Expanding Your Business Through Franchising: The Fundamentals
Franchising is an increasingly popular way of growing a business. As a sector, franchising is operating at record heights.
There are currently nearly 50,000 franchise businesses collectively contributing over £17bn and 710,000 jobs to the country’s economy, according to data from the British Franchise Association and NatWest.
If your business can be successfully franchised, you can establish a national (and possibly international) network of franchisees, all of who will be running identical versions of your business and generating income for you.
However, before you start spending time and money on creating and establishing your franchise network you should first ask yourself some fundamental questions:
Could my business be run by another person, with either suitable training or specific qualifications?
Is my business free from any geographical or seasonal limitations?
Is my business in a stable or growing market?
Have I “proved” my business model?
If the answer to all of the above questions is “yes”, then you have taken your first step towards establishing a successful franchise network.
There are many advantages to franchising over other types of business growth, including:
Lower capital requirement
Better performing outlets
Less management responsibility
However, like all routes to business expansion, franchising has its own unique set of risks and challenges. It is therefore important that, before you start committing funds to establishing a franchise network, you research the sector as thoroughly as possible and also take advice from experienced professionals.
We have teamed up with NatWest to deliver a free event on what franchising can do for your business. The event will take place on Thursday 20 June at the NatWest Entrepreneur Accelerator Hub in Cardiff, between 10am and 12pm.
Siobhan Williams, franchising expert at Darwin Gray and one of only two QFP (Qualified Franchise Professionals) in Wales, will be providing insights into the franchising process and assessing whether your business is suitable for this model of growth.
Peter Howe, NatWest’s regional lead for franchising, will discuss how the bank can support businesses who wish to grow through franchising.
Helen Gillies, founder of successful franchise Tots Play, with over 40 franchisees across the UK, will share her journey and give insights from her experience in setting up her franchise through to managing multiple franchisees.
If you would like to learn more about growing your business through franchising, please register for this free event at https://www.eventbrite.co.uk/e/ready-steady-grow-what-franchising-could-do-for-your-business-tickets-61691004455.
We look forward to seeing you there!
Ready Steady Grow - What Franchising Could do For Your Business
You’ve worked hard to build a strong brand that you’d now like to grow even further. You would really like to have a pool of talented individuals in your business who are really incentivised to make it a success. And you’d like to expand into new locations – but perhaps the cost or simply the geography is proving to be a barrier.
Have you considered franchising?
A franchise is one way of expanding an existing business. You, the franchisor, provide franchisees with your business name, products and services together with everything they’ll need to run your business in their chosen location, from initial training to branding, health and safety requirements to HR manuals. They pay you for those resources, and the opportunity to operate under your brand.
Could this be the growth model for you?
Join us at this workshop with Darwin Gray Solicitors, experts in advising franchise businesses, and Peter Howe, NatWest’s regional lead for franchise, who will outline the finance options and support available to franchisors and franchisees.
We will also hear from Helen Gillies, Founder of successful franchise Tots Play, who currently has over 40 franchisees across the UK. Helen will share her journey and insights from setting up her franchise to managing multiple franchisees.