Is franchising a golden opportunity for your business?

Over recent months, unemployment figures have been at an all-time high. With companies making cut-backs, there are thousands of professional, experienced and qualified individuals facing redundancy. Too young to retire and struggling to find a new job, more people than ever are looking to start their own enterprise - and with redundancy money in their pocket, franchising is proving hugely popular as a lower-risk way of running a successful business.

And quite rightly so, as for the owners of successful businesses, this presents the ideal opportunity to expand and generate more profit without having to make massive investments or employ more staff. That said, franchising is not something to be taken lightly - and there are a number of points which must be considered before taking that leap.

Identify the key selling point of your business. What has made your company a success? Can it be replicated?  If the reason you’ve done so well is due to your location, or because all your team have brought loyal contacts with them, you have to consider whether the formula would work with someone else running the show in a completely different position. Brand strength is crucial in the success of any franchise and you have to be realistic about the future of your own enterprise before you consider selling your brand.

Find the right franchisee. Once you’ve found your niche and seen its potential, you need to make sure that you have a committed, hard-working franchisee to replicate the successful running of your business. Your brand is your baby, so you need to have faith in anyone who represents it. Depending on how much involvement you intend to have with your franchisee (in training etc), you also need to be able to work with that individual, and know that they share your business values.

Have you got time? You may need to train your franchisee and their staff and you’ll probably want to keep control of things at the beginning. Hand-holding can take time, but it will also help support your franchisee and help them to understand the way you do business. This will pave the way to greater success in the future.

Get the right support. You’ll need good specialist advice on legal and financial matters, as well as guidance from someone experienced in franchising. You’ll also need to think about marketing and promotion, because letting your customers know that another branch will be opening up not only promotes your franchise, it also does wonders for brand reinforcement – and for your business.

The TWA team have joined forces with a group of franchise specialists to offer a FREE clinic at the Andover Expo on March 16^th at The Lights in Andover, Hampshire. Able to advise on all aspects of franchise development, licensing, sales and marketing, training and other aspects of business development and support, TWA will be working in co-operation with Natwest and Parker Bullen Solicitors to offer advice and information to all who come along on the day. For more info, visit www.andoverexpo.biz, or to book a FREE consultation, call Ed Thomas on 01264 355 846.

About Edward Thomas

Edward Thomas is the Creative Director of TWA