As an industry franchising generates over £17 billion, represented by almost 50,000 business owners and employing over 700,000 people. This is an industry prevalent in every town all over the UK spanning many sectors, servicing many local customers. The risk of failure for local owners that build their franchise business is less that 5%, which has been the case for over 20 years, and when looking at historical economic downturns the story still remains positive. Through every recession franchising has continued to grow!
A campaign with communities at its heart
The British Franchise Association Launched a regeneration campaign on 6th July to encourage people to consider their local business owners and shop local. COVID-19 has reshaped many businesses for ever and some have simply been forced to close their doors with little information as to how or when they can trade again. With this in mind we encourage local communities to work with their local businesses, to adhere to safety measures and where possible make the visit to a local business to help them to make opening the doors viable.
Although franchised businesses often have a very well-known brand above the door, do not be misled to thinking this is headed up by a corporate office. Franchisees are living amongst you, they are your friends and neighbours, have often invested life savings to bring a fabulous concept to your local community, and they really care for their business. There is a huge amount of passion for their products and services, and there is a huge will to make a positive difference for their customers and communities.
Franchising helping local businesses ‘hang in there’
We have all heard of the saying a problem shared is a problem halved, this is quite literally the case in a franchising business model. When done correctly and in accordance with the standards of the British Franchise Association both franchisee and franchisor should benefit from a strong and transparent partnership. This means that when times are tough support is on hand, and in the case of COVID-19 franchisors are stepping up in their hundreds to support their networks through the current financial pain they are facing. Investing in research and development and implementing fast changes to support trading, becoming the trusted partner to what can be a very lonely and stressful situation and even taking some of the financial burden to support cash flow challenges.
Franchise owners need you!
Please, please consider the local businesses that depend on your custom to keep their doors open. They need you now more than ever.
If you are reading this and are keen to become one of the owners making a difference, the British Franchise Association has produced a free guide to help you decide if franchising could be an option for you – https://www.thebfa.org/find-something-you-love-in-franchising/
The British Franchise Association is a self-regulatory trade association, setting standards for UK franchising and educating the industry since 1977. www.thebfa.org