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Why franchising is the safer investment

Why franchising is the safer investment

During times of economic uncertainty, joining a franchise offers many unique benefits and a massively reduced risk for budding business start-ups

Summer holidays are often a catalyst for people realising they are no longer satisfied with being an employee, marching to the beat of someone else’s drum. Of course, the tipping point of actually doing anything about it doesn’t come until they truly believe they have what it takes to ditch the salary and take a chance.

Franchising could be the lower-risk route that saves you from resigning yourself to yet another year of career disappointment. According to Google search statistics, 65 per cent of adults in the U.K. want to start their own business. It’s not great news for employers, if nearly two-thirds of their staff are thinking about leaving to do their own thing – but is it all hot air, or does anybody actually take the plunge?

Fast track to profit

Well, incredibly, there were 665,495 start-ups founded in 2019/2020 (that works out at more than one a minute)! Without a crystal ball, we can’t know for certain how many of these are still going. However, we do know that a majority of new businesses are gone within five years.

For franchised businesses, success rates tell a very different story. The most recent figures from NatWest and the British Franchise Association reveal that 93 per cent of franchised units are profitable. How come? Firstly, the business model has already been proven to be a success.

Secondly, the franchisor with the original business idea and proven business model provides training and support to ensure franchisees have the greatest possible chance of making the business work. They profit when you profit, so they’re highly invested in your success. When the right franchisee finds the right franchisor, both parties can enjoy major success with hard work and dedication, and develop a long and fruitful franchise relationship.

Worth the investment?

Buying a franchise will mean parting with some of your income each month in royalties, so is it worth investing in this way? It all comes down to how much you value training, ongoing support, an existing brand, a proven business model, national marketing, increased speed to market, and being part of a network of like-minded individuals sharing best practices – all things that come with a good franchise that you won’t get if you set up on your own. Are all these benefits worth the franchise fee and the ongoing monthly royalty payments? Only you can decide, but if the above report is right and 93 per cent of franchisees really do enjoy profitable businesses, it certainly sounds like it.

Gender appeal

Women are currently joining the franchise industry in greater numbers than ever before – and, according to the International Franchise Association, it’s a global trend. In fact, there’s research to suggest that female franchise ownership in the U.S. has increased by more than 80 per cent since 2010, while the British Franchise Association has reported a 20 per cent jump in the number of female franchisees since 2015, with 37 per cent of all new franchisees in the last three years being women.

Regardless of gender appeal, franchising has openness, mentoring, and collaboration embedded at its very core. One person finds a brilliant way of providing a service or selling a product and then teaches others how to do it. They continue to offer support and guidance, creating a network of ambitious collaborators who are all working towards the same goals. Seriously, what’s not to love?

The author

Suzie McCafferty is CEO of franchise consultancy Platinum Wave.

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