THE BRITISH FRANCHISE ASSOCIATION
THE UK' S VOLUNTARY S ELF - REGUL ATING GOVERNING BODY FOR FRANCHI SING
PIP WILKINS Chief executive, bfa
Is franchising right for you? Pip Wilkins examines the key considerations
F
ranchising is a term that can be somewhat misused and one that many therefore misunderstand. So how does this unique business model work and what does it take to be an
ethical franchisor? The British Franchise Association (bfa) was
formed more than 40 years ago and at that stage marked a significant leap forward in our industry with an approach to ethical standards in franchising. Eight founding franchisors wanted to differentiate themselves in the marketplace and since then we have grown and developed our standards with the bfa brand now seen as the kitemark representing ethics and credibility within the franchise sector both nationally and internationally. Today franchising encompasses a multitude of business types and consumer markets and is well established as a respected and highly regarded business model. Business format franchising is a simple relationship between two parties; the franchisor – who owns the brand and business system, and the franchisee – who contracts to run a copy of the business, trading under the trademark and name, in a local area. The key thing that determines a business format franchise is the support that exists. The franchisor will have a comprehensive training package, comprising all the elements necessary to establish a previously untrained person in the
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business and to run it with continual assistance on a predetermined basis. But what about today’s market? With the
last five months proving challenging for many businesses of all shapes and sizes due to COVID-19, a possible rise in redundancies and the first technical recession in 11 years, is now the right time for people to consider starting up their own business? Interestingly, despite all of this, in recent
months we have seen the franchising industry stay resilient. Many companies have weathered well, attracting increased interest from potential franchisees and even seeing growth. Time and again, franchising has greatly out-performed other start-up businesses. It’s a formula of a nationally known business that is locally owned, with branding, economies of scale and support from the wider network, giving the consumer the best of both worlds and the business a far better chance of success. This robust business model, fuelled by dedicated individuals, encompassing many different skills and backgrounds, opens up countless opportunities for people looking for a new start. Requiring hard work, professionalism and a commitment to a proven business model, franchising offers opportunities for an incredibly extensive range of personal abilities and investment.
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