There has never been a better time to invest in a franchise. The thriving industry is continuing to prosper, according to a recent survey and is now estimated to contribute £15.1 billion to the UK industry – an increase of 46 per cent over the past 10 years.
The total number of people employed in franchising in the UK is around 621,000, of which 321,000 are in full-time employment, the annual British Franchise Association/NatWest Franchise Survey also revealed.
Another key statistic from the report published earlier this year is that the number of franchisee-owned businesses has increased by 14 per cent in two years, to 44,200. And on average those businesses are also becoming larger as the sector matures, with average turnover continuing to rise and over half now claim an annual turnover of more than £250,000.
The survey also reveals that a record 97% of franchisee-owned units reported profitability, with 56% saying they are ‘quite’ or ‘very’ profitable and it remains an undisputed fact that failure rates are much lower for franchise businesses than for those starting out on their own. Some 29% of franchisees now run multiple units.
Brian Smart, director general of the bfa, said: “Good franchising continues to deliver serious dividends for Britain’s economy, creating businesses, jobs and wealth for local communities across the country. Established trends of strong profitability and very low failure rates over the last 20 years highlight the benefit of self-employment through franchising, a path that more and more individuals are taking.
“The outstanding performance of the sector, in good economic times and bad, shows the power of the franchise model and its impact on the UK’s business landscape increases each year.”
“Franchise offers a truly compelling alternative to start up operations with global and national brands, tried and tested operating systems and processes, and huge marketing support so it is no wonder we have seen a steady growth in entrepreneurs investing in franchises. This survey paints a picture of a sector in good health, with great potential and ambition and our dedicated franchise teams based across the UK remain committed to supporting the industry in the best possible way.”
Investing in an etyres franchise gives you a head-start when it comes to launching your own a new business, because you gain instant access to our tried-and-tested business model and benefit from comprehensive training, on-going support and brand recognition. To find out more about an etyres franchise or to receive an information pack please click here or contact the franchise team on 0800 028 9000.