets to the Dorset Business Awards Dinner to celebrate being the successful candidate.

5.      How does it work?

The franchise is offered in the form of licence, which will be granted along with all the equipment, software, PR materials and stationery to launch the business after an initial three month ‘trial period’ which starts from the day training commences. (Commencement date to be mutually agreed between Equation and the successful candidate).

6.      Is there a trial period?

Yes, the successful candidate will attend sessions with Equation Accounting over a three month period to confirm the suitability of the franchisee to the Equation franchise and to ensure a good working relationship is established between the candidate and the company before commencement.

7.      How long is the franchise license fee for?

After the initial training period, the franchise license is granted for a period of six years.

8.      What happens after six years?

You have the option to renew your franchise license for a further 6 years. There is no franchise license fee charged for renewing the licence, however, the franchisee will be liable for any legal costs, if any, with the issuing of a new license. Alternatively, you can upgrade your franchise to an 'Equation hub', or sell your franchise as a going concern.

9.      What are the ongoing franchise fees?

Once your franchise license has been granted, there is a fee of 10% of the franchisees gross income (net of VAT) which is paid monthly. This is made up of franchisor fees (8%), management fee (2%), plus £50 (plus VAT) per month for marketing fees.

10.  Are there any other costs or fees?

You will be expected to pay your own costs for networking, attending events, exhibitions and membership subscriptions as well as any travelling costs necessary in order to build your client base. Additional marketing materials are supplied at cost price plus any delivery costs.

11.  Do I need to be VAT Registered?

Yes. You will be working 'business to business', so being registered will not affect the cost of your services to other VAT registered businesses. It also means you can reclaim the VAT on any purchases.

12.  What sort of tasks will be involved in running the franchise?

Your tasks as a franchisee will involve networking, meeting new clients, building your client base, signing up new clients, data sorting and entering financial information on accounting software programmes, liaising with clients, HMRC and Equation HQ via face to face meetings, Skype, phone calls and emails. Actively promoting your business, attending local business events, exhibitions and seminars. Meeting targets, retaining clients and building your business.

13.  How much can I expect to earn as a franchisee?

A successful franchisee can expect to earn anything between £25,000 and £50,000 in the first five years, depending on how much time, effort and commitment they give their franchise.

14.  What about working capital?

Ideally, a candidate will have a working capital amount of approximately £5000, although this is not always necessary for the right candidate.

15.  Where will my franchise operate?

Your franchise can operate in Dorset, Somerset, Wiltshire or Hampshire excluding territories which have already been sold or where Equation HQ offices are based which includes Dorchester, Weymouth, Lyme Regis, Sherborne, Poole and Bournemouth.

16.  What exclusive territory rights do I get? 

Your franchise territory is defined by postcode boundaries. You will obtain a population of at least 100,000 people. No other Equation franchisee can market directly in your area or vice versa.

17.  What is online accounting?

Online or ‘web based’ accounting, also known as ‘cloud’ accounting is where client information is held on a web based programme or internet server instead of on an individual PC. This means multiple users can collaborate and share the information.

18.  What about clients who want to stay paper based?

Equation offer both traditional and web based services to clients along with outstanding customer service, a fast turn around and personal dedicated account managers.

19.  What about UK clients?

If a potential client approaches Equation who lives in a territory which has been sold to a franchisee, the lead goes directly to the franchisee who has purchased that territory. For UK and international clients, who live in areas where franchise territories have not been sold, they are by default are assigned to Equation HQ.

20.  When will the launch be?

The official launch will be no later than June 2012. This allows enough time for candidates who are still studying to complete their exams and allow enough time to complete the Equation franchise training programme.

21.  I’m still studying, can I still enter?

Yes you can, although you need to carefully consider that the franchise will commence no later than July 2012 and that the franchise is a full time commitment and occupation.

22.  I am a qualified accountant. Do I still need to attend all the training?

Yes. Our unique systems and methods have been tried and tested and need to be learned and performed in the same way by each franchisee in order to maintain Equation's systems, brand strength and service consistency.

23.  Will I receive any help with my business?

Yes, the Equation team will be right behind you every step of the way to make your new business a success. After you have completed your training, the team will be on hand to answer questions, offer advice and support and process the more challenging tasks of the services we offer. We want you to succeed, so we will help you build your business and help you find clients.

24.  Can I sell my franchise?

Under the terms of the competition, you may not sell your franchise on the open market if you are the successful candidate. If it is subsequently determined after the competition or trial period that the Equation franchise is not suited to the franchisee, then the licence and all equipment must be returned to Equation HQ by default.

25.  When is the closing date?

The closing date is 4^th November at 00.00 hrs. The pitching takes place on 16^th November 2011.

26.  Who can I ask further questions?

Please contact Stephanie on 01305 769739 or 01202 606444.

Need Help?

For more information visit www.equationfranchise.co.uk

Email info@equationfranchise.co.uk

Call us on 01305 769739 or 01202

Skype Equationuk