Building wealth with Sourced: "How I transformed my career as a franchisee"

The pathway to entrepreneurship through franchising has never been more enticing.

The UK franchise industry continues to thrive, with over ￡15 billion annual contribution to the economy, showcasing resilience and growth even in challenging times.

Unlike going at it alone, a franchise comes with ongoing support in training, marketing, and operations. You're in business for yourself, but not by yourself.

Our Head of Marketing, Lucy Richardson, recently caught up with Sourced Property Franchisee, Jamie Webb who is based in London. Jamie started his franchise journey with us in 2020, driven by a desire to create a more flexible work-life balance. Over the past three years, he has not only achieved his initial goal but has also accomplished some remarkable achievements.

What is your professional background & what drove you to join our network?

I worked in the marketing sector in central London for 15 years, across a number of well-known advertising agencies. In 2005, I ventured into property ownership by purchasing a flat, and then in 2014 I released some equity from the flat to purchase a couple of HMOs – refurbing them, renting them out and then refinancing to purchase another. The rental income from these investments introduced me to the potential of the property market – but I knew I needed further training and support to make a success of it.

By 2019, I found myself seeking a change. I had the desire for a more flexible lifestyle, one that provided the opportunity to create more time with my family - yet, the prospect of starting on a new business path entirely on my own was daunting.

It was this search for a balance between independence and community that led me to Sourced. What attracted me to this network was not just the opportunity to own and grow my business but also the assurance of being part of a larger community. Joining Sourced meant that I would not only have the flexibility I needed but also access to a supportive network of franchisees and a HQ team.

What initial challenges did you face when joined, and how did you tackle them?

I joined the Sourced franchise network in January 2020, and a couple of months later the first national lockdown was announced which meant I struggled to access the in-person training. Sourced reacted to this and instead quickly pulled together an online training program.

How has Sourced supported your franchise journey so far? Any specific examples?

My journey with Sourced has been significantly enhanced by their ongoing support system, particularly through the in-person training available from the start. Led by Chris Kirkwood, my first year included attending five training courses. These sessions were instrumental in deepening my understanding of the property industry and helping me choose the right strategy to meet my objectives.

Beyond the valuable knowledge gained, the sense of community within Sourced stood out. Interacting with fellow franchisees and sharing experiences made the journey less daunting. It was evident that Sourced is committed to continuous improvement of their service offering and providing ongoing support, setting them apart from other property training programs that offer limited guidance.

Can you share a highlight from your franchise experience so far?

A standout moment in my franchise journey has been the successful implementation of my strategy: sourcing and negotiating deals for investors in London. Additionally, engaging in joint-venture developments with private investors has been both rewarding and challenging, enabling me to learn from my more experienced partners. Joining the Sourced network has helped me achieve a work-life balance that was non-existent during my corporate career. The franchise model has given me the flexibility to work intensively during term time and adjust my schedule during school holidays to spend more quality time with my family. This newfound freedom to dictate my work schedule without sacrificing professional growth or family time is one of the most significant benefits I've experienced.

Can you share insights into your financial performance in the first year of operation?

Within the initial two months of joining as a franchisee, I sourced my first two deals, a testament to the effectiveness of the training provided. These deals were completed by August, allowing me to collect my sourcing fees and notably, I recouped my initial franchise fee within the first eight months. I am based in London, where the financial dynamics are more complex, requiring a focus on the quality of deals rather than the quantity. The properties I deal with tend to range in price from ￡400,000 to ￡1 million, with my sourcing fee set at 2% of the transaction value.

What's your advice for those considering joining Sourced as a franchisee?

For those considering joining Sourced, my advice is straightforward: the effort you invest directly correlates with the success you achieve. Sourced offers an extensive toolkit and support system to facilitate your business operations, but your dedication is what truly drives your franchise forward. Be prepared to commit fully, understanding that it may take at least six months to start seeing substantial returns. Ensuring you have adequate cash flow to sustain your business during this initial period is crucial.

What future goals do you have for your franchise?

Looking ahead, my ambition is to not only continue sourcing high-quality deals but also to expand into more development projects and joint ventures. My marketing background fuels my enthusiasm for working with people, and I see significant potential in leveraging these skills to build partnerships and undertake larger development projects.

Keen to learn more about the benefits of owning and operating a Sourced Property Franchise? Download more information here.