2019: the year of the fra nchisee
Pip Wilkins, CEO of the British Franchise Association (bfa), explains why 2018 has been a great year for franchising and why this will continue into the New Year
O
ne of my colleagues was explaining to me the other day that they were born in the year
of the dragon, which is why they like to take risks. Putting a £20 bet on Tottenham Hotspur to win the league, however, is not risky – it’s just a bad economic choice. My year of birth suggests I am calm, considered and calculated, much like many people reading this who decided, upon consideration, that franchising is their future.
So this brings me onto the point that while 2018 might not have been the best year for business in general, it has been fantastic for the franchising industry, which has shown growth and high rates of success. It is very clear that people are becoming more inclined to work for themselves and take charge of their schedules, fi nances and future through franchising, as revealed by the results of the new bfa NatWest Franchise Survey. For many, the New Year marks the start
of a new you. Usually, that means pledging to go to the gym regularly or to fi nally quit smoking, only to disappoint yourself (and your mum) a few weeks later. However, for those with career projects in mind, it’s a
great time to think about your future, and what you want in the long run. Perhaps it’s fi nally time to get that business plan together, secure a loan and get it started up. And what better industry to enter into in 2019 than franchising?
A boom to the economy Year on year, franchising continues to grow, with the industry contributing over £17billion to the UK economy in 2018, up from £15.1billion in 2015. Despite uncertainty, franchised businesses continue to prosper, adding signifi cantly to local economies throughout the UK and providing thousands of jobs. According to the latest bfa NatWest survey, franchising now employs 710,000 people, up 89,000 since 2015. Franchising has always been seen as a
‘safe’ option for entrepreneurs who wish to run their own business but with the added reassurance of having an established name and being a phone call away from advice. Failure rates of franchises are as low as ever, and it continues to be the standout option for entrepreneurs who want the support of a wider network and brand as they embark on their journey.
A successful model As everyone in franchising knows, becoming a franchisee is far more than simply making an economic contribution and putting your feet up. The comfort of having a proven and workable business model that has demand and loyal customers will only get you so far. It’s really down to you to make the business a success and put in the work to get to a place where the business is profi table and you are able to achieve a work-life balance that suits you. It appears that franchisees are doing just this, with more than 50 per cent of franchised businesses turning over in excess of £250,000.
New opportunities It’s time to make the most of this ever-growing industry. With increasing business models that offer fl exible roles and hours, there is something in franchising for everyone. It could well be New Year, new franchise for you. As it turns out, 2019 is the year of the pig, so it’s a good time to be brave (one of their main traits in the Chinese zodiac) and bring home the bacon. l
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