FRANCHISE ADVICE
"We can say with confidence that if you're looking to invest in a franchise, now is the time to begin your search"
More good news Further confidence will ensue at the announcement of funding support to the industry by HSBC in conjunction with the British Franchise Association (bfa). . The high-street bank and franchise- specialist lender has launched its first- ever £500million fund ringfenced for franchising as part of its commitment to help British businesses innovate and grow as the country looks to rebound from the Covid-19 health crisis. They commented that franchising numbers are at a record high in the UK, driven by the rise in younger people wishing to run their own businesses and by existing franchisees expanding across sectors, from major food brands and coffee bars, healthcare and phone shops. Franchising has hit record numbers, employing over 700,000 people and contributing an estimated £17billion to the UK economy according to the bfa.
Despite the challenging economic
environment, 62 per cent of UK businesses intend to increase investment in their company in the next year, according to research from HSBC, with the focus on four fundamental areas: employee wellbeing, customer experience, cashflow/capital management and security. Almost three quarters (71 per cent) of UK
businesses expect to have returned to pre- pandemic levels of profitability by the end of 2022 and a fifth by the end of this year and nearly half of British companies (49 per cent) are projecting sales growth. With UK businesses looking at how
they can expand, franchising is the third option to consider alongside organic growth and acquisition. While it requires training and supporting franchisees, it is capital- efficient and lower-risk compared to other methods. For franchisees, the model offers a more accessible way of starting a business, using a tried-and-tested concept. So, to summarise, the scene is set for positive actions. It is up to you to take them. Good luck!
NICK WILLIAMS is managing consultant at Ashtons Franchise Consulting
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