Despite the lack of consideration, why is franchising becoming such a popular option? Really it comes down to three things; reducing risk; a wide variety of business opportunity and an increased chance of success. This is all achievable provided you’re prepared to put the work in.

A diverse future ahead Franchising has evolved significantly over the last 30 years. While it was once renowned with fast food giants such as McDonalds and Subway, there are now thousands of franchise brands that cover an abundance of business models and styles.

Today, franchising also goes beyond just selling physical products. Services such as cleaning and consultancy are all rapidly growing opportunities, as are home-based businesses.

Proven successful track record Investing in a business with a demonstrable demand for its product or service and a history of success, significantly reduces a franchisee’s exposure to risk. Successful franchise companies tend to be those with clear business processes that consistently deliver positive results to their customers. An established brand Anyone who has built a business from the ground up will at some point mention developing a strong brand. This can be a slow and exhausting process. One of the biggest advantages of franchising is that you are buying into an already well-established brand that has a perceived value in the eyes of their consumers. Again, this increases the business’s likelihood of success and subsequently reduces the risk factor. Training and support Sometimes people forget that it’s in the company’s interest to give it’s franchisees the greatest possible chance to succeed. Most people who set up their own business must learn through trial and error, or at the expense of a business coach. They need to understand and learn the franchise’s values, business model and processes. Beyond initial training, a good franchise continues to support its franchisees, helping them building better, more profitable relationships as they go. A reputable franchise continuously launches new products and marketing strategies to further support franchisees, making more sales collateral available, allowing franchisees more time to focus on building their customer base.

The franchisor’s capital requirements will be lower because the franchisees provide the capital to open each franchised outlet.

The local management of each franchised unit will be highly motivated and very effective. They treat the franchise units as their own and that will usually lead to higher sales and profit levels.

The number of employees which a franchisor needs to operate a franchise network is much smaller than they would need to run a network of company owned units.

The franchise network can grow as fast as the franchisor can develop its infrastructure to recruit, train and support its franchisees.

The franchisor will not be involved in the day-to-day operations of each franchised outlet.

The franchisor will not be involved in the day-to-day operations of each franchised outlet.

The franchisor will not risk its capital and will not have to sign lease agreements, employment agreements, etc.

Leveraging off the assets of franchisees helps franchisors grow their market share and brand equity more quickly and effectively.

Franchisor will reach the target customer more effectively through co-operative advertising and promotion initiatives.

Franchisors use the power of franchising as a system to build customer loyalty- to attract more customers and to keep them.

International expansion is easier and faster, since the franchisee possesses the local market knowledge.

Networking events are often fantastic opportunities to learn something new. When you attend conferences and meetups, there's usually guest speakers, lecturers, and seminar leaders talking you through a diverse array of relevant topics. Then there are the other attendees with whom you can discuss the franchise model and business practices in general. Networking events are excellent educational opportunities and franchisees should be looking to develop their understanding of certain issues by making the most of others’ expertise.

As with any type of socializing, networking exposes you to new people, new perspectives, and new ideas. This could include anything from cutting-edge management theories, the latest industry developments, or the latest innovations in franchise structuring and expansion. These new ideas aren’t only for fresh-faced franchisees either. Just because you’re an experienced businessperson doesn’t mean that there’s nothing new to learn. Both franchisor and franchisee can benefit from exposure to new ideas – if you’re not keeping up with latest developments, you’re falling behind!

In the modern business environment, the pace of technological change is so rapid that it's often difficult to keep up. However, for most franchisees, it's essential that you do so. Falling behind gives competitors a distinct advantage and can leave you trailing behind and struggling to catch up. Trade fairs and expos are often the places where you'll first encounter technologies that could become the next significant advance in your industry. While you don’t necessarily always need to be an early adopter, being aware of these new tools and technologies allows you to monitor their use and more accurately assess whether they’re going to have a meaningful impact on your industry.

An essential part of networking events is meeting and socializing with those business people with a shared interest or mutually beneficial business plan. Through networking, you could meet the individual that’s going to give you the big break you’ve been looking for. You may encounter a supplier who can drastically reduce your costs or a future partner who wants to join forces to invest in new technology. The possibilities and opportunities are endless, and the only way to take advantage of them is to get out there and network!

Finally, many people overlook the fact that networking is important because it also offers franchisors and franchisees an opportunity to relax, socialize, and enjoy themselves. With all the hard work you've put into growing your business, you deserve a chance to mix business and pleasure. After all, all work and no play.