Coverage of franchising continues to increase as more national newspapers explore the growing industry.
The Guardian: How to join the franchise boom
Corporate solicitor Vanessa Crawley provides Guardian readers with an insight into franchising and the law.
This piece of franchising news includes some compelling facts about the industry, for example, more new businesses fail compared to franchise businesses. Crawley goes on to cover three key legal areas:
1. Creating a franchise agreement
- A brief introduction to areas included in the legal agreement including fees, intellectual property rights and training.
2. Creating an operations manual
- The outline of the document is covered which, according to Crawley, should include operating methods, legal and ethical issues and the franchisor’s directory.
3. Protecting the brand
- The brand and protection of IP, intellectual property, are covered, with Crawley stressing that the franchisor should always provide the franchisee with the detailed wording of their expectations so that franchise brand is represented consistently across the business.
Huffingtonpost: Franchises for entrepreneurs seeking additional income
Finance blogger Lauren Bowling explores the different kinds of franchises available to purchase, covering:
Single Unit franchises: Defined as ‘purchasing a single “unit’’ of a franchise location to own and operate’. Bowling recommends this option for first-time franchisees.
Existing or franchise resales: Defined as a franchise business that has already been established, usually being sold by an existing franchisee. Bowling describes this as a safer purchase, as the business will have already built up a reputation with customers.
Multi-unit franchise: Described as an opportunity for those with ‘money to burn’, multi-unit franchises are an opportunity for a franchisee to open more than one store in a particular region.
Area developer: Pitched at somewhere between master franchising and multi-unit franchising, an area developer’s role is open up a large number of stores in one area with the expectation to manage and run the businesses.
Master franchisee: Bowling describes master franchising as an opportunity for the franchise ‘pros’, that involves buying the rights to a specific area, then developing that area by selling more franchises and managing franchisees.
Student Times: BFA urges more young people to get into franchising
The Student Times, published fortnightly, issues 150,000 copies to students across UK universities.
The April 5th edition brings franchising news to the fore, highlighting the benefits of going into business to the younger generation.
This news piece features comment from the bfa and focuses on the UK-wide drive to encourage more of the under thirties into franchising. The bfa’s launch of its ‘In Business By 30’ campaign’s objective is to use the power of ‘social proofing’ through customer success stories from existing young franchisees.
The Student Times article quotes the latest bfa research report [January 2016], highlighting that the franchising sector is worth an impressive £15 billion to the UK economy.
Bfa CEO Pip Wilkins comments, stressing the ‘franchising provides the under 30’s with a ‘reliable’ and ‘proven’ platform to launch their own business.
Interested in becoming a single-unit franchisee? Or perhaps you are looking for a master franchise opportunity? You can search for a range of franchises with Reed Commercial now.Tags: bfa, franchising news, growing industry