It’s been a tough time recently, but franchising continues to thrive for these four reasons
1. You don’t have to be alone in business
While many owners are struggling to make tough decisions on the future of their businesses alone, the franchising industry looks and feels very different.
Don’t get me wrong, times are tough and doors have had to close. However, franchise brands and their networks of franchisees are evolving. Strong relationships are forming and a better understanding of each other and wider business goals are being achieved.
We’ve always said that when a franchisor-franchisee relationship strikes the right balance, franchising thrives. We’re confident that in the midst of the pandemic common ground has been found and strong foundations have been built for the benefit of entire networks.
2. Customer focus never fails
Every challenge presents an opportunity for businesses to step up to the plate and wow their customers with how they deal with a situation.
I’ve been overwhelmed at the volume of support franchisors have provided to their franchisees.
Research and development have been supercharged to find new ways of operating in a fraction of the time it usually takes to do so. In some cases, there have been complete overhauls of operating models to ensure franchisees can continue to trade.
Franchisors have worked with franchisees to maintain a strong connection with their customers in order to be ready to serve them once again and there’s been a genuine concern for the well-being of franchisees and their families to allow for the emotional change curve to happen and for people to remain motivated.
There’s no doubt franchisors are serving their franchisees well in these times.
3. When the going gets tough, a franchisor can help keep you going
Franchisors have assisted with launching new service propositions, finding new markets and ensuring consumers feel confident enough to do business with their franchisees.
The post-pandemic world will be a very different place and it won’t be a case of returning to the way of old. Franchisees are in unique positions in that while they focus on their individual aspirations and plans for the future, their franchisors will be investing in the framework that will ensure they achieve them.
Evolving business processes and propositions take both time and financial investment and as a franchisee you know your franchisor will be bearing this pain to sustain the brand value you invested in. This is a unique scenario in business and one of the main benefits of becoming a franchisee.
4. Franchisees have the power to impact local communities
The coming together of communities, acts of kindness to support those in need and giving time to great causes has been publicised far and wide.
Don’t forget that as a franchisee you’ll be a local business owner and have the opportunity to make a difference. For many people, this is what drives them in their business.
We have seen the gifting of food boxes, deliveries of emergency supplies, lobbying for local economies and many fundraising initiatives, all supported by the franchisee community. If you want to give back, you could achieve this with your franchise business.
Emily Price is chief operating officer at the British Franchise Association.