What qualities should I look for in a marketing franchise?
Posted by Activ Franchise on July 20th, 2022
The franchise business in the UK is growing rapidly and so are the new opportunities. According to a survey by BFA(British Franchise Association) and Natwest, by the time of the survey, the Franchise Industry contributed £15 Billion to the UK economy - that’s an increase of 46% over the past 10 years. When compared to independent marketing businesses, the marketing franchise is a more hassle-free and successful option. A franchise is more likely to survive when compared to other start-ups. This means it can be a lower-risk opportunity than starting your own business from scratch.
When opting for a franchise, you don’t have to work on branding, marketing, operations or setting up the business workflow. As all these parameters are pre-decided by the franchise provider, you just have to complete few requirements to start the business. After the pandemic hit the world, we saw rapid digitalization of services. As the world entered into the lockdown, lots of guidelines for businesses like cafes, restaurants, and theaters have been issued which resulted in businesses going from offline to online. Due to this, the companies that survived have chosen to incorporate automation into their business plans and opted to work with the right digital agencies. So, it is safe to say that the future of digital marketing franchises is bright and ever-growing. When choosing a digital marketing agency’s franchise, there are certain checkpoints to consider.
1. Choose The Right Franchisor- Before you start the franchise as a self-employed opportunity, it’s important to do your research on who are the key players in the field. It’s important to choose an established and known agency. So that you can start a successful business, rather than struggling hard to get enough clients and services to live up to the bare minimum. Because, in the second case, it gets traumatized and struggling to put efforts into an already dead business, resulting in the collapse of the franchise and selling it out at a lower cost.
2. A Dedicated and Involved Franchisor- It’s very important to choose a franchisor, who is proactively involved in helping you to start. The more training and guidance you receive from them, the chances are higher to succeed. Knowledge sharing is a valuable asset when it comes to setting up your franchise business. As the franchisor has already built an established and reputed business, he’s already aware of the tricks and treats of the market, which you can utilize to set up your business. Make sure, during the initial period, there should be ample support through every stage of your franchise.
3. A Proven Track Record- Once you finalize the digital marketing franchise, it’s important to run a background check. You should enquire about the founders, board members, and other people involved in the inception of the company. A perfect match for the business not only requires that you feel the franchisor has adequate experience, but you also have to identify if the fundamentals of the chosen business align with your vision. Because a parent company with a proven work history increases the chance of success for your franchise as well. Franchises with less recognition might still get you success, but that is a risky factor to play your bet on.
4. Free From Legal Issues- When you run a background check make sure to look into the company’s legal history. Make sure, there should not be any pending litigations or legal convictions against the franchisor. This may result in extra costs and strict regulations by authorities, which can be a problem in the long run for your franchise as well. Also, if the company is or was a part of any legal cases and by chance, the news is available in the public domain, it can easily hamper the reputation of the company, which will affect your business as people can also see your association with the firm.
5. Effective Cost- Make sure to identify the right cost that matches your budget and funds. If you choose the best, that doesn’t mean it should be unnecessarily expensive. Make sure to consult your accountant to analyze the financial history of the parent company. Check for their investments, returns, and turnover, and then choose for yourself.
Every marketing franchise serves a different purpose and it’s equally important to understand what your vision and niche for your marketing consultant job are. To align these two, it’s equally important to discuss above-mentioned details from your franchiser and any queries you have to add to these points. So that you can be sure about moving forward with your dream of owning a marketing agency. You can also contact Activ Franchise to explore more marketing franchise options in the UK.