In recent years, the prospect of joining the globalised franchise industry has become an incredibly enticing business venture. Across the globe, one in seven businesses is a franchise brand, which equates to the industry contributing a staggering $2.3 trillion to the global economy1. And it is because of this that it is becoming impossible to ignore the strength of franchising, which is primed to accelerate entrepreneurs and prospects towards finding financial and personal success. Here, Sigríður Jónsdóttir, Managing Director of innovative international QSR franchise Ísey Skyr Bar, discusses the benefits of investing in an international franchise brand.
Spoiled for choice
It is no secret just how much the UK franchise industry is thriving, and it is a trend that has inspired more and more international brands to come across the pond and open their doors here. In fact, the best 14 franchises available in the UK today are international, with three out of the five top franchises being occupied by businesses operating in hospitality2. In an industry with a net worth of £17.2 billion and creating 710,000 jobs annually3, international brands are capitalising on an incredibly exciting period for the domestic franchise landscape, and so should prospects. This wealth of diversity within the franchise industry is what drives entrepreneurs to apply their business minds to franchising today, as opposed to going it alone and potentially risking failure with a start-up.
Exposure to new markets
International franchises have the advantage of constantly bringing something new to the table for consumers and prospects. Brands in this context, in particular QSR franchises, have the chance to bring products unique to their native cultures to a completely new market, which more often than not can encourage explosive growth. The global fast-food market alone is worth $647.7 billion4, indicating the many benefits of personally capitalising on franchises that have a place anywhere in the world.
Adaptable and responsive
International franchises have only got to the position that they occupy through thorough market research and having an adaptable, flexible business model. Better equipped to meet the needs of customers and the market as a whole, international franchises have an understanding of consumer activity like no other. International franchises set the standards for making their resources, products and services available for anyone – both consumers and prospects alike. But adaptability means no practice is ever set in stone! International franchisors regularly tweak and streamline their models to meet new demands and expectations, whether in pop culture, trends or shifts in the entire market. How else would they maintain a competitive edge on the global stage?
The power of the global ‘brand’
Being global adds credibility and enhances brand value if done for the right reasons with a clear understanding of the brand’s capabilities and market share. Operating within an international organisation gives the franchisor the pleasure of developing and evolving the brand based on the opinions and expertise of a pool of knowledge from all over the world. International franchisors’ access to talent to collaborate and develop a better service or product is largely unmatched in any other industry in the world.
International franchisors make no secret of the benefits of utilising a global platform to enhance a franchise offering. Ísey Skyr Bar, for example, is the only franchise in the hospitality industry that pays homage to 1,100 years of rich Scandinavian culture. But, thanks to the markets in which we operate and through an understanding of the needs of a modern, urban consumer, that product fits perfectly in today’s international QSR industry. Whether it is changing consumer behaviour, trends that inspire global movements or developments in the franchise industry as a whole, international franchises have the benefit of maintaining an understanding of the ‘bigger picture’. This impression does not only reflect positively on the local activity of franchise networks but helps entire brands consistently stay one step ahead of the curve.
1Franchise local, 2021, How Many Franchise Opportunities Are There?
2Emily Bodkin, 2022, Franchise Direct releases Top 100 Franchises report for the UK
3What Franchise, 2018, UK franchise industry operating at record levels – latest research
4Zion Market Research, 2022, Global Fast Food Market Size Worth $998 Billion, Globally, by 2028 at 4.6% CAGR (Including COVID-19 Impact Analysis): Exclusive Report by Zion Market Research