What makes fra nchising unique?
Franchising has proved resilient in the past and, as Pip Wilkins can attest, today's challenges are no diff erent
T
raditionally, when the UK has seen large redundancies and rises in unemployment, there is an increase in the number
of people looking to start their own business as a way to take control of their own destiny. Starting a business is no easy task and many more fail than succeed, but this is where franchising comes into its own. Failure rates have been less than five percent for more than 20 years because you are investing in a proven business model that you are trained on and then are supported with throughout your journey. This isn’t the only advantage of
investing in a franchise. In these unprecedented times, when the news has been dominated by Covid-19 and almost every business has been affected, franchising has risen to the challenge and responded positively. Many franchise brands are taking the opportunity to evolve, innovate, pivot and generally build stronger foundations and relationships.
Embracing technology One of the most unique things about being part of the franchise sector, as opposed to being an independent business owner, is the sense of community and collaboration. Whether you are a franchisee or a franchisor, new to the industry or someone that’s been in it for a while, there is never a lack of shared best practice and community spirit between peers. You are never on your own in franchising and Covid-19
hasn’t changed that, in fact it has strengthened it! Platforms from Zoom to Microsoft Teams have been utilised to ensure we stay connected. Franchisors and franchisees have connected virtually for annual conferences, webinars, online training, family quizzes and drinks. These platforms have not just facilitated operational matters but have also enabled a fabulous support mechanism for wellbeing in networks. As the leading educator in franchising,
we have stepped up our game at the bfa too and supported the franchise community with online surgeries, weekly Power Hours to connect franchisors and professional advisors, and a virtual series structured to help franchisors rebuild.
"Challenge means opport unity ... will yours be to invest in a fra nchise?"
Innovation Another advantage of franchising is that the franchisor is committed to ongoing research and development to keep their brand ahead of the competition. With many businesses having to close their doors in the pandemic, we have seen franchisors innovate at pace. They have found new ways of working to service their customers and support their franchisees so they can continue to trade, albeit in a slightly different way. Some have delivered an entire online solution
to meet the demand of their customers and have supported and retrained their franchisees to deliver the service. In order for franchisors to continue
growing their networks they have also had to adapt the way they recruit, train and onboard new franchisees. Virtual interviews and online discovery days are the new ‘norm’ with franchisors seeing an increased interest from potential franchisees. There is no better time to research franchising from the comfort of your own home.
Building stronger relationships Strong relationships are truly at the heart of franchising. In order for a brand to be successful, the franchisor and franchisees need to work together for the good of the network. The last few months has really showcased a strengthening of these relationships with networks pulling together to pivot, learn and grow. Recognising that as a sector, we really
are stronger together, we have opened our doors and launched an initiative to grow franchisee membership of the association. It encompasses some great benefits for franchisees of our franchisor members to access including community learning, shared best practice and the opportunity to trade together. I believe that every challenge presents an opportunity – in business, and in life. Whilst many businesses have suffered due to Covid-19, it has provided time for reflection and given us an opportunity to make positive changes. Will your change be to invest in a franchise?
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