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5 Reasons why you should consider buying a franchise during an economic downturn

5 reasons why you should consider buying a franchise during an economic downturn

In the UK, there is still a big knowledge gap when it comes to franchising and the opportunities it can offer. We have a vibrant, ambitious and successful franchising community here and it welcomes newcomers with open arms. Here are the top 5 reasons you should consider franchising when evaluating your options for the future:

  1. Your opportunity to fulfil your dream of owning your own business or make that fresh start that you need
  2. Training and support is provided as part of the package – it has huge appeal to someone who wants their own business but doesn’t feel able to completely go it alone
  3. Less competition – Mary Portas once said that the businesses that fail during tough times are the mediocre ones – the ones that were only operational because it was a boom time and confidence was high and people were spending. An economic downturn provides opportunity for trusted, high quality brands to thrive and grow. A good franchise brand provides you with the opportunity to get in on this!
  4. Stronger together – no-one is saying that franchises are immune to economic downturn but the strength of a network cannot be underestimated and a franchise has this over being an independent trader; you have access to a franchisor who knows you and cares about your future and you have a network of peers who are all in exactly the same boat as you. A franchisee is able to discuss their problems freely with other franchisees within the network, many of whom will be suffering also. Furthermore, they have the invaluable advice and help from the franchisor, who may also be a supplier and has the expertise and resources to make a difference.
  5. Variety – almost any type of business/industry you can think of is touched by franchising. From some of the biggest brands in the world to some that you may have thought was just a local business in your area, you would be surprised at who is a franchise. This means you can often combine a passion with owning your own business.

Ready to start looking for your perfect franchise? Here’s some hints, things you should look for in a Franchisor:

  • History in franchising – how long have they been franchising for? How quickly have they grown? How many franchise territories have they sold?
  • bfa Accreditation – The British Franchise Association (bfa) has been responsible for setting high quality standards for UK franchising since 1977 and through this process the industry has grown to provide fantastic opportunities to UK businesses and people eager to invest with franchise brands. Have a look to see if the brands you are interested in are affiliated.
  • Are they happy to let you speak to other Franchise Owners? The answer to this should always be yes, but expect to have to jump through some hoops first e.g. signing non-disclosure agreements or filling in application forms, to prove that you are serious about the enquiry, as Franchisors are very protective of their network and don’t want to waste the time of their hard-working Franchise Owners.
  • Awards and accolades – these are not easily come by in the world of Franchising. Look for awards from bfa, EWIF, Franchise Marketing Awards, Elite Franchise Top 100, WorkBuzz Best Franchise Awards and others to see whether your chosen brand has been willing to put themselves up for scrutiny amongst their peers. In particular, the WorkBuzz Best Franchise Awards are a benchmarking system where Franchisors put themselves up for scrutiny by their own Franchise Owners and are awarded a star rating based on scores given to them for leadership, culture, expertise and other key attributes you would want your Franchisor to score highly in.

What are you waiting for? Your perfect franchise awaits you. Why not start searching now on one of these websites:

www.thebfa.org

www.franchiseinfo.co.uk

www.what-franchise.com

www.elitefranchisemagazine.co.uk

www.franchisedirect.co.uk

www.franchiselocal.co.uk

https://www.puddleducks.com/franchising/why-franchising