FREE | Read the first 2021 edition of Sunday Times Franchising
Franchises have been more resilient than the average stand-alone business
Our experts interviewed in the first quarter of 2021 issue of Sunday Times Franchising agree that franchises tend to be more resilient than the average stand-alone business.
Robust systems, support networks and negotiating clout should be the hallmarks of any franchise. It’s in the interest of franchisors to see their franchisees through the worst of it.
There’s doubtless a gain when seeking finance from banks, but these understandably consider the franchisor’s standing and their role in assisting during troubled times before granting a loan (page 20). For industries especially hard hit, like fitness, such support goes beyond waiving fees and negotiating discounts – franchisors have been lobbying government and investigating insurance relief options for members (page 23).
The restaurant industry has suffered immensely too and is learning how to create spaces where customers can feel safe (page 13). Green shoots are sprouting in education, where the growing demand for STEM skills provides potentially lucrative opportunities for franchisees (page 24). And in the renewable energy industry, great things are happening (page 27).
Extraordinarily, there are success stories too. Neighbourhood grocery stores have reaped the benefits of a populace unwilling to travel to big shops or eat out (page 19), while the property market has been flying since the easing of lockdown restrictions, with several franchisors reporting an upsurge not just in buyer interest, but also that of potential franchisees (page 9).
– Anthony Sharpe, editor