Did you know that the once-a-year contribution of franchising to the British isles financial state has surpassed £17bn?
In reality, franchising in the Uk has doubled above the earlier 20 yrs. As Sir Michael Caine may well say: not a large amount of people know that.
Anyone who truly does understand franchising’s great importance is my colleague and new Head of Franchise, Stevie Borthwick. I not too long ago touched base with Stevie about the issues franchisees and franchisors are experiencing currently and regardless of the pandemic and complicated economic conditions, it was good to listen to that the franchise results story is even now quite significantly on keep track of.
The joys of currently being your personal boss
Individually, I can see the sights of staying your very own boss and obtaining your individual business ought to be incredibly worthwhile, but I’ve usually observed the plan of commencing up from scratch rather complicated.
I imagine that’s why franchising is so interesting to so quite a few people today. You get to use a tested company product and get a encouraging hand from an set up brand to create and scale a company, but with less possibility involved.
So, it must probably occur as no surprise that Stevie is noticing improved fascination from men and women seeking to consider franchising for the first time. He thinks this is partly since Covid has encouraged a new entrepreneurial state of mind as people today see the way businesses have pivoted to new opportunities and improved the way they do matters.
And as Stevie states: “Lockdown has also given people time to reflect on the potential and at times they’ve made the decision to swap a employees task for the challenge of running their individual business”.
A trend that looks to be pushed in component by the lifting of Covid restrictions is an increase in franchising in the exercise market, with people today keen to get back in shape just after so lots of months at house (and all-as well-straightforward obtain to the fridge!).
While the franchise product has historically been most common in the retail, hospitality and leisure sectors, Stevie shared that there has been expansion in residential and industrial estate company franchises. All over again, this is probable pushed by Covid-linked desire as men and women search for homes outside towns with even larger gardens and as corporations appear for offices greater suited to hybrid functioning.
Fitting the items collectively
Stevie highlighted a major challenge for franchisors as getting franchisees with the ideal expertise and sufficient funding, while franchisees need to have to comprehend the distinct franchise design they want to get on and weigh up the individual financial commitment essential. “In some ways, matching franchisors with franchisees is a little bit like a jigsaw puzzle,” he states.
Barclays previously partners with household-title franchisors throughout the United kingdom but it is important to me that we also aid models discovering the franchise model for the very first time. Our purpose is the very same with franchisees as well.
Stevie and his team are determined to help franchisors and franchisees at every single phase in their journey. A huge aspect of this is bringing people today collectively, so we’ll be internet hosting different activities this year throughout the Uk to highlight our aid for the sector.
Barclays has been operating with franchising consumers for several a long time now because we recognise the fantastic likely franchising presents. Like Stevie, I’m in no question that there are some great possibilities out there and we’re established to help franchisors and franchisees make the most of them.
To obtain out a lot more about how Barclays can support franchisors and franchisees, please take a look at our website or e-mail our franchise group at [email protected]