The beautiful village of Tattenhall in Cheshire
Webteam: February 2019
Opportunities and Pitfalls in Franchising
In our wish to focus on local businesses and business people we turn to Rob Dancy. Living on the outskirts of Tattenhall, Rob has been involved in the world of franchising for 20 years. He is a member of The Franchising Centre, a firm dedicated to advising businesses who wish to grow via franchising and helping franchisors with the recruitment of their franchisees.
He recently took over as Chair of the Tattenhall Business Alliance and gave a talk to the Tattenhall Business Club entitled 'The Opportunities and Pitfalls in Franchising'.
What is Franchising? Franchising is where the owner of a successful business licenses the use of its operating systems, brand and other intellectual property in a way that is can be replicated by others, in other parts of the UK or the world. The franchisor then provides the franchisee with training, guidance and continued support to set up, replicate and grow the business model in their area.
Well known franchises on the High Street with which we will all be familiar include McDonalds, Domino's Pizza and Subway and in the service sector Dyno, The ZipYard and Jackson's Fire and Security which is based in Mold.
The advantages of entering into a franchise arrangement include lower start-up costs and the marketing firepower of the franchisor.
As a sector franchising has grown by 46% in the UK in the past ten years, employs over 600,000 people with 1 in 5 franchisees under the age of 30. A very high (97%) of franchise businesses are said to be profitable within two years of starting.
If you'd like to know more don't hesitate to get in touch with Rob.