Joel Bissitt, the CEO of Franchise UK, tells Business News Wales about how the pandemic has affected the franchising market and gives insight into what entrepreneurs should be aware of going forward.
At Franchise UK we are a leading franchise directory and resource of free franchising information. We are a family-run business and were established in 2004. We generate thousands of leads each month using a state-of-the-art lead tracking platform. This provides us with unique insight into franchising trends including throughout the pandemic.
What has been very interesting from a franchising perspective throughout the pandemic is polarisation of franchise enquiries. Some franchise businesses, often in the same industry sectors have had completely different experiences. For example, a food retail business franchise could have been completely unable to trade, whereas say a dark kitchen or food app delivery service franchise could have thrived. It has been as much about how they operate as what industry sector that they are within.
Now things are starting to open up, it presents huge opportunities for franchising. The pandemic has created a lot of people seeking new opportunities providing potential franchisees (people that run the local franchise business) to enable business growth. We have seen this with a significant rise in franchise enquiries since May 2020. Use of new technology including improvements to websites, app and video calls also present great new opportunities for franchise businesses.
My advice for franchisors would be to ‘staff up’ for the potential increase in demand and influx of franchisees. New incoming franchisees need full training, initial and ongoing support so adequate staffing is essential. For people interested in investing in a franchise business, always seek professional advice and carry out thorough due diligence.
Article written by Guest Author Joel Bissitt
Audio Interview by Business News Wales