What can franchising help you achieve? The short answer is growth. Franchising can be a great way to grow your business relatively quickly and without as much capital expenditure as traditional expansion.
The most recent figures from the British Franchise Association show the industry contributes £17.2 billion per annum to UK GDP, employing 710,000 people, with 93% of franchisees claiming profitability and less than 1% of franchisors closing per year due to commercial failure.
If you have a successful, proven business, that can be replicated by someone else, somewhere else, and there’s sufficient value in your brand, systems and procedures that make buying your franchise offering more attractive than going it alone, then you could be sitting on a very Franchisable model with huge growth potential for both you and your franchisees.
Here at Platinum Wave we specialise in helping brands franchise their business models and then recruit suitable franchisees to replicate the model in local territories around the country.
So what do you need to consider?
Do you have a proven and profitable business?
Do you operate in a sector with longevity?
Can you protect your brand?
Can your business be replicated by someone else with the right training, support and tools?
Are you sure you really want to do this? It doesn't all happen without you - you need to become a full time, franchisee supporting, network building, franchisor.
If you are looking for growth, want to commit to training and managing your franchisees, have the vision to take you brand forward and innovate while choosing quality franchisees, this may be the perfect route for you.
If this sounds like your business, give us a call to discuss whether franchising could be the right way to grow your business in 2023!