Insight
The future of franchising
With political uncertainty and an increasing demand for flexibility in the workplace, many aspiring business owners are turning towards franchising for the relative stability it offers. Here, franchisors and advisers share their expert predictions for the industry in the months (and years) to come, as well as what you can do to ‘future-proof’ your business and attract high-quality franchisees…
Martin Jones CEO, Home Instead
Senior Care
“From where I am sitting, the future
of franchising is looking very bright. It’s the only sector that has shown consistent growth over the past 10 years, with franchise employment continuing to outpace economy-
wide employment growth. “And it’s interesting that franchising is now, finally, being seen as a business sector in its own right. It’s a sector that is now better understood. The business community understands that, with a franchise, like any business, they are taking a risk, but it’s a controlled risk. “It’s a great time to be involved. “And that’s exactly what I’m saying about our brand. We have
had a standout year for franchise recruitment and growth in turnover for individual offices. “We operate in a growth market with a rapidly ageing population. Our challenge is to raise awareness of homecare as an option – ours is still a relatively young sector within care, so the opportunities are massive. “We could not be more excited by what the future holds.”
Cathryn Hayes Franchise director at Revive! Auto Innovations (UK)
“In spite of all the political and economic uncertainty, 2019 has been a year of outstanding growth for Revive! UK and our franchisees. “Although 2019 has seen lots of people delaying any major lifestyle changes, there has still been lots of interest throughout the year in a wide range of franchises, and people are keeping an eye on the opportunities available.
“According to research from SME Loans, 64 per cent of the UK workforce want to set up a business and 83 per cent of 18- to 24-year- olds would like to be self-employed. The same research showed that over a third of UK workers dislike their job and one in three want flexible working and to be able to work from home. “However, worries about the political situation, competition, failure or not having the relevant skills are putting people off, with women being significantly less confident in their business dreams than men. “Looking forward to 2020 and
beyond, if businesses continue to focus on delivering strong customer service at the same time as controlling costs, the business climate should begin to settle down. “In the franchise sector, I expect to see an increase in new franchisees entering the industry as stability and more certainty returns to the political and economic fields. The support and business framework offered by franchising can help to overcome the fears many have of going into business alone, and with the wide range of business sectors and types of franchise available, there is no reason for people to give up on their dreams of owning their own business.”
The Franchisor | 29
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