Radfield Home Care was thrilled to hear the benefits of franchising being discussed on BBC Radio 4.
BBC Radio 4 show ‘The Bottom Line’ has been discussing the benefits and growth of British Franchise Association (BFA) approved franchises, much to the delight of home care franchise Radfield Home Care.
The discussion, which was presented by Dragons Den and Newsnight host Evan Davies, saw franchisors, franchisees and franchise legal professionals all sharing their experiences of franchising. The sector has seen growth even through the severe economic crisis of 2008, with the number of BFA accredited franchises constantly growing in recent years and over 50% reporting turnover of more than £250,000 every year.The discussion delved into the benefits of being BFA accredited and franchising generally. With over 900 franchises in the UK alone, in sectors including Radfield Home Care’s own as well as automotive, mobility, fast food, property, finance and even pets, there’s something to suit everyone’s area of passion or expertise. It highlighted how industry-specific experience often isn’t necessary, which Radfield endorses in its own business, asking that potential franchisees simply come with their entrepreneurial spirit and drive.
The programme discussed the BFA’s ethical franchise opportunities, which provides its rigorously approved brands with access to educational tools and franchise exhibitions throughout the year. It also highlighted the security of franchising, as franchises must have ‘piloted’ for at least 6 months before welcoming franchisees on board. This gives franchisees confidence that the business can work, compared to the failure rate of 95% for independent fledgling businesses within their first five years.
The supportive nature of franchises was also named as a positive. Rachana Pancholi, an experienced franchisee for a fast food brand, explained how your franchisor should always give you whatever you need to succeed:
“Ultimately, the more you grow and succeed, the greater the profits for the franchisor and the better the brand awareness for fellow franchisees.”
The BFA’s legal commitment to having a protected territory from competitors within your franchise was discussed, to ensure there’s enough custom in your area and that new franchises will not appear next door and ruin your business. Finally, the opportunity for opening multiple outlets of your franchise was highlighted, showing how you can grow your own business into an empire with the support of your franchisor.
Sophie Cole, Point Franchise ©
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