FranchisingWorks Supports New Businesses Through Advice
Tiana Reid — April 11, 2014 — Social Good
References: franchisingworks.org & bbc
Based in Manchester, United Kingdom, FranchisingWorks is a social enterprise that provides support to the unemployed by throwing franchising into the mix of their Big Society Capital-funded venture. The way that FranchisingWorks does this is through advice, support and access to funding for those who are on their way to wanting to become self-employed. The social enterprise is part of a thrust of all of the UK-based organizations that have come to be known internationally as a hotbed of social entrepreneurship.
"FranchisingWorks has access to sources of finance to help meet the start-up costs for successful candidates with insufficient financial resources of their own," they write on their website. "This includes its own fund with a £1million investment from Big Society Capital, which is used to invest in franchise licences for unemployed candidates needing extra financial support." They are also supported by organizations such as NESTA and New Economy.
"FranchisingWorks has access to sources of finance to help meet the start-up costs for successful candidates with insufficient financial resources of their own," they write on their website. "This includes its own fund with a £1million investment from Big Society Capital, which is used to invest in franchise licences for unemployed candidates needing extra financial support." They are also supported by organizations such as NESTA and New Economy.
Trend Themes
1. Social Entrepreneurship - FranchisingWorks' business model is part of a growing trend of social entrepreneurship that looks at business as a way to create social and environmental impact alongside financial return.
2. Franchising Support - FranchisingWorks' unique approach of combining advice, support and funding specifically geared towards franchising is a trend that could be adopted by other support programs for entrepreneurs.
3. Micro-franchising - FranchisingWorks' focus on providing support and funding for franchise licenses for unemployed candidates who may not have sufficient financial resources of their own is part of a trend towards micro-franchising as a way to promote entrepreneurship among marginalized communities.
Industry Implications
1. Social Services - FranchisingWorks' approach to addressing unemployment through social entrepreneurship presents a disruptive innovation opportunity for the social services sector to explore new models of support and funding for marginalized communities.
2. Entrepreneurship Support - FranchisingWorks' focus on providing advice, support and funding specifically for franchising creates an opportunity for entrepreneurship support organizations and programs to tailor their offerings to specific business models.
3. Franchising - FranchisingWorks' micro-franchising approach to promoting entrepreneurship among marginalized communities presents a disruptive innovation opportunity for the franchising industry to expand their customer base and social impact.
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