A question I’ve been asked a lot recently!
I looked for an official definition for the word franchise and they are all quite complicated for what I believe is a simple premise. Here are some of the best…
- An authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company’s products.
- Franchising is a system of marketing goods and/or services and/or technology, which is based upon a close and ongoing collaboration between legally and financially separate and independent undertakings, the franchisor and its individual franchisees. The franchisor grants its individual franchisees the right, and imposes the obligation, to conduct a business in accordance with the franchisor’s concept.
- A right to sell a company’s products in a particular area using the company’s name.
- A way for people to start a business quickly without having to experiment like I have for years.
- The next step in providing career progression for Community Dance Practitioners.
- An opportunity for me to share what I have learnt.
- A way method to expand the company and provide more dance opportunities.
To The UK as a whole
The British Franchise Association (BFA) promotes and accredits excellence within the franchise industry. Once TRS Franchise has been running a while we aim to be part of the BFA. We already strive towards their high standards and ideals, but need our first set of franchisees to make it official.
The BFA do extensive industry research and their statistics show what the franchise industry means to The UK.
- Annual Turnover of the franchise industry: £15.1 billion
- Number of franchise brands in the UK: 901
- Number of people employed by franchising: 621,000
The industry is still growing.
Hopefully that outlines what franchising is in general. To find out more about the TRS Franchise opportunities specifically our website is www.trsfranchise.co.uk and it will be available to view from our launch date, Wednesday 27th January.