The pathway to franchise success
Events like Brexit and the COVID-19 pandemic have thrown markets into chaos, with many businesses still facing confusion and uncertainty when trying to adapt to changes and plan for the future. On the other hand, the growth of e-commerce has continued to accelerate, and the success of entrepreneurs in the field has encouraged more people than ever to start their own businesses.
However, statistics show that 60% of new businesses fail within the first three years. The number of new businesses created each year is steadily rising, but so is the number that don’t make it past the first 12 months. If your business can adapt to challenges, there are opportunities for it to thrive even in the current climate, but it’s harder than many successful entrepreneurs are able to make it look.
The franchise model offers a perfect solution. It enables the franchisee to own their own business without facing the same level of risk as a brand new business. In 2018, less than 1% of franchisors closed due to commercial failure, and 93% of franchises claimed profitability, a significantly higher rate than new businesses started in the same period.
Franchising can give your business a head start, with the benefits of the branding, customer base and reputation of the franchisor. But success requires the same amount of dedication, hard work and self-motivation as a non-franchise business, so if you’re aiming to start your own franchise there are a few things to consider.
World Options commercial director Michael Gratton has supported many of his franchisees to grow their businesses and achieve success. The company has seen significant growth over the last couple of years and is well-placed to serve the growing e-commerce sector, so you’ll benefit from Michael’s knowledge of emerging markets, and advice on staying flexible and adapting to change.
Michael will present a checklist, incorporating both the personality traits and professional experience that potential entrepreneurs will need in order to achieve success with a franchise business. He’ll also offer insights to help you identify the right type of franchise for you and understand the different pathways you can take towards starting your own franchise, to give you the best possible chance of success.