Franchising is also a fast-growing industry, with the latest bfa/Natwest Franchise survey revealing an industry worth £15.1bn in the UK, three times the size that it was 20 years ago. 44,200 franchise outlets employ 621,000 people, an increase of 70% over the last 10 years.
What is franchising?
Business format franchising is the granting of a license by one person (the franchisor) to another (the franchisee), which entitles the franchisee to own and operate their own business under the brand, systems and proven business model of the franchisor.” British Franchise Association
A variety of different industries lend themselves to a franchising model, but it isn’t for everyone. Managing a group of franchisees is completely different to running your business – and one can certainly distract from the other if not handled properly. If you think franchising might be right for your business, then here are our five top tips to ensure your franchising journey is a success: