Businesses that sell things or trade where the product or service is management and is not a discretionary purchase … now that’s smart!
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Franchising is used to describe many different forms of business relationships, including licensing, distributor and agency arrangements. The more popular use of the term has arisen from the development of what is called ‘Business Format Franchising’. 
This today the fastest-growing segment of franchising and has spread to virtually every sector of the economy in UK. It has significantly more franchise systems, more outlets, more employees and more opportunities than product and trade name franchises.
The principle is simple – some companies choose to grow, not by developing in the conventional way, but by granting a license to others to sell their product or service. There are clear advantages to this:
- You don’t have to come up with a new idea yourself because you use someone elses idea and they have tested it
- Larger, well-established franchise operations will often have national advertising campaigns and a solid trading name; there is something attractive about being the first though!
- Good franchisors will offer comprehensive training programmes in sales and indeed all business skills
- Good franchisors can also help secure funding for your investment as well
If aware that you are running a franchise, customers will also understand that you will be offering the best possible value for money and service because although you run your ‘own show’, you are part of a much larger organisation.
Once all that is said the the more prudent individuals amongst us look for business that leverage time and operate in growth sectors; I’m mean in march 0f 2009 you wouldn’t want to open a pub! So what’s hot: debt management; credit control; insolvency practitioners and the associated business; pawn shops; short term money lending businesses; business advice consultancies; work from home businesses; business that leverage the efforts of others; education; nurseries; domiciliary care; health care….
Businesses that sell things or trade where the product or service is management and is not a discretionary purchase … now that’s smart!
