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The franchising business model has been around for quite some time now, but in recent times this business model that has gone from strength to strength, and public perception has changed considerably. The rising popularity and range of franchise opportunities in the UK show that this business model is here to stay and will only continue to grow.
So what is it that is fuelling this success and growth? Here, we take a look at how the franchise model is currently performing in the UK, and why it has become so popular.
In the United Kingdom, there has been a huge rise in the number of successful franchise business models. Last year alone, the UK market increased by a massive 10%. Today, there are over 1,000 different franchises operating, and more than 550,000 people now employed by a franchised business. Young business owners are now actively seeking out franchise-based opportunities because of the many benefits available to them when compared to starting their own business from scratch. With more and more young entrepreneurs becoming part of the ever-growing franchise market in this country, it a very exciting time for the industry!
While we know from statistics that franchising is on the rise, you might wonder exactly why this is happening. Here, we take you through the main reasons why popularity has boomed and why there is such a positive outlook for the future of the UK franchise market.
Variety - There was a time when many of us would have assumed that a franchise opportunity in the UK mean a fast food chain, but not anymore. Franchising can now be found in almost every industry and the model can be applied to almost any type of business. This diversification has been one of main ways in which franchising has been brought to the wider market and can facilitate the growth in a range of different industrial and commercial sectors.
High-quality Training - When you become part of a franchise, the parent company will provide extensive training and all the ongoing support you could ever need, making this a very attractive business model. This level of advice and guidance gives you an instant advantage in the industry you are entering, and will provide much of the know-how required to succeed on your own.
More Successes - Over the past decade, franchising has enjoying incredible success and growth. And as more and more people buy into franchising, it raises awareness of the model, which in turn attracts a whole new wave of investors looking to manage a tried and tested business, and thus the market growth is exponential.
Work as Part of an Established Brand - One of the best things about joining a franchise is that you can instantly begin reaping the rewards that come with using the trademark and processes of an established brand. While a start-up business must develop and establish a brand identity and build a reputation to rival those of its key competitors, using an established brand allows you to by-pass this challenging formative stage. As a business owner, you will quickly find that creating, developing and publicising a non-franchised brand can be a major headache and a distraction from the core of the business. With a franchised brand, you can focus on day to day operations and your financial goals.
The Flexibility - One of the biggest reasons why there is such as positive outlook for UK franchising is because of the enormous range in terms of how much you can invest. While some businesses may be looking for upwards £20,000, others require as little as £5000, which means there is a franchise opportunity out there to suit just about every budget.
As you can see, there are many reasons why the UK franchise market has grown so rapidly in recent times, and why the outlook for the future is so positive. If this has inspired you to look at running your own franchised business, contact Start Your New Franchise today for more information on the many franchise opportunities available, and the key benefits of each.