So versatile is the franchising model that it has appealed to entrepreneurial types who have become household names through their success in other fields.
rIt is tempting to think of franchisees as the unsung heroes of the business world, self-effacing types, quietly building a successful business. But in fact, so versatile is the franchising model that it has appealed to entrepreneurial types who have become household names through their success in other fields.
In the US, where the celebrity franchisee is an established part of the business landscape, there have been some particularly fruitful collaborations between top sportsmen and foodie brand-names.
Magic Johnson, the basketball legend, has built an extensive business empire through buying franchises. First it was Starbucks – at one stage he owned more than 100 franchises – then it was Burger King.
Take golfer Phil Mickelson. He owns franchise rights in Orange County, California with Five Guys Burgers. Tennis star Venus Williams owns four Jamba Juice locations in Washington, DC. Such high-profile franchise deals have been good for the brand and good for the celebrities. Win-win!
Even David Beckham has caught the American franchising bug, investing millions into an MLS (Major Soccer League) football franchise in Miami.
And where sport has led, Hollywood has followed. At the Blo Blow Dry Bar in Covent Garden, customers are taking advantage of a successful American franchise co-owned by Gwyneth Paltrow.
Then there is the celebrity franchise story of Kanye West who, when he married Kim Kardashian in 2014, reportedly bought her ten Burger King outlets in Europe, as a wedding present.
It is not quite true to say that we are all franchisees now, but the franchise model, operating largely under the radar in the past, has become one of the key drivers of the economy, involving the great and the good. British celebs have not yet embraced the model with the enthusiasm of their American counterparts, but it can surely only be a matter of time before the craze catches on.
Anyone tempted to get a slice of the franchise action will be joining a successful and exalted club.
Have you been thinking of starting a franchise? Winkworth is looking for new franchisees to continue their successful growth
Contact Gina Piper (Business Affairs Manager) via email at email@example.com to find out more about starting your own Winkworth franchise. All conversations will be strictly private and confidential.
Learn more about franchising with articles, tips and advice on taking the next step in franchising: www.winkworth.co.uk/estate-agent-franchise