Franchising is a highly effective and profitable way of going into business for yourself but not by yourself. It has become a global phenomenon which is increasing year on year. According to the BFA/NatWest Franchise Survey, franchising contributed around £15.1 billion to the UK economy in 2016 which is an increase of 46% over the past 10 years. There are also roughly around 621,000 people employed in franchising in the UK.
But why do people decided to become franchisees? Here are 5 reasons behind their decision:
This multi-billion pound industry continues to grow year on year. Not only is franchising profitable in a multitude of sectors, but it also embraces development in new business systems and innovations across all areas. The constant growth is powered by successful brands and the franchisees who have a vested interested in the development of the business.
As with all business, there will always be risk involved when joining a franchise. However, the backing and support of a profitable brand behind you will ensure that the systems in place have been tried, tested and are proven to work. Although there may not be much room for entrepreneurship, franchising removes the need for new business owners to create and test their own processes. Franchisees will already have all they need to get started; including, operations manuals, branding and marketing tools.
If you have not run a small business before, or you fancy a career change, franchising provides an excellent opportunity for you to learn everything you need. The initial training with the franchisor will teach you all the basics you will need to get your business of the ground. You will also be taught how to use the tools, methods and skills needed to run the business successfully. Ongoing training allows you to keep up to date with the latest processes and continue your learning. Franchisors will also help to train any employees you may take on as your business grows.
Not only will you have the knowledge from your franchisor, but the other franchisees can also provide you with a wealth of information. Everyone will be working to help the business succeed and will want to ensure no-one is at a disadvantage. Your fellow franchisees may have skills you do not and will be able to educate you and enable you to harness their talents for yourself.
In franchising, there is no need for you to start from the bottom. The business you are investing in will already have customer recognition and loyalty that comes with it. The power of the brand will be behind you from day one which puts you in an established position from the minute you start. If setting up on your own, it may take years to establish the same kind of recognition that a franchise already has.
If you think franchising could be the way forward in your career, why not get started by using our 2-Minute Franchise Matching service.
If you would like more information on franchising and how to become a franchisee, then download out FREE eBook ‘How to Select Your Franchise’.