Becoming Your Own Boss: Starting a Franchise

Born in Mauritius, Vijay Lochun, began her accountancy career by studying at the Emile Woolf College of Accountancy in London. After qualifying as an accountant, Vijay went on to work for prestigious companies such as Chartered Institute of Water and Environmental Management, SAAB (the car company) and BDO the accountants. The next step in Vijay’s career has been to join The Financial Management Centre as the Hayes office owner. We caught up with Vijay to find out what led to her becoming a franchisee, how the new venture was going and what she has planned for the future.

Can you tell us a little about your working background and family situation?

I have always been employed throughout my career in the Accountancy field. I have worked for companies such as the Chartered Institute of Water and Environmental Management, SAAB (The car company), BDO the accountants and Tempur Pedic (The matress company) and Riordan O’Sullivan, a public practice.

I come from a very large family; I have five sisters and one brother and my mum is one of eight children. My family is very academically orientated; my brother is a politician in Mauritius. I am married and have a daughter who will be leaving home in September to study Law at the University of Exeter.

Why were you looking to start to work for yourself?

I have always worked for someone else without getting any credit or the rewards for my hard work; I wanted a change for the better. I had enough work and industry experience to branch out and launch my own business. I wanted to be my own boss!

Why did you chose to look at a franchise?

Even though I have vast experience the Accountancy sector is ever changing, especially the taxation side. I therefore felt more comfortable working on my own with the added support and expertise that comes with a franchise

When did you start looking for a franchise opportunity?

I originally decided I would like to run my own business about ten years ago.

How did you hear about The Financial Management Centre?

I found The Financial Management Centre when researching into accountancy franchises. I Googled “account franchise opportunities” and the franchise website of The Financial Management Centre (www.accounting-franchise.co.uk) was one of the top results.

Why did you choose The Financial Management Centre? What was attractive about the opportunity?

I decided against joining other large franchises as members are mostly accounting technicians. I wanted a franchise where I would have the opportunity to network with fully qualified accountants.

How did you find the initial contact & support?

It was brilliant. Stuart (Stuart Masters, Managing Director) and Pam Gordon (Pam Gordon, Franchise Consultant) provided all the information I required.

Were there any hidden fees or unexpected costs?

No!

Do you feel the training / induction process was a success? What things did you learn or find beneficial?

The coaches were very knowledgeable within their own fields and delivered to expectations. They were all so encouraging and positive. The communication was excellent, Nathan (Nathan Sermon, Franchise Support & Recruitment) was always on top of things which was very refreshing. The resources that were made available were overwhelming.

What has the support from the franchisor been like?

Everyone has been fantastic and really helped in any way they could. I couldn’t ask for anymore. The existing franchisees have also been great, they helped me through the induction and now I really feel part of a strong network – it’s good to interact with like-minded peers who are in the same boat as myself.

What do you think of the marketing and advertising plans?

They seem to be working which the most important thing.

How many leads have been generated for you?

In about 6 weeks I have had 8 leads that have come from the franchise; I love getting leads without the effort!

Have you used the CRM? How are you finding it?

Yes, I have. The Financial Management Centre’s CRM is very easy to use.

Do you have the TFMC mobile app downloaded on your phone? What do you think of the app?

Yes, I do have the app. Everyone I passed it onto has been very happy with it. (If you’ve not got the app Search “TFMC” in your app store, it’s worth a look!)

How has your experience been with TFMC so far? Is it what you expected?

It’s been better than I expected!

How many hours a week do you intend spending on working on the business? How does that compare to your previous role?

I work about 40-45 hours per week and at the moment there’s not much difference to being employed. As I start growing the business I’m sure I will need to put more hours in.

What advice would you give other people looking at franchising and The Financial Management Centre?

I would definitely recommend TFMC (The Financial Management Centre) to anyone.

What plans do you have for the business in the future?

Within two years I would like to be top service provider and to triple the size of the company. Within one year to be free from debt. It is also important for me to be a respected employer. An enormous retirement pot would also be nice!

You can find more information on setting up an Accounting Franchise at www.accounting-franchise.co.uk