What makes franchising a good bet?
In 2016, NatWest and the British Franchise Association produced their most recent report on the health of the UK franchise industry. Given the painfully high failure rates for independent startups, the report makes attractive, if not essential, reading for anyone considering going into business for themselves.
Here are some of the highlights:
The contribution of franchising to the UK economy is £15.1 billion, an increase of 46% over the past 10 years
The number of franchisee-owned businesses has increased by 14% in two years, to 44,200
The total number of people employed in franchising in the UK is 621,000
A record 97% of franchisee-owned units reported profitability
If the majority of business startups close their doors before reaching year 5, then 97% of franchisee-owned units reporting profitability is a staggeringly impressive statistic. Despite the rosy glow of the figures however, investing in a franchise is not a guarantee of success, but it does improve your odds of owning a successful business that will be around for years to come.
Franchising your business is equally no guarantee of success, but again, it does offer you some incredible advantages in terms of achieving maximum growth and market share for your business