Penrose Tackie - CHIPS Portslade, Brighton

Why I chose franchising?

Having decided that I wanted to run my own business, I wanted to ensure the risk that would inevitably be involved was minimised. I was aware that a franchise format allows you to invest in your own business with a degree of certainty and a reduced exposure to risk. This cemented in my mind the idea that franchising was the way forward.

What I did before taking up franchising?

Before taking up franchising, I was a senior product manager for Atari. I was responsible for launching a number of major brands including Driver 2, V-Rally, Civilization and Jet Set Radio to name a few of the titles.

How I raised the finance:

I held discussions with a shortlist of banks, including those that I already bank with and decided eventually upon one that I didn't - Halifax Bank Of Scotland, as it seemed to offer the most flexible way of banking with a focus on minimising costs and charges.

The training and support I received from CHIPS:

We had an initial discussion with CHIPS in February 2003 to gain an insight into its franchise format. During the year it took to get the franchise up and running, CHIPS was able to advise on banks that we might visit to discuss funding, as well as advising on developing our business plan. CHIPS also worked collaboratively to find the right premises and also project-managed the shop-fitting process, which was a great help. I also found the two-week training course prior to opening invaluable in understanding day-to-day running of the store and also getting to grips with the EPOS system.

The challenges I have faced:

The main challenge that we faced in setting up the franchise was the sheer dogged determination required taking the process from initial interest to opening up our store. With the numerous third parties involved in the process, from banks to the DTI and legal/financial advisers, it took a great deal of organisation and perseverance to continually force the process forward. Now that we have actually opened I believe that we will have a challenge that is also, of course, an opportunity to establish a high profile for our store within our catchment areas. It is, however, a challenge I am confident that we will meet with the strength of the CHIPS proposition and our own skills set.

My advice to someone thinking of buying their first franchise:

I would recommend that a prospective franchisee draws up a shortlist of possible options and once that list is drawn up, investigate your options thoroughly and make sure that you know enough about the franchise to establish whether it is the right thing for you. I would also suggest that if you can find one - choose a franchise that you have some interest in, this will help in those times that your patience and stamina are tested.

My plans for the future:

I intend to establish CHIPS as the Number One destination for games within my area with a view to longer-term business expansion.