British franchising has gone from strength to strength by nurturing a culture of collaboration
At the heart of what makes franchising work so well is the ability for people to work together towards a shared goal. This was reflected in the theme of this year’s bfa Annual Conference: The Power of Collective Ambition. The two-day event focused on how the franchising community works together to form a thriving sector and how collaborating more can mean the industry has a more powerful collective voice that can garner the attention of the wider media and British government.
But collective ambition isn’t just about the bfa: it’s at the heart of what makes franchising work so well as a concept. There is strong evidence to support this. Let’s take a look at the bfa Natwest Survey 2015: franchising not only created 621,000 jobs that year but also opportunities for people to invest, build and see significant return on their own business. Given it is generating a £15.1bn turnover with continual growth throughout a challenging economic climate, the sector is going from strength to strength.
There’s a reason this structure works so well. Each stakeholder in this relationship has a key part to play and it is the collective ambition of all involved that makes it so successful. When this combination is right and the communication, support and motivation of all is clear, a franchised business can really flourish.
As the franchisor has built and understands the brand and business, their role is to continue innovating and maintain their brand’s relevance in the market place. The support team are well versed in the operational tactics required for franchisees to build successful individual businesses and, as such, their support is invaluable to any franchisee journey. Last but by no means least, the franchisee has undergone, in most cases, a significant vetting process before being offered their franchise to ensure the correct person is steering the business.
But this spirit of collective ambition travels far beyond one single business. One of the benefits of franchising is the community in which it has been built. Whether it’s franchise units in the banks providing funding, franchise consultants ensuring business models are designed to sustain the test of time or marketing experts balancing the strategies of franchisors and franchisees to effectively to support business growth for all, the network of support from advisors and professionals is endless.
Franchising really is an infectious industry in which there exists a strong network of support and guidance. Which is why the bfa is proud to promote this and continues to encourage collaboration to strengthen the collective ambition.