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Future proof your franchise model

Franchising is fast becoming one of the most popular ways to do business. For most would-be business owners joining a franchise model has many benefits as it offers the ability to become part of an established brand, group buying power and the additional assurance and protection of a franchisor to step in and provide training and support if and when necessary. 

A well-structured and efficiently run franchise can provide immense advantages for both the franchisee and franchisor. It's often described as being in business for yourself but not by yourself. However choose the wrong franchise model or fail to complete the necessary due diligence and you may find yourself in the business relationship from hell, with little to no chance of escape.

What key factors do you take into consideration when looking at new markets?

Summary:

Retailers are reinventing themselves, taking eCommerce on with their own online stores while at the same time exploiting their physical advantages over pure-play eCommerce.

Customers still like to see and touch products before they buy them, and shopping is an experience most people still enjoy, especially if retailers understand the social and entertaining aspects of shopping. 

Successful franchisors are well funded and prepared to invest in building the scalability a franchise system needs. They should have broad business experience and extensive people management skills.

Once you have determined the most appropriate franchise model for you it is always a good idea to speak to current franchisees. Their contact information should be included in the Disclosure Document however, if not, you should be able to obtain it from the franchise website.

Speak to as many existing franchisees as possible to get a good sense of the relationship between them and the franchisor. Are they happy with the support and training provided? Is the marketing material effective? Is their business as profitable as they had hoped?

This article was written by Jayne Rafter, publisher at RLI - Retail & Leisure International, who will moderate the panel discussion 'Future proof your franchise model' at the International Retail Franchise Summit on 9 March. The debate will involve Ali Aliev, corporate development director at Regus, Ben Alba from 44 Cats Fashion and formerly George@Asda and Marks & Spencer, and Miles Young, chief operating officer at Landmark International.

The summit runs at Hilton Olympia in London, and you can check the full schedule here.

For more details on the summit, or to register for the conference, please contact event director, David Webster, on david@legendexhibitions.com.

Click below for more information:

International Retail Franchising Summit 2016