You don’t need us to tell you the business world has felt harder these past few years, because you’ll have lived that yourself. You may well have heard that franchising has become tougher, too.
It has. That hasn’t stopped it being one of the smartest ways to grow a business, though, as long as you go about it the right way.
The British Franchise Association’s latest industry benchmark shows exactly what has changed. More people than ever are enquiring about franchises, so appetite certainly isn’t the problem. Turning that interest into the right, signed-up franchisees is what has become harder, and the cost of recruiting each new franchisee has almost doubled.
What does that mean if you’re thinking about franchising your own business?
Mainly, that the groundwork matters more than it ever has.
Most franchisors are still growing, and most are still targeting more franchisees this year, so the opportunity is very much still there – and so are the rewards. It’s just that they simply tend to go to the businesses that get the fundamentals right before they start recruiting.
The most expensive franchising mistakes are usually made long before the first franchisee ever signs. A proposition that sounds compelling to you can still be hard for someone else to grasp, and a model that works brilliantly for you as the founder won’t always transfer cleanly to another owner. Systems that live in your head rather than on paper tend to break the moment someone else has to follow them, and support that works perfectly for five franchisees can start to buckle at twenty.
Get those foundations right first, and everything that follows becomes easier. Your proposition is clearer, your franchise is simpler to explain, your systems can actually carry the growth, and your prospective franchisees have real reason to believe they’re buying into something that will work for them, too.
The most valuable investment you can make in franchising comes before you recruit anyone at all
So, before you commit to franchising, let’s talk it through. We’ll look honestly at whether it’s right for your business, what would need to be in place before you start, and where the weak spots might be.
Better yet, why don’t you try our FREE Franchise Ready Review? It’s quick and easy to complete, and can give you a clear picture of where you stand right now, and help you see what the path ahead might look like.
Click here to start your own Franchise Ready Review.
We can use that as the basis for a conversation, but if you want me to walk you through it, just click the Schedule Call button at the bottom of this email.
Best regards,
Steve Eastaugh
Partner & Director
