Franchise Your Business
Pip Wilkins, chief executive of the British Franchise Association, gets down to the core of making your business franchise-ready
o you have a business that you want to grow and you are looking at franchising as one of your options. What is franchising? Business format franchising is the granting of a license by one person (the franchisor) to another (the franchisee), which entitles the franchisee to trade under the trademark or trade name of the franchisor. In return for the initial and ongoing fees, the franchisor provides a comprehensive training package, consisting of all of the necessary information to enable a previously untrained person to establish a business using the brand’s format, with continued support to help build the business. A common misconception about franchising is that establishing a franchise is cheap and easy. When done properly, this is simply not the case. There are many details that need to be considered before the proposition is launched, including: seeking legal advice to set up your franchise agreement; ensuring you can provide the required training and ongoing support for your franchisee network; advertising your proposition; and much more. By no means should this deter you from utilising franchising as a method to grow your business nationally or internationally. Once your proposition is complete, opening a franchise territory will cost you less than opening a company-owned business in that same area. For wider national expansion, this upfront cost will enable you to grow your business over your desired geographical area at a reduced cost. An added bonus is that you’ll have motivated business owners working to grow the business and local reputation for their own benefit, rather than an employee who may not be committed to supporting the brand long term. Now that has been covered, where do you start? The British Franchise Association (bfa) has produced a range of resources to help you familiarise yourself with the steps required to set up a good and ethical franchise. It also hosts regular full-day prospective franchisor seminars around the country with the support of bfa-accredited professional advisers, providing you with industry insight from the bfa, franchise consultants, legal advisers, banks and bfa franchisor members. Professionals from the franchising industry are incredibly generous at sharing their experience and knowledge. Speaking to individuals at networking events and attending educational events are great ways to learn from people who have information that you need. More fantastic places to meet bfa-accredited franchisors and professional advisers are The Franchise Exhibitions; these are hosted around
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