Just like any other industry, franchising has its own share of awards and recognition of success. Where you’ve got awards in sectors such as retail, food and travel, the franchising sector also thrives by awarding businesses that deserve recognition. While each of the franchised businesses may have their own industry relevant awards – eg food and drink awards, travel awards, franchising itself also celebrates success in a variety of formats.
Awards within franchising will usually recognise businesses and networks in one or more areas. The awards might deliver recognition to the franchise network in its entirety, or it might look at a specific franchisee depending on the nomination and category. Usually there are a series of categories for each. For example, franchisors might be nominated against criteria recognising their efforts as a new franchisor (known as the Emerging Franchisor Award in the bfa awards). Other criteria may look at the franchise network as a whole, and the franchisor’s efforts to support its franchisees. Commonly a marketing award also features, usually referred as a Brand Awareness or Marketing Excellence award. Meanwhile the franchisee award criteria will align similarly in that recognition may be deserved through marketing excellence, community excellence and business success.
Franchising awards recognise the parties involved within franchising, delivering kudos and recognition of achievement, enabling businesses to stand out from their competitors.
What is Franchising?
Franchising is a method of business expansion where a business model is licensed to a third party (the franchisee) for them to run the business in their own area. Operating under the franchisor’s brand name, using their system and business model, the franchisee delivers products and services structured and distributed in the same manner as the other franchisees.
Franchising is one of several ways of getting into business ownership. Unlike starting a business from scratch, franchising enables you to get up and running fairly quickly because you’re using a business model that is already proven. Franchise owners are recognised for their success in many ways. They might be an accredited member of a franchise association, or they might take part in franchising awards to demonstrate their strengths.
Who Hosts Franchising Awards?
There are a number of awards for franchising in the UK. Probably the most recognised is the bfa Franchising Awards. Prestigious, the bfa usually partner with banks such as HSBC to deliver the awards. Having the backing of the British Franchise Association and a leading bank can really bolster a franchise’s brand, it also demonstrates quality and adds to the seal of approval that is bfa membership should it be applicable to the winner.
Other businesses also host franchising awards, too partnering with big name brands and banks such as The Best Franchise Awards. Typically black tie, in person events at big venues, franchising awards attract a wide range of nominees throughout the sector. Nominations are judged by franchising professionals such as those that hold the bfa’s QFP status as well as franchisors that have many years experience of franchising under their belt.
Investing in an Award-Winning Franchise
Becoming a franchisee is a big step forward, and a great deal of trust is placed in both parties. As someone investing in a franchise, you’ll need to trust the franchisor’s brand and system. They’ll also place trust in you, to bring their brand to your area and make a success of it. But to get to the stage of becoming a franchisee, you need to search for and invest in (purchase), a franchise.
There are many indicators that can suggest significance and positivity of a franchise brand. Being a member of the British Franchise Association for example, is one indicator. Having many trading franchisees is another good sign, providing they’re profitable and enjoy running the business. There’s also a good sign, even if a franchise only has little franchisees, is new or is not a member of an association – the franchise has won awards. Regardless of whether the franchise is new or not, if a franchise has won awards it not only demonstrates resilience, but it shows the brand and business is keeping a good pace in this rapidly changing world and economy.
Should you consider investing in a franchise that has won awards? The question kind of answers itself doesn’t it? Obviously making sure the franchise is a suitable choice for you should be a priority, but if you’ve compiled a shortlist of franchises to invest in, exploring those that have won franchising awards will be a good way to narrow down that list. Winners of awards like those hosted by the BFA / HSBC are a fantastic choice, because not only are the awards run by well-established entities, the individuals who put their time in to exploring each of the nominations each have their own strong backgrounds within franchising. When it comes to the bfa awards, many of the entrants are also members of the association, a double tick for anyone looking to invest in a reputable franchise network.
Winners of franchising award ceremonies usually receive a higher volume of enquiries and therefore interest from prospective franchisees. This is because there is a considerable amount of recognition the brands receive as a result not only of their entry but their award if they win. Brands can showcase their award badges, certificates, trophies etc at exhibitions, to their customers and in local media and it is a driving force behind their growth within franchising. If you’re looking to get involved within franchising, there are so many franchises that have been recognised for their success. If you’re a franchisee looking to nominate your franchisor, or if you are looking to nominate a franchisee or business, most awards welcome nominations free. Or if you’re looking to invest in an award winning franchise, brands usually display their achievements prominently on their profile or website.
Many franchise businesses continue to thrive following their award wins, and finalists use the feedback from the judging panel to redouble their efforts for the following year’s awards. Franchising continues to thrive. Could you see yourself being a business owner this time next year? Maybe even this year! Discover franchising as a route to business ownership and unlock your potential.