Are good times ahead?
It struck me today as I wandered around the latest franchise exhibition at Olympia that franchising really is in good health. As more and more uncertainty over the economy pre and post Brexit pre-occupies the nation, now is really a good time for individuals to take control of their future and consider investing in any one of the many excellent franchise opportunities that are out there – so long as that opportunity inspires them to get out of bed each morning and succeed.
One of my primary purposes today was to meet up with a good number of my existing clients who are out there flying the flag for franchising. Not all franchise systems are high profile and well known but each of them operate in a specific a niche, whether that be the need to supply chemicals to many industries so that they can meet their regulatory requirements, like my client at Chemex, a well-managed established franchise system or The Alternative Board, about to reach the milestone of their 10th anniversary of working with businesses to support their management infrastructure by delivering high quality coaching and guidance to business owners and directors.
You may have never heard of either of those organisations (if you’re outside the franchise bubble) but they like my other clients such as ActionCOACH, who offer a unique coaching service to drive business and personal performance to new levels, they are finding that there is plenty of opportunity out there as individuals are seeking new levels of personal and financial security in what may indeed be a brave new world here in the UK.
It’s only early February so we are just one twelfth into the new year, but January has seen a great influx of leads to our clients, so this is indicative of good times ahead. The challenge all franchisors face is securing a consistent flow of quality leads because whichever way you look at it, we are in a numbers game – but quality always beat quantity. However, with both in force 2019 could be a great year for franchising. I can help you with your lead generation - get in touch with me here.
Many individuals are taking action to sort and secure their future, 2018 was also a good year but there was a degree of procrastination in the market but, we are now seeing more urgent action. I expect to see more franchisees being recruited this year across the industry and more importantly, to me, across my client network.
One of my other clients, Tutor Doctor, have seen phenomenal growth in their business over the last couple of years – but they see it getting even better! Why? The reality is they work in a niche which has huge potential because, as parents (or even grandparents), we want to give our children the best possible opportunity to succeed and so we will do all that we can for them. That’s what a good franchise system does – work in a sector of sustainable growth.
Just before I visited the franchise show I’d seen Question Time the night before and when I screened out the inevitable political bickering, what you could hear is that people want security and industry wants stability. My client Expense Reduction Analysts operate in a sector where they offer their clients security and stability by managing and improving costs in their client businesses. When you see what they can do for clients it’s a no brainer for somebody not to want to get involved in a business like that.
What franchise prospects are all looking for though is INSPIRATION. This is potentially going to be the rest of their working life and they need to be motivated and inspired to want to do this. They’ll all have different reasons; financial, lifestyle, legacy for example and so long as we can meet those needs and desires we have a huge market to tap into. We have to appeal to their emotions as well as their logic – this is a business opportunity after all – but great franchise systems, like some of those already mentioned know how to appeal to both parts.
So, my original tenet was, are good times really ahead?
I am a long-time advocate of the franchise industry having been involved since 1993 and worked as a franchisor on four occasions. There are always challenges in franchising but how we deal with these and overcome these define where we end up. I’m a realist and understand that there are times when the glass is half-full and sometimes it feels like it’s half-empty. Currently, I am in the camp of that we are better than half-full and 2019 gives me great optimism for our industry, a view that I hope many (all!) of you share.
There are challenges for prospects and franchisors ahead (take a look at this article) but if we go into them brimming with confidence – because we are confident – then we will succeed.
Have a great show and if you want to know how we help franchisors generate a consistent flow of leads please click here!