Formula 1, The Great British Bake Off & The Franchise Alliance
Back in 2005 Channel 4 lost Graham Norton to the BBC, this year the BBC lost Formula 1 & The Great British Bake Off to Channel 4! The retention, attraction and recruitment of talent can make or break a business and this is true of franchised businesses also.
Mel & Sue invested 6 years of their lives into The Great British Bake Off and were quoted as saying "The BBC nurtured the show from its infancy and helped give it its distinctive warmth and charm, growing it from an audience of two million to nearly 15 [million] at its peak.”
Lewis Hamilton has invested more than 21 years into his F1 career.
Why is this relevant to franchising?
A potential franchisee will be looking to invest a minimum term of five years in their chosen franchise. Unlike the BBC it is doubtful that they will be asked to invest £25 million (or be asked to risk their lives on a race track) but with franchises costing anything from £1000 to £250,000 + it is still likely to be a significant sum of money. It is also a road with many potential obstacles and pitfalls. It therefore makes sense that an individual looking to make such a leap would invest also in a significant amount of research and due diligence BEFORE taking such a step.
This is were The Franchise Alliance and its system of accreditation is of benefit to franchisees and franchisors alike.
The potential franchisee can be certain that those listed on the site have a reputable, tried and tested business formula that can be replicated successfully. The franchisor can be certain that candidates introduced via the site are taking the time to research accredited business models and are therefore more likely to be looking seriously.
Mel and Sue talk of the nurturing environment at The BBC which instilled such loyalty from them. Hardly surprising that those franchises that offer support, guidance and ongoing mentoring and training to their franchisees are the ones who attain accreditation… and retain their staff.
If you “knead” to attract and retain your own Mel & Sue (or Graham) and not spend too much “dough” in the process then make getting in touch with the expert team at The Franchise Alliance your first pit stop. We can’t promise a “cake walk” but we can promise that we will “rise” to the occasion.