Whatever 2020 brings, I’m confident franchising will continue to prosper
The Brexit circus may not have ended in 2019, but it has at least brought some much-needed closure to a few stories - Game of Thrones, Avengers and The Big Bang Theory, to name a few. And to be honest, I’m so glad The Big Bang Theory has finished.
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While I’m pleased to see some things left in 2019, let’s get excited for what’s in store in 2020: Daniel Craig’s last outing as James Bond, the continuation of the Keanu Reeves renaissance and, just maybe, an end to the Brexit saga.
Strength of the model
Whatever’s in store, the franchise industry will continue to strengthen and provide opportunities for people to take charge of their lives and run their own businesses. It’s an industry that has demonstrated time and again that it’s more than capable of outlasting any storm - political or economic - due to the strength of the model, the resilience of the people and the grit of franchisees.
Data taken from the British Franchise Association NatWest franchise survey prove that franchisees and franchisors are refusing to let Brexit shake their confidence, with the figures showing they continue to have faith in their businesses.
Furthermore, the survey confirms that businesses from all sectors - including personal services and retail - are showing growth and profitability. This is a significant indicator of the strength of the franchise model, as retail is becoming increasingly unstable and personal services are considered a luxury during times of austerity.
What makes franchising resilient? Investing in a franchise, especially one that is a member of the British Franchise Association, means you’ll be the owner and operator of a business that’s proven to work, sustainable, easily replicable and has the backing of an experienced franchisor.
In addition, community within a brand is underestimated and an element that gives franchising an edge on competition and markets. This is both in terms of a supportive franchise network and how franchisees operate in their local areas.
Making a difference
In my opinion, a business run by a franchisee is more likely to be driven to make a difference and provide a higher quality service/product.
This is acknowledged by Freddie Underwood, franchisee for Stagecoach Performing Arts Trowbridge, who says: “I think ultimately there’s something really rewarding about starting something up yourself that makes a real impact on people’s lives. Every time you get praise or a good word from a parent or student about how significant a change you’ve made on someone’s life, it makes it worth it.”
Amrit Rahi-Deogun, franchisee for Tutor Doctor Greenwich, agrees. She adds: “Tutor Doctor has given me the opportunity I was looking for. I love being able to see children and young people achieve their full potential, whether it be academic or personally. Seeing results and making families happy is very rewarding to me.”
This sort of passion is hard to replicate. Many people are attracted to the franchise model, but those who have ambition and are able to find a brand they can align with are unstoppable. And while we may not know exactly what 2020 will bring, I’m confident franchising will continue to prosper.
Pip Wilkins is CEO of the British Franchise Association