Franchise Advice “ I believe that
the franchise industry will continue to grow, that this growth will accelerate as the UK economy improves and that new franchisees and new franchisors will be able to enter the franchise market successfully
”
have decided that now is the right time to expand their business through franchising. They have been watching the market, and waiting for those green shoots of recovery. These new franchisors will swell the number of opportunities available to prospective franchisees, many of whom have also been watching the economy for some time and waiting for the right time to enter the market
as a self-employed franchisee. These two factors combined can only
strengthen the already robust franchise industry as the UK enters the next phase of its economic cycle.
Anybody thinking of coming into franchising, therefore – be it as a franchisor who wants to expand their business or as a franchisee who wants to buy into a tried-
and-tested brand – can feel confident that all the economic indicators suggest that the time to take action is now. Franchising is represented in just about every sector of the market. We have helped many new concepts enter the franchise marketplace over the years. Some have entered sectors already well represented by other franchisors and some have brought a new concept or business model that has not been franchised before in the UK. There is an increasing trend of businesses expanding into franchising to take advantage of legislative changes that may make it increasingly difficult for small operators in that sector to continue to be competitive and, in some cases, difficult to continue to trade at all. Economies of scale often mean that franchisors have systems and procedures, software and support structures in place that smaller operators simply can’t afford. An individual or small operator from that sector can, therefore, usually gain a massive benefit from joining a franchise rather than operating their own small business. If you are somebody considering which franchise brand to buy into, there are many different options. You may choose to look at a well-established brand that has many – perhaps hundreds – of franchisees already. Alternatively, you may want to look at one of the newer franchisors that may only have a handful of franchisees but have found an exciting niche in the market and are offering early entry opportunities. Whatever your preference, a good franchisor should be able to demonstrate how their systems and procedures operate and have a proven track record in their business, thus increasing your chances of success. One of the major advantages that franchises have over other small businesses is the opportunity to learn from the best practices of a network of like-minded, self- employed individuals, who, when times get tough, dig deep and look for prospects that present themselves in the marketplace. I believe that the franchise industry will continue to grow, that this growth will accelerate as the UK economy improves and that new franchisees and new franchisors will be able to enter the franchise market successfully, and grow more quickly than their non-franchised competitors. There is help and support available
from the banks, bfa-affiliated lawyers and accountants, and qualified franchise professional franchise consultants, all of whom can guide you towards franchising success. The time to take action is now. n
ALAN WILKINSON
Alan Wilkinson is a senior franchise consultant at The Franchising Centre
February 2014 |
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