Franchise Advice


“A great way to discover the ins and outs of franchising and to see the vast array of business models on offer is to attend a franchise exhibition”


I


can’t decide what was a better moment for me in 2018... seeing the exceptional growth reported in the 2018 bfa Natwest


Franchise Survey, or giving my opening presentation to the many fabulous women who attended our Empowering Women In Business event last November. Both moments show what I have known


for a while: that franchising is evolving steadily and readily. I have seen this industry grow in diversity, leading to fresh outlooks and ideas, bringing franchising into the limelight and the present day. And with this dynamic outlook, the franchising sector is thriving, while others are merely surviving. It’s possible that I’ve never been more proud to represent this industry as CEO of the bfa.


Women for the win To date, women have consistently been underrepresented in general business ownership, yet in franchising, they’re leading the charge for growth in the sector. Women now represent 65 per cent of people employed in franchising in general, and 37 per cent of new franchisees (those taking on a franchise in the past two years) have been women. In the 2015 report, it was 17 per cent. This is a huge victory for everyone, as we can all benefit from the extraordinary work, outlook and drive that women bring to businesses. The rise in female ownership of franchise units has seen the overall percentage of female franchisees rise to 30 per cent (the highest ever recorded) from 23 per cent.


A budding success Another group of people who are pushing boundaries are the under 30s. It’s well known that it is difficult for young, would-be business owners to get their foot in the entrepreneurial


door. This could be down to a perceived lack of experience, funds or confidence, but franchising continues to change and shape their businesses to allow people under 30 the chance to take charge and follow their dreams. According to the latest bfa Natwest stats, 18 per cent of all franchisees are under 30, showing that opportunities for young entrepreneurs are vast and available. Again, this is record breaking, rising from a miniscule three per cent that was reported in the 2015 survey. That is progress on another level.


And while I’m on stat-tastic theme, 52 per


cent of all new franchisees under the age of 30 are women. They are casting away inhibitions, smashing boundaries and starting a revolution in the workplace, becoming their own boss and inspiring a wave of millennials to do the same.


Hard work pays off It’s not just in diversity where records are being shattered. The overall contribution to the UK economy in 2018 is £17.2billion, up £2.1billion since 2015, showing exceptional growth as franchising continues to smash records along the way. The franchising sector has always grown


steadily, thriving even in tough economic times, such as the 2008 credit crunch. While nothing is a sure success, franchising shows that, with drive and commitment, it pays off to be a part of an established brand, with a large network of franchisees ready to support you and drive you to be successful. I’m also 100 per cent positive that the fact that people from all walks of life are becoming franchisees has a huge part to play in this.


The proof is in the pudding As well as such a diverse, exciting and inspiring new mix of franchisees entering


the fold, one thing the bfa NatWest Franchise Survey clearly shows is that multi-unit ownership is on the rise. Over a third of franchisees now own more than one unit, testament to the industry at large and how it can enable people to have a career in franchising. This is up seven per cent since 2015, and is the icing on the cake and demonstrates that people believe in their investments and are thriving. Only two per cent of franchised businesses


that have been operating five or more years are making a loss, and 93 per cent of all franchisees have claimed profitability. While this does not guarantee success, franchising is a far safer option as you have that network available to you, a model that works, and the ability to learn new skills on the job.


Get involved A great way to discover the ins and outs of franchising and to see the vast array of business models on offer is to attend a franchise exhibition. There are opportunities for this throughout 2019 including The British & International Franchise Exhibition on 1 and 2 February at Olympia London and The National Franchise Exhibition at the NEC in Birmingham on 15 and 16 February, and more (see page 82 for more details). Attending will provide you with an idea of what franchising is, and whether you can find a model that suits you. Join the revolution. Make franchising your future and get involved. n


The British Franchise Association (bfa) has been the voluntary self-regulatory body for the UK franchise sector for 40 years. Franchise businesses must pass a standards-based accreditation before they can become a bfa member.


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