Helen Phillips, of Mustard Advisers, has joined EWIF – Encouraging Women Into Franchising
EWIF is a not-for-profit organisation run entirely by volunteers, providing advice and guidance to women looking for a route into the franchise industry. Their remit is
- to encourage women to consider buying a franchise,
- to encourage business women to franchise their existing operations, and
- to help franchisors attract more women to their networks.
Whilst 65% of employees in franchise organisations are women, only 37% of franchise owners are women. EWIF aims to address that imbalance. Franchising can be a particular attractive option for women who would like to fit a successful career around the demands of the school run or home life.
The Benefits of Franchising
Franchising is a great option for growing your business. It can provide rapid growth, for minimum risk and capital outlay, and can generate a substantial passive income stream.
Becoming a franchisee is a great option for starting your own business too. Whilst around half of non-franchised start-ups will fail within five years, 93% of all franchise businesses are profitable. In the 2018 NatWest / BFA Franchising Landscape Survey, 60% of franchisees who have been trading for 5 years or more report that their business is quite, or highly, profitable. The failure rate for franchise businesses is very low, with less than 1% closing per year due to commercial failure
Get Ready to Franchise Your Business
If you want to franchise your business, you need to be ready. This means you need to be making consistent profits, sufficient to meet your needs and those of your franchisees. The Mustard Diagnostic Tool can establish where there are opportunities to create more value from your business. Our proven 8-step programme will help you to get there.
For you to replicate your business, it must not depend on you. When people think of your brand, do they think of your products or services, or do they think of you? How much time can you spend working “on” your business rather than “in” your business? Even with consultancy help, you will need to make time to focus on creating the franchise operation and recruiting franchisees. The Mustard programme is designed to help you extract yourself from the day-to-day running of your business, so you have more money, more time, and more fun.
Finally, as a franchisor, your role will change. You will go from running your business, to managing a team of franchisees that are running businesses like yours. The Mustard team can help you make sure you recruit the right people, and develop your leadership and business management skills. We can even help you train your franchisees to run their own businesses successfully.
Mustard are a well-established business advisory organisation. We work with owner-managed companies to help them realise their full potential so that they have more time, more money and more fun. If you would like more information about how Mustard can help you franchise your business, please get in touch.