What is franchising and what makes it successful? Joining a franchise can be a great business venture for entrepreneurs that want to be their own boss while also benefiting from the power of an existing brand.
Brand recognition and consistency are key elements to a successful franchise. Customers build trust and loyalty as they interact with the franchise, making it more likely they become repeat customers. This continuity and standardisation are essential to running a successful franchise, along with other aspects which we have provided further detail on in this article.
That being said, there’s a lot of work that goes into becoming a franchise partner even when you are provided with the kind of support like that which is available to our Esquires Coffee franchisees.
Like all business investments, there can be risks, and there can be rewards. However, franchising can offer a more favourable balance of reward over risk, especially when done well.
So, what exactly makes a successful franchise?
What are the Characteristics of a Good Franchiser?
Running a business is hard, especially when you’re starting from the ground up. That’s why franchise business opportunities are becoming increasingly popular, as more entrepreneurs look to begin their venture backed by the support of industry-leading brands.
Franchise Support
No matter which industry you’re interested in joining, one of the best indicators of the quality of your franchiser is the level of support they offer their franchisees.
Here at Esquires Coffee, we offer support throughout the journey, helping our partners when it comes to site procurement, marketing materials, training programmes for leaders and staff and much more.
The value of a dedicated franchiser with expert market knowledge and proven business processes cannot be overstated.
Franchise Cost
Other markers of a successful franchise are appropriate initial coffee shop franchise costs. The cost of a franchise should reflect the returns you can expect, with more expensive franchises offering greater returns and profitability in the long run.
What does it Take to be a Successful Franchisee?
But what about the franchisee’s role in the path to success?
While establishing whether you’ve got what it takes to run a successful franchise, it’s important to consider the key elements that are the building blocks of an excellent franchise.
A Robust Business Plan
Before entering into any kind of partnership, you’ll need to prove yourself to potential franchisors with an airtight business plan.
A franchise business plan will not only show your dedication to the venture but will also help keep you on track as your business develops, guiding you to refine and meet all your goals.
A business plan must have defined goals and actions, and each aspect should be discussed with the franchiser, some of the key information to be included are as follows:
- Executive summary
- Overview of the business
- Competitor and market analysis
- Outline of product and services
- Sales and marketing
- Customer segmentation
- Logistics and operations plan
- Financial forecast.
Brand Connection
While some franchises like Esquires will give you a substantial amount of freedom, allowing you to emulate that feeling of an independent store, being able to connect with the larger brand is essential.
Most will forget that they need to have a personal connection with the company, but this is important as it will keep you motivated to work and stay involved, always seeking to improve your store's performance.
When considering which franchise to partner with, choose a brand whose values match your own regarding image and both internal and external practices. If you cannot believe in the brand behind your store, you cannot reach your full potential.
For this reason, many entrepreneurs turn to Esquires as their ideal franchise. We have a proven record of ethical business practices, including our use of sustainable, Fairtrade and ethically-sourced coffee and ingredients. People join Esquires to make a difference in not only their local community but the wider world too!
Good Communication
In many respects, franchising is a two-way street.
From the early stages of your new business venture, the franchiser will support and train you, so you have a deep understanding of the best industry practices. This training is part of what makes franchises more successful than independent start-ups.
However, the main reason people choose a franchise is that they want their own freedom. Therefore, a middle ground needs to be found between the franchiser and the franchisee to ensure all participants can thrive. For this, good communication and an effective working relationship are key.
Here at Esquires Coffee, we take pride in allowing our store owners to feel independent while supplying the buying power, industry knowledge and resources of a larger coffee chain franchise.
Location
Customers themselves are, of course, a large part of the trajectory of your franchise. If you open up a new store and the customer base is simply not there, success will be limited.
Therefore, choosing the right coffee shop location is essential when looking into franchise opportunities. Most good franchisers will support their partners when it comes to establishing the best place for a new business.
Our Esquires franchisees are given support with site selection and lease negotiation to ensure location is never a hindrance on the path to success.
Confidence and Self-Motivation
Once you've decided which franchise to invest in and your business is up and running, you can start to build your role as a store manager. During this time, your personal skills and the support given by your franchiser will be crucial components to your success.
Two of the most valued characteristics for business leaders are confidence and self-motivation. It's essential that you believe in yourself as an individual, as this will impact your business and your ability to motivate staff. If you are willing to learn from your franchiser and have the confidence to communicate your ideas, you will be off to a successful start!
What is the Best Coffee Franchise in the UK?
If you’re sold on the franchise business model but still aren’t sure about which industry to join, why not consider becoming a coffee shop franchise partner? The coffee shop industry is incredibly profitable and has seen the success of many franchisees.
Here at Esquires Coffee, we are always looking for driven people with a proven track record to join our UK coffee shop franchise. With our comprehensive support structure and 25 years of market experience, there’s not much standing in the way of you and a successful career as a coffee shop owner and Esquires franchise partner!
If you’re ready to start building your reputation as a successful franchise owner, apply today!
