FROM THE BRITISH FRANCHISE ASSOCIATION
The UK’s voluntary self-regulating governing body for franchising y t 10hings
ou should know about
Paul Stafford of the bfa reveals what all potential franchisees should know
F
ranchising is big business. It offers an abundance of opportunities to those dreaming of running their own company and reaping the rewards of their
own hard work. So if you want the freedom of working for yourself, here are 10 reasons to consider franchising:
It’s self-employment, with support A franchisee owns and runs their own business, under the brand and systems of a larger company (the franchisor). It’s often described as being in business for yourself, but not by yourself – there is substantial training and ongoing support provided by the franchisor in return for royalties, usually based on turnover.
The idea is simple: a franchisee pays for the right to license a successful, proven business model from the franchisor, who has already tried, tested and honed it into an efficient operation. Franchisees are supported to leverage and maximise that model in their local community, with the support and backing of a known brand (and other franchisees) to call on anytime.
It’s bigger than you think, and growing quickly
In 2015, franchising was worth over £15billion to the UK economy, generated
from 45,000 businesses, which collectively employ well over 600,000 people. The
14 |
BusinessFranchise.com | June 2016 franchising
“In 2015, franchising was worth £15billion to the UK economy, generated from 45,000 business...”
sector has grown by almost 50 per cent in the last decade alone, including throughout the recent downturn when the sector bucked wider trends by growing while the economy shrank.
It’s a safer way to start a business For more than 20 years consecutively, annual independent research has shown around 90 per cent of franchisees reporting profitability, and less than five per cent of franchised businesses closing because of commercial failure. Again, both trends held throughout the recession.
No business experience? No problem Support is available on all aspects of running a business, from the financials to the marketing, from operations to
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