Mercury Franchise Consultants provide a range of support for businesses looking to franchise in Wirral, Cheshire and Merseyside. It is all about Franchising your business is an excellent way to grow your brand and increase your market potential.
No business model can ever be guaranteed success, but the statistics show that franchising might be as close to guaranteed as you are likely to get. The British Franchise Association produces an annual report in partnership with Natwest, which gives a very positive outlook for the franchise industry.
Franchises now contribute over £17 billion to the UK economy, an increase of £2.1 billion since 2015. Not only that, they employ 710,000 people, over half of them full time. Franchises are a significant part of our high street and our economy, but what do the stats say about your potential franchise opportunity?
A person choosing to set up their own, independent, business from scratch is taking quite a risk. They have to be confident that they can beat the odds, after all around 50% of all new businesses fail in the first two years. The outlook for a new franchisee is dramatically different. Buying into a proven business model, with training, systems, and support available to them means the chance of success is far higher. In fact, less than 4% of franchises fail each year. Not only that, over 90% are profitable within those first two years and 50% of all franchises turn over more than £250,000 annually. This fantastic success rate means that banks are more likely to look upon new franchisees favourably and are more inclined to loan to them than other start up businesses.
Franchises aren’t always small businesses either. While 4 out of every 10 can be run from a home office, many are much bigger and quickly grow. In fact a third of franchise businesses employ 10 or more people, compared with only 4% of all UK businesses. Whichever way you look at it, if you want a business with the best statistical chance of success, profit and growth then the franchise model is a great place to start.
In an uncertain political climate people are naturally wary of moving in new directions but the statistics here are reassuring as well. While nobody can predict the future, the franchise industry has shown 90% profitability annually for over 20 consecutive years. Those years included a significant recession, showing that the franchise model is resilient, and it has been described as “recession proof.”
As a franchisor you will want to know that your franchisees are likely to succeed, but what of your business as a whole? Multi-unit franchising is on the rise at 36% (up 7% since 2015) and 25% of all UK franchises now operate overseas as well, with a further 11% hoping to open outside the UK soon. Whether or not you dream of changing the world, it’s certainly reassuring to see that the business model is proven to succeed.
If you want to know more about Franchising a great place to start is by downloading my free gift; 5 Things You Need to Consider Before Franchising and I am always available to answer any questions you have in the mean time.
Can I franchise my business is a question I get asked almost daily. This is why it’s the topic I am covering in my next workshop on the 23rd April in Warrington. In this post though my aim is to help you understand the value and benefit of franchising and show you how successful it can be by looking at the statistics. If by the end of this post you are intrigued and want personalised advice about how it could work for you then look for booking details to secure your seat at the workshop.
More than £15 billion is generated by UK franchises every year and there are more than 1000 franchises currently operating. Each year this rises by 10%. This goes to show that it’s a proven and successful model that is generating income and changing lives for many bold business owners around the country.
Attracting Franchise Owners
Many people who come to me and worry about their potential franchise success, more specifically they worry about attracting people to buy into them. They don’t want to invest time, energy and money into franchising if they can’t sell it.
To help you with this it’s important to understand your ideal client a little more and their potential motivations for buying a franchise.
Most people who buy franchises do so because they are craving a better work life balance. They want to work for themselves and own their own business but they don’t have a business idea to start independently. They are attracted by the concept of buying into a business with a ready made brand and the fact that it had worked as a model for someone else means that it is a lower risk investment.
By selling your business model as a franchise you are actually improving the lives of others by giving them your opportunity.
78% of franchisees are so satisfied they would recommend their franchise to others and 88% enjoy the day to day running of their business.
Think how it would feel if they were saying that about your business.
50% of franchise owners reported in 2017 that they earned £250000 annual income.
If your business is more than a year old, you have experienced success in its current form and you are committed to growth then I believe you have potential to franchise.
Join me on my Warrington workshop on the 23rd April.
Alternatively, download my 5 things you need to know before franchising guide.
Life as a business owner is not an easy path. There are ups and downs and surprises around every corner. We all expect that there will be times when we grow at a quicker rate than others but what happens when we feel totally stuck?
There comes a point in most businesses, when you’ve done all you can. You work all hours you could possibly work each week and you give everything you could possibly give. But nothing seems to shift.
When this happened to me I began to wonder if this was it. Had I reached my limit? Was I being greedy to even want more? After all I had a successful business, I should be grateful, right?
Well truth be told I didn’t feel very grateful.
From the outside I may have appeared successful but maintaining my business and lifestyle was far more than a full time job. My business had eaten into everything and everyone in my life. It’s common for business owners to have blurred lines between their work and personal life, but my business had become so overwhelming that there were no longer any lines at all.
My business and I were stuck. Not just in terms of growth, but emotionally too. I couldn’t see a way out. I was so passionate about my care business and still loved it but it just consumed me in a way I had not expected. It had left me exhausted and bordering on burnout.
Something had to change.
I couldn’t continue the way things were but I certainly didn’t want to stop or give up that wasn’t even an option. Desperately searching for another way I discovered franchising and my life changed.
Now don’t get me wrong this wasn’t an overnight transformation, I quickly saw the potential in franchising but I had no idea how to go about it. All of the advice on offer was expensive and out of my price range but also seemed quite intimidating and official. There didn’t seem to be anyone down to earth I could speak to about the process. There was no one that I felt comfortable enough to ask questions, even really stupid ones (of course I know now there was no such thing as a stupid question).
This unstuck me.
My business as a franchise could grow, I was no longer bound by the pressure that to earn more money or have a bigger impact I had to work harder and give more hours (of which I had nothing left to give). Having a franchise meant that the work I put in to the business could be repurposed each time a new franchisee came on board. The same amount of hours and hard work would benefit me and my business limitless times.
I found myself in a very enviable position. My income was growing but I actually had more time. The lines between my business and my personal life became clearer and the elusive work life balance became something I actually understood.
It had such a significant impact on my life that many of my friends and connections within the business world started to ask questions they wanted to know how I had done it.
Of course I told them.
I soon realised that I had not been suffering alone. There were so many other business owners that were experiencing the same feeling of being trapped. There were so many businesses that were stuck.
This is how Mercury Franchise School was born.
I now run two businesses. My Apollo care business is booming with now 9 franchisees on board but through Mercury Franchise school, I also provide the tools and coaching support that business owners need to take them from where I was to where I am today as a franchise owner.
On the 23rd April, I will be running a workshop in Warrington entitled can my business be franchised. This is a great opportunity to learn about franchising and be able to ask those burning questions, safe in the knowledge they will be answered truthfully and with integrity. If you are interested in attending this workshop email me at email@example.com and I will send you the details. If you can’t make this event but would like to talk about what franchising could do for you then book an appointment today.