‘North Shoring’ And What This Means For Franchising
London is often accused of hoarding the country’s biggest opportunities and industries. However, in recent years, businesses have become less capital-centric and started to recognise the benefit of operating further afield. Talk of ‘it’s grim up north’ has been replaced with a sense of freedom from London’s living prices and proximity to natural beauty.
This corporate migration has recently been dubbed as ‘north shoring’. It has seen the likes of the BBC, ITV, TalkTalk and HSBC shed the high-life of London in favour of the affordable and startup-rich Manchester. Channel 4, too, will be heading to Leeds, and Liverpool is seeing more new businesses established in its city than ever before.
Obviously, franchising will be impacted by this movement of organisations. Those who work in the B2B market will have richer opportunities as a result. The question is, to what extent will a more diverse talent pool and territory benefit the franchise as a whole? Here, we intend to find out…
Lower franchising costs
If you’re able to run whatever franchise you operate outside of the London area, you stand to make a potential cost saving of thousands. The overheads in the capital can be huge, so having the freedom to uproot and move to the fertile ground of the north can contribute to business longevity, allowing you to see success quicker and make investments sooner.
Even if you don’t require a physical location, ridding yourself of congestion charges, expensive city parking and endless traffic jams result in a much more cost-effective (and streamlined) service.
In fact, many northern locations are currently experiencing high levels of investment or are undergoing an urban revival, making now the perfect time to explore setting up in these areas. Accommodation is still relatively cheap and there’s a clear indication that the B2B market will continue to expand for the foreseeable future.
A change in scenery
City limits can suffocate when you rarely get the opportunity to leave them. That’s why franchises who provide the opportunity to relocate and experience something new are so popular among budding franchisees.
Having the freedom to move from the buzzing cityscape to the rural countryside [LINK: Choose Franchising And Escape To The Country] is a luxury unique to franchising. Most people couldn’t relocate to the other side of the country with a guaranteed opportunity for success. But a franchisee isn’t like most people. They’re given the resources to enjoy the Yorkshire Dales or the Northumberland Coast without fear of a client drought. Generally speaking, north shoring is making this a reality for more and more franchises.
People dream of working in areas of natural beauty and, provided there is a sustainable number of clients to service, it’s our belief that a franchisee can flourish in almost any environment. With a franchise like Rainbow, for example, you can deliver a high-class service with distinction and enjoy a commute that the capital city simply can’t compete with.
Wider Array of Clients
Where in southern cities there is a vast variety of commercial and domestic clientele, the north holds new experiences and a need to innovate your offering. For example, at Rainbow, the mills of Manchester and seaside resorts of North Wales are an entirely different challenge to the startups of London’s business district.
Our franchisees are able to choose locations that offer a diverse working week, encompassing stately homes, Victorian townhouses and ultra-modern complexes. The same can be said of the clients you’ll meet too; you could be servicing the affluent individuals of Wilmslow one day, and the business owners of Newcastle the next.
Franchising has always meant that – to some extent – you can choose your audience and enjoy the unique challenges they present. With the rise of north shoring, this now means that this audience is much more diverse, inclusive and rewarding.
A Flexible Talent Pool
No one chooses to join a franchise business to stagnate. We all want to progress, and to do so, we need talent willing to integrate themselves within a territory’s local politics and social environment.
Before north shoring, the idea that a budding employee of yours would be inclined to leave the home of opportunity in favour of a small town up north was unheard of. Nowadays, those hoping to join a franchise business are more willing to move for work. London no longer has a monopoly on urban professional experience.
With opportunities across the North West and East, we’re witnessing more cosmopolitan lifestyles outside of the capital. As a result, franchisors and franchisees alike will find it easier to relocate talent they’re familiar with. This allows for greater business continuity and an easier route to expansion.
We firmly believe that north shoring promises wider success across franchising as a whole. But what do you think? Is this true of your industry? Let us know your thoughts by contacting us on our Facebook, Twitter or LinkedIn today!
Join Rainbow today!
Learn what you’ll need what you’ll need for a small business franchise investment, or apply now if you would like to be part of a brand that helps you achieve your leadership aspirations, as well as life-changing results for our customers