Joel Caws – Technical Director, Select Your Franchise
Beautiful sunny days and blue skies! At the risk of speaking too soon, it seems like summer has finally arrived for the start of the school holidays and it’s not a moment too soon for those of us who had been getting used to braving the unusually wet weather for what was supposed to be the middle of July! Finally we can get out our summer clothes and not be donning the raincoat and umbrella every time we venture outdoors.
It seems the sun is shining on the franchise industry also, with the recent British Franchise Association (bfa)/NatWest franchise survey reporting the highest numbers of profitably trading franchisees since 2007 and a number of high profile franchise award events highlighting the successes of franchising in the UK.
If you have been wondering what all the buzz around franchising is about, if you are currently out of work and needing to find something new, or if you are simply fed up with your current situation and looking for a new start, a franchise business could provide you with the brighter future you have been looking for.
A franchise is, quite simply, a tried and tested business system that is replicable. The idea is that you, as an enthusiastic potential business owner, could start up your own business under the terms of a franchise agreement and replicate the success of the original tried and tested business. Further advantages of running a franchise business can include (depending on the individual franchise):-
- Full training and ongoing support offered by the franchisor
- Be in business for yourself, but not by yourself
- Benefit of brand recognition
- Your own trading territory
- Assistance with obtaining startup funding via high street banks
It’s worth bearing in mind that although a franchise is a proven way to starting a business (the bfa/NatWest 2012 annual franchise survey found that 9 our of 10 franchisees reporting they were trading profitably in 2011), it is not a guarantee of success. Like any business, there is always an element of risk so be sure to research thoroughly and pay due dillgence to the franchise business you might be considering starting up. It’s also worth checking to see if the franchisor is a bfa member, since the bfa help to promote ethical franchising in the UK by requiring its members to adhere to a certain code of ethics.
Remember that ultimately the success of any business, franchised or non-franchised, will usually be determined by you! For best results and maximum benefit, qualities such as commitment, determination to work hard, and dedication will be essential.
