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business: franchising branching out


The beginning of the calendar year often signifies the start of something new; in business terms, perhaps it could mean a new product launch, a re- brand, or maybe a new venture entirely. Olivia Slack looks into franchising.


A lot of businesses, from all kinds of sectors, will have had visions of expanding their company at some point, and when done correctly, growth cannot only lead to a great increase in profits, but can secure the future of the business.


You may think that expanding your business isn’t financially viable, as it can require major capital investment, but there are always other options available; becoming either a franchisor or franchisee could be the route for you.


become a franchisor


Becoming a franchisor requires less financial outlay, and is a perfectly logical route to growth. What it essentially means is that you’re providing a licensed privilege to a franchisee to trade as their own business under your brand name. You will commit to offering extensive training and support to the franchisee,


and in return, you’ll receive a monetary consideration, as well as the prestige of exposing your brand name across the country.


However, despite it providing a solid foundation for expansion, becoming a franchisor is certainly not without its challenges, and it should never be seen as a ‘quick fix’ money-maker to solve your business woes.


Amy Westlake, Founder of A Brush With Beauty, comments: “We know there are many benefits to operating a franchise, however budding entrepreneurs can often forget that there is still a lot of hard work to do to ensure its success. It certainly isn’t an easy option. There is no doubting that the financial and personal rewards are there, but you will need an abundance of commitment, drive and focus.”


Firstly, you will need to take a look at your business model. Does your business model demonstrate a business that’s both financially rewarding and appealing to potential buyers?


You may already be running a successful business, but would it work elsewhere? You need to prove to your franchisee that your business model is effective and successful enough to be transferable over numerous locations.


Co-Founder and CEO of the High Definition Group, Nilam Holmes-Patel, says that a vast amount of research should be undertaken before you embark on a franchising program. “Consideration of the business model, an effective business plan and, most of all, the viable funding, are all essential considerations in the commencement stages for a franchise,” she advises. “The location also holds a huge footing on the initial plans – with research into regional and national sites, competitors and time implications need to be considered.”


So if you’re planning to branch out into an area you have no local knowledge of, be sure to do your market research. When it comes to the beauty and Spa industry, there are already plenty of businesses out there, therefore you will need to find a niche amongst your competitors. Whether this is stocking a well-known brand, or offering specialist treatments; find something that sets you apart from other businesses in the area and utilise it to your advantage.


Selling your franchise is only the beginning; the support and training you offer your franchisee must give them the best chance to succeed and build up the business, particularly during the initial launch period. This will ensure that the brand continues to grow and gives itself a good name within the industry.


Ensure your franchisee is the right candidate to represent your company. Image: © iStock.com/BakiBG


Likewise, you should also be confident when selecting your franchisee. Be sure they’re 100% right for your business; you’re handing over your baby and entering into a continuous partnership, so decide on a brand mantra and make sure that your franchisees represent and stand by that.


106 GUILD NEWS


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