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Franchise growth in times of recession

Franchise growth in times of recession

Franchise system growth in recession

Rightly or wrongly recent history shows that franchise systems can grow strongly in recession. This is because as job losses and redundancies kick in many workers decide not to return to the workplace as employees. After many years of dedicated services many hardworking employees that loose this jobs decide to take their destiny into their own hands. Even in shrinking or slowing market conditions franchising offers a more secure way into business for once employed individuals.

Prepare to grow

For franchisors that are recruiting now more than ever should be planning their network growth strategy. Franchisee recruitment is a slow process. As job losses kick in more and more people look to franchising to move their futures forward. It is vital therefore that both recruiting franchisors and prospective franchisees can find each other easily and quickly.

Visibility

Nick Strong, MD of www.selectyourfranchise.com explains that the web offers a 24/7 option for both franchisors and franchisees to start their due diligence and meeting process. It takes time to do the due diligence required on both sides. Franchisors should start their concerted marketing and advertising now to ensure that they are available and ready to deal with the influx of new enquiries and franchisee members to their systems.

Finance

Banks are still keen to lend to new and expanding franchisees. Credit ratings are now more important than ever with the banks. Franchisors should be working closely with the leading banks to ensure they can effectively support their potential new recruits in their approach to the banks for funding.





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About The Author


Nick Strong
(Visit Nick's Website)
Nick Strong launched www.se lectyourfranchise.com in October 2002. The site is now an industry leader and advertises over 450 franchise brands in the UK, USA and Canada. Nick has over ten years of experience in domestic and overseas franchise development. Nick is the Managing Director of Select Your Franchise UK Ltd, The Franchise Supplier Showcase and FranWeb Ltd. Company websites are www.S electYourFranchise.com, www.F ranchiseSuppliers.co.uk and www.FranWeb.co. uk. Nick also specialises in franchisee recruitment and business development training. To find out more about the services Nick and his team can offer you please go to www.selectyourfranchise.com/ contact.html
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