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Go out there and tell the world about the power of franchising

Written by Richard Pakey on Tuesday, 23 November 2021. Posted in Analysis

Richard Pakey believes 2022 is the perfect year for the franchise community to make their collective voices heard in a bid to attract new business partners into this lucrative industry.

Go out there and tell the world about the power of franchising

‘Go out there and tell the world about the power of franchising’

Richard Pakey believes 2022 is the perfect year for the franchise community to make their collective voices heard in a bid to attract new business partners into this lucrative industry.

It is widely accepted that New Year is a good time to make changes. So, for anyone analysing their employment options, why not consider moving into franchising. The impact of Covid-19 on the jobs’ market has been destructive, with many businesses and individuals suffering badly.

Never have so many people witnessed their job prospects take a tumble. Many have suffered redundancy, while others remain affected by the threat of losing their jobs. Plenty of people have experienced lifestyle changes, so perhaps this is the perfect time to discuss the world of franchising.

If you are a franchisor, then go tell the world about how wonderful your business is. Go out there and find those people who are currently at a crossroads in their careers. Tell them why they should join your franchise. It is time to step up your marketing efforts because, right now, more people than ever are seeking a change to their lifestyle and work.

Franchisors should re-visit campaigns that have worked well in the past, while also testing the water in other areas. Don’t stand still, as there is a thriving market out there which requires information from you. Otherwise, these people may just find the knowledge they are seeking via one of your rivals. Franchising is always about finding the right ‘fit,’ although sometimes it might feel like searching for a needle in a haystack. 

Franchisors must handle every enquiry with care and respect. Give everyone the time they deserve, after all, most will have taken time out from their busy schedule to make that enquiry. The very least you can do is respond thoroughly and correctly. From a personal perspective, I always think that potential franchisees need to show ‘enthusiasm’ when making their enquiry. This is always a strong starting point.

So how do franchisors proceed from here? The first part of any conversation is about telling respondents about your franchise. Summarise what your company stands for, explain its business model, describe your products or services, and talk about the importance of creating good customer relations.

Tell them what you, the franchisor, expects from franchisees, as well as what they can expect from you. This will include training, ongoing support and marketing assistance, branding, as well as head office expertise and advice. It’s important not to waste time, either for yourself or the person making the enquiry. If the ‘fit’ isn’t right, then it’s vital to move on as quickly as possible – for all concerned.

You may also wish to discuss the availability of Government loans for start-up businesses, which are designed to attract more people into self-employment – which is exactly what buying a franchise is about. And don’t forget to mention the other routes that new business owners can take to access much-needed funding, such as via certain banks. Most entrepreneurs require some form of outside cash boost, although many are completely unaware about the existence of these opportunities.

With approximately only 1,000 franchise systems currently in operation in the UK, the opportunity to join this sector is immense. This figure is extremely small compared to the United States and Australia where franchising enjoys a much larger share of the economic pie.

I have always felt that members of the franchising community should collaborate more with each other. Many people within franchising are receptive to this, although sadly not enough. This is the ideal time to put aside any concerns about competition, and join together in providing a collective voice to attract, guide and assist potential franchisees.

We must keep seriously interested new candidates onside, and not allow them to lose interest in franchising simply because of our own failure to work together. The franchise sector is one of the best to be involved in. It is made up of many industry experts with decades of experience. So let’s use this expertise to go out there and get our messages across, so we can expand our devoted community.

About the Author

Richard Pakey

Richard Pakey

Richard Pakey is a franchising expert and Regional Director for the award-winning Lime Licensing Group.

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