Today i will be covering five crucial tips and tricks for anyone looking to franchise their business in the UK in 2020. Hopefully this article will answer any questions you may have had around any of these tips. This article is mainly for any beginners looking to franchise in the UK. If you are interested in more advanced tips around franchising i suggest you stick around. Since we are an active community posting articles regularly to help anyone with the business journey.
1.) Why Franchise Directories Are Good
If you are very new to franchising you may be thinking what is a franchise portal? First of all a franchise portal also known as a franchise directory can help with generating leads. I highly suggest to use franchise portals as they are much cheaper than generating your own leads using tactics such as google ads. Now i will cover some points on why franchise directories are better than generating your own leads.
The Start-Up Fee :
To start generating your own leads you must have multiple things set up such as :
- A working lead platform to track your lead and monitor lead quality
- You must have a decent google ads campaign to attract people to your website
- You will have to buy a separate domain for your franchising page
- You will also need a custom coded page with a enquiry form sending the lead to your email
You see all these things will cost you thousands of initial investment per year. And this is just to gather leads this is not including trying to make the sales. So this shows why all your competitors in the franchise industry would prefer to use a franchise directory since it works out a lot cheaper and is better value for money.
2.) Do Not Rush In To Franchising
This is a very important tip for anyone who is growing a business in the UK. Because even though franchising is a massive opportunity for growing in the UK and sometimes even internationally it is a big job to grow a brand in the first place. That’s why you need to be very careful is you want to replicate a good business model successfully around the UK. Since that’s what franchising is at the end of the day.
3.) Is Your Business Profitable In 2020?
Another tip is to make sure your business is profitable in 2020. Some people may just think their business is not profitable full stop. But sometimes that is not always the case sometimes a business may not be profitable because of things happening in your geographic location. Like for an example for many franchises in 2019 struggled to generate leads and it was not because they had a bad business model it was mainly because of Brexit and all the uncertainties around making a big investment. So always remember sometimes it is not your business model that is the problem sometimes it can also be other issues dragging down your businesses full potential.
4.) Never Blow Your Full Marketing Budget On Day One
Some people think since they are franchising they need to buy everything at once to get their brand known on day one. Because in reality this is far from the truth like in any business it is always good to allocate to what you are buying. So say you purchase a premium listing on a franchise directory you have allocated one part of your budget towards lead generation. Overall it is best not to spend all your budget on day one because that can go two ways. You can grow fast and get right in to franchising or regret your decision entirely.
5.) Make Sure You Are Passionate About Your Chosen Industry
Remember always franchising is a huge deal. So you want to make sure you are definitely in a industry you are most passionate about since that is what you as a franchisor are going to be making all your income from. So this leads to another tip remember chase the passion and your dreams and make a good income. But never chase the money and lose your passion. Since a loss of passion is one of the most dangerous thing for a business to thrive further on.
Thanks For Reading
Like always i thank anyone for reading the whole way through this article since i can assure you a lot of hard work and effort go in to making these. But it is all worth it to help people achieve their dreams , grow their companies and overall achieve financial independence. Of course these tips were made more specifically for any beginners to franchising in the UK in 2020 but of course anyone needing answers to these can have a read.
Sources : Franchise Association ( QFA )