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, 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 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 this model over other types of business growth, including:
- Lower capital requirement
- Quicker growth
- Better performing outlets
- Less management responsibility
However, like all routes to business expansion, this model 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.
20th June 2019
10:00 – 14:00
One Central Square
Days Until Event:
What Franchising can do for Your Business
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.
Franchising expert at Darwin Gray and one of only two QFP (Qualified Franchise Professionals) in Wales, will be providing insights into the process and assessing whether your business is suitable for this model of growth.
NatWest’s regional lead for franchising, will discuss how the bank can support businesses who wish to grow through this model of growth.
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.