Based on a recent survey conducted by the Quality Franchise Association, they firmly believe it can
This article is a must-read for anyone wishing to learn more about the UK's vibrant & diverse Franchise sector. Whether you have aspirations to invest in a successful franchise model, are seeking to work within this dynamic industry of business, or are curious and want to learn more about franchising.
The Quality Franchise Association (QFA) is a trade association that promotes and supports franchising in the UK and internationally. Established four years ago, the QFA was founded by franchise expert & entrepreneur Joel Bissitt. Joel Bissitt created the QFA, a not-for-profit trade association. Joel is supported by a board of thirteen skilled franchise professionals. The QFA is run solely on a volunteer basis and has reported rapid growth since its launch in November 2018. The QFA is understandably proud of its achievements and the level of support provided to Members and Partners.
The engagement and interest in the QFA movement has spread far and wide across the globe. This has led to substantial international expansion. As a result, the QFA brand is being sought by like-minded individuals keen to promote and support Franchising communities in their own countries.
The QFA team has worked hard to support Franchisors & Partners throughout the Covid-19 pandemic. In the first uncertain days, once the UK government announced the Pandemic measures, the QFA helped the membership by suspending all membership fees falling due until the impact of the pandemic showed clarity for the membership. The QFA is committed to providing support and great value membership to both its Members & Partners.
The Scope of the Survey
The QFA were keen to find out how the sector was coping with the pandemic's unwelcome arrival and whether the sector was proving to be robust as they thought or showing signs of vulnerabilities. What changes had the members made as a direct response to the challenges of the Covid-19 pandemic? The QFA needed to know the answer to these questions and reacted by launching a survey to report on the impact of the Covid-19 pandemic on the franchising sector. The report is available to be downloaded for FREE so if you are interested in learning more about the franchise sector during the Covid-19 pandemic feel free to download the Quality Franchise Associations report today. The survey showed some surprising results that the QFA could share with NB readers.
The Survey
The data in the report covered the UK and Franchises of multiple genres to help the QFA team examine the sector during an unprecedented time of trading. The report gathers data proving that franchising is both flexible and shows strength in adverse economic times.
The key franchise sectors that responded to the QFA survey included:
- Food & drink
- Education
- Hospitality
- Care
- Service
- Healthcare
- Business to Business
- Home-based
- Child related.
The survey had responders in the following United Kingdom geographic locations to include businesses based in the:
South East - South West - Midlands - North East -Yorkshire - Scotland.
The data from the responders were divided by turnover to enable the QFA a reflective balance. They replied to several statements and shared their views openly.
The Response
Key areas promoted an appetite and optimism for this dynamic area of business. As you will see in the report, 50% of Franchise businesses disagreed or strongly disagreed "that their businesses had been affected since the start of the pandemic".
Furthermore, 96.82% "believed their franchise model had been robust during the pandemic".
64% of the sample either agreed/strongly agreed "that they felt the Franchise Business Model has been instrumental in the survival of the business during the pandemic".
Many factors helped franchise businesses to flourish during what has undoubtedly been one of the most challenging times for UK businesses. These included key areas of improvement such as increased use of technology and diversified their products or services.
It is encouraging to learn that despite the effect of the economy as a whole, 78.53% of survey participants reported: "continued and strong sales during the Pandemic". With over two-thirds of Franchisors anticipating "an increase in monthly revenue once lockdown was lifted."
84% of Franchisees surveyed believed that "the Franchisor provided a sufficient level of support to their businesses during the pandemic".
The Franchise Model is key.
A franchise business model is distinctive in its structure and operation. The success of a franchise is dependent on two parties, the Franchisor & the Franchisee, working together. Therefore, the robustness of the model on which it is based is the key to operating a successful business.
There is no doubt that the Covid-19 pandemic and its impact on the economy have been unprecedented. However, despite the economic downturn, franchise businesses continued to grow and have been adaptive and reacted to the challenges bought by the pandemic. The results of the QFA survey are encouraging to read for those operating within the franchise sector in the UK.
The resilience shown by the UK Franchise sector during the pandemic is, on the whole impressive. If you want to learn more about franchising, Visit the Quality Franchise Association for the latest franchise news, meet our members and engage with franchise professionals. The QFA has a range of online educational courses, many of which are free of charge, so whether you are considering a franchise investment or you are interested in developing your own franchise model.
If you are interested in investing in a franchise opportunity, Franchise UK, a QFA Partner & the UK-based leading Franchise Directory, has a comprehensive list of franchises looking to recruit franchisees nationwide.