Technology is making it easier than ever to ensure franchisees are equipped with the right skills and industry knowledge from the start
It’s been an interesting time for the UK economy in recent months, with Brexit understandably dominating the headlines and creating a lot of uncertainty. While it may be business as usual for the time being, the turbulence of the current situation means companies are being increasingly careful about what – and more importantly who – they choose to invest their money in. That makes putting a robust induction programme in place crucial.
Franchising is always an attractive option for those looking to set up their own business, as it comes with a support system and full training so franchisees can hit the ground running. As a franchisor you can tailor that training and support to highlight the areas that you feel are important and give franchisees a heads-up about what difficulties they may face along the way. Being open and honest with prospective franchisees is the best way to build a positive relationship with them and keep communication channels open at a time when they may be looking for help and guidance.
Franchisors need to check that potential franchisees have the relevant business acumen and experience to make a success of their business. The Prospect Franchisee Certificate (PFC), produced by the bfa and Lloyds Bank, is one way of helping prospective franchisees understand what they’re taking on from the outset. It’s a complete roadmap of the franchise model: the what, how and why of everything, including identifying the right franchisor, the legal agreement and the fundamentals of running a business confidently and competently.
Through a series of 13 online, video-based tutorials, the PFC can be taken in a day or one step at a time and can be accessed from any device, whenever it suits. An assessment at the end of each module ensures people really understand the subject.
It’s simply good business sense to invest in training: the more someone understands the sector, the better prepared they are for success as a franchisee. Franchising is a sector that’s grown by 46% in the last decade and is now responsible for well over 600,000 UK jobs. By continuing to bring the right people into the industry, we can ensure that these figures will continue to show the strength of the sector. And that’s great news for all of us.