But with enquiries increasing and prospects emerging from a diversity of backgrounds as more people aim to take control of their professional lives, more than ever, franchisors have the responsibility of identifying what exactly a ‘high calibre’ franchisee looks like. 53% of franchisees in the UK claim to be highly profitable1, with that number growing year-on-year, so it’s vitally important that franchisors continue to nurture this growth with dedicated franchisees that believe in brands’ missions and goals. Here, Karen Prewer, the founder of the innovative, van-based window cleaning franchise, My Window Cleaner, discusses why franchisors have a greater responsibility than ever to ensure their growth focuses on ‘quality’ as opposed to ‘quantity’.
Greater financial success
The franchise industry generates over £17 billion in revenue in the UK, a figure that has grown by 15% in just five years2. But what does this impressive statistic indicate? Put simply, there is increasing evidence highlighting the viability of a franchise investment, even during the most uncertain time for the economy in decades. Consistent growth shows us that an increased number of entrepreneurs are beginning to consider joining the franchise industry in pursuit of the huge financial and personal successes that can be achieved. But success is not guaranteed – especially as the consumer landscape continues to boom following a period that put life on hold. As such, it has never been more important for brands to recruit well to lead the charge on taking a profitable market share.
But why does focusing on high quality franchisees over volume help franchise brands achieve a greater market share? Franchisors have the responsibility of identifying high calibre franchisees who are more dedicated, hardworking, and committed to the success of a franchise. They are naturally motivated and understand that consistency is the key to success. As a result, high calibre franchisees are not only more likely to generate higher profits for themselves, but through an unwavering commitment to business development, contribute heavily to increasing revenue for a franchise network as a whole.
Enhances a brand’s reputation
Today, there are around 48,000 franchise businesses in the UK3. But in an increasingly saturated industry, franchise prosects have a wealth of options at their fingertips, meaning that a franchise opportunity must be incredibly attractive to stand out above the rest.
What makes the franchise industry so unique is that it is led by forward-thinking entrepreneurs, who themselves, are consumers. As such, nurturing a brand’s reputation and ensuring it is maintained through positive recruitment and development is a priority. Franchise prospects understand the need for positive reputations, and often focus their efforts on looking for a proven business model and a supportive network of peers and mentors.
They become a valuable resource to the network
A connected network of strong, like-minded business owners can be an invaluable resource for a franchisor looking to attract the right calibre of franchisee. High calibre franchisees, if given the opportunity, can become strong ambassadors and examples for less experienced franchisees within a network. It is no secret as to just how important shared responsibility is within a franchise brand, and high calibre franchisees can take much of the pressure off franchisors during franchisee onboarding and training.
Having a consistent, accessible and active member of the network that embodies a franchise brand’s mission and culture exemplifies what a new franchisee can strive for and achieve. Not just through financial rewards, but their position as experts who give back to their communities can be incredibly attractive to high calibre franchise prospects driven by the notion of ‘doing more’. Well-connected groups of business owners can demonstrate this, all while supporting one another in improving a brand’s reputation for being a trusted service provider or product.
Experience leads to innovation
High calibre franchisees also tend to bring diverse experience and expertise from previous careers which can be beneficial in navigating the challenges of running a business. In times of economic uncertainty, it is vital that franchisees, as well as the franchisor, have an active understanding of how to steer a business in a direction that suits the needs and demands of the consumer landscape. As an industry that naturally has many faces, it is vital that prospects relate to and connect with the attitude, experience and passion that a high-quality franchisee will most likely display. Their experience affirms them as strong leaders within a franchise network, which can inspire both fellow franchisees and prospects to follow suit and pursue the maximum potential of a franchise brand.
Put simply, brands that champion a higher calibre of franchisee naturally become higher quality franchises. Attracting high calibre franchisees to a franchise network is vital in today’s ever-changing and consistently growing market. Not only are they more likely to be successful, but a franchisee that embodies a brand’s values and ethos brings credibility and professionalism, serves as role models for other franchisees, and foster a sense of community within a network.
1Esquires, 2019, 7 STATISTICS THAT SHOW THE GROWTH OF FRANCHISING IN THE UK
2Point Franchise, 2020, WHY FRANCHISING IN THE UK IS MORE POPULAR THAN EVER BEFORE
3Franchise UK, 2022, UK-Based Franchising Statistics To Consider
