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In order to assess a franchisor it is first necessary to understand the essence of a franchise.
Franchising is neither an industry in its own right nor even a business. It is though one of the fastest growing and most consistently successful methods for distributing products and services.
It’s a crazy mixture of conformity and individuality that combines the best elements of big business and small operations.
To be successful, a franchisee must comply with the franchise system and yet such compliance will enable the franchisee to achieve a greater level of fulfillment.
The 2013 NatWest/British Franchise Association Survey highlighted the following
² Market turnover in excess of £13.7 billion
² Over 560,000 people employed (more than the armed forces!)
² Approximately 40,000 non-dairy franchise units in UK
² 900 plus active franchise systems
In Britain, there is a latent but massive and increasing desire to run our own business, and this goes across culture, race, age and social background.
There is no template for being a successful franchisee – except perhaps the following
² Willingness and propensity to work hard
² Acknowledgement to follow and adopt the franchisor’s system
² A desire to succeed
In franchising, success comes from the successful marriage of franchisor and franchisee.
The phrase ‘in business for yourself, not by yourself’, really does capture the essence of franchising. If you open your own business you are responsible for absolutely everything, whereas with a franchise the franchisor offers experience, know-how, proven operation methods, marketing tools, sales training, technical guidance as well as a corporate identity, trademarks and the all-important brand.
When selecting the right franchise for yourself there are six steps you should go through.
· Investment level
· The industry
· The franchisor
· Professional advice – legal/financial
· Making the decision