As the world continues to wrangle with growing a business in an economy dominated by COVID-19, the landscape for the UK potential franchisor has changed considerably and franchising could be the solution that you are looking for to expand your business.
If you have a successful and proven business that is surviving and thriving during the pandemic and looking for ways to grow or manage existing demand, business format franchising could be the route forward to help you:
- incentivise existing branch managers; and/or
- achieve national growth due to demand for your product or services; and/or
- expand into markets or territories where you do not already have a presence
Business format franchising enables others to operate a business using your brand, systems, know-how and marketing knowledge to build businesses like yours. In return for you granting others the right to use those key elements that make your business successful, you receive an upfront and ongoing revenue stream and provide training and support.
Many successful businesses in diverse sectors have used franchising as a route to growth whether in hospitality, (Costa), retail (Vodafone), professional practice (Specsavers) to Estate Agents (Belvoir) and Domiciliary Care (Bluebird Care). The franchise model is an established route for business expansion.
The impact of the pandemic means that many are looking for new ways to work, and the support structure, linked with flexibility and control that franchising offers could mean your business is an attractive choice for those looking to bring your product or services to their area.
Here we outline the key considerations that businesses who are looking to grow by franchising need to address to build a network.
If your business has a proven and successful track record then franchising your business can offer an alternative route to growth during these unprecedented times. Regardless of the sector in which you operate, franchising could be the solution you are seeking.
If you would like any further information on any of the above, please contact Commercial Partner Fiona Boswell.