Does choosing an award-winning franchise guarantee success for its franchisees?
It doesn’t guarantee success, but it definitely helps. If you have chosen a franchise that has recently been judged to be at the top of their game then naturally it is a very good indicator of the success of their organisation, however, awards should act as added reassurance for you, not a replacement for research and due diligence. Also bear in mind a brand that won an award five years ago, isn’t necessarily still ‘award-winning’ today. Furthermore, just because a brand has a won a huge amount of awards, doesn’t mean it is the right fit for you. Franchising is about people and relationships; you may feel happier with a brand that doesn’t have an accolade to its name and that’s absolutely fine. Doing plenty of in-depth research and speaking to the majority of their existing franchisees is much more important than the size of their trophy cabinet.
Should I disregard a franchise if it hasn’t won any awards?
Absolutely not. Entering awards can be very time consuming and some smaller brands simply don’t have the time or resources to enter. Don’t judge a brand poorly simply because it hasn’t won any awards. Go on the information you gather during your research and of course, use a franchise specialist solicitor to check the franchise agreement before you sign anything.
What are the top awards in the UK franchise sector?
Let’s start with our own awards, the HSBC BFA British Franchise Awards. Often referred to as the ‘Oscars’ of the franchising world. Things to know: Firstly, even though 99% of our categories are only open to BFA members, not all of them enter. Secondly, to even become a BFA member a franchise must submit to an in-depth audit of their entire business, to ensure it meets our strict standards for ethical, professional business format franchising. To enter, brands submit a lengthy entry form followed by in-person interviews with a panel of experienced judges. For a brand to reach the finals or win one of our awards is a fantastic achievement; they have not only demonstrated their commitment to ethical franchising, but our judges have deemed that they are better than any other franchisors (who have entered) in that category, that year. They really are the crème de la crème of the UK franchising sector and should very much be on your list for consideration.
The HSBC Elite Franchise Top 100 National Awards
Elite Franchise launched the EF100 in 2017. The ‘Golden Globes’ to our ‘Oscars’ if you will, unlike ours, this list is open to all UK franchises. To enter, brands complete a lengthy entry form that asks in depth questions about turnover, profitability, number of franchisees, the support brands give their franchisees, their plans for the future, contribution to the franchising sector and much, much more. A panel of franchising experts then ranks the entries from 100 – 1 and the results are published online and in a hard copy annual publication. The annual acts as a useful reference of franchise brands in the UK marketplace. Positions in the EF100 are keenly fought over, and franchisors strive to retain their place every year, celebrating their achievements at a celebration event in March of each year where the franchisors have the opportunity to win additional Awards.
The WorkBuzz Best Franchise Awards
The WorkBuzz awards are unique as they are based on feedback from franchisees, so a fantastic place to start looking for a franchise.
Firstly, a franchise brand takes part in the ‘Franchise Satisfaction Survey’ when their franchisees are invited to complete a confidential, on-line survey, asking them to rate their franchise owner experience on areas such as training and support, the franchise system, leadership and general satisfaction.
Based on the responses received back from the franchisees, franchisors are given an overall franchise satisfaction score, which is entered into the Best Franchise Awards. Talking to existing franchisees in a brand is vital as part of your research, so the WorkBuzz awards give you a great indication of how happy a brand’s franchisees are.
Discover your tomorrow – with the BFA
We hope this has helped you understand what the top UK franchise accolades and awards are all about and how you can use them to find the perfect franchise opportunity for you. We’d invite you to visit our website to read more about the winners of the HSBC BFA British Franchise Awards and our 300+ franchise members and their ethical, professional, sustainable franchise opportunities.
