New Year New Franchise...
It’s come to that time of year again when we all have larger bellies than we would want and an urge to become...
The UK business world has seen its rise and fall throughout the years, and for the most part its primary contributor to its potential success is down to the economic performance of the country. With Brexit looming, this is a worrying time for those looking for start a new business, or a new franchise in the UK, however it’s not all doom and gloom.
Even with events such as the recession and Brexit, the amount of New Franchises in the UK has seen a positive outlook for anyone considering opening up a new franchise. According to the British Franchise Association we have seen an increase of 46% over the last 10 years for the contribution franchising gives to the UK economy.
The table below looks at the amount of new franchise units in the UK for every 2 years:
As you can see above, every two years in the franchising industry we should expect growth. This figure does fluctuate considerably, however during the last recession you can see an increase of 300 new franchise units. This demonstrates that even during the dark days of the economy, franchising isn’t holding back and is considered one of the safest options when you want to start your own business.
For the most part, franchising is considered a safer option because of the franchisor and the support they can offer, however it doesn’t stop there. It is true that franchisors normally have a dedicated support system for its franchisees, to advise them from experience on a wide range of potential issues they may face, but you also get support on your decision to franchise.
To explain that more thoroughly, when an aspiring franchisee wants to start their new franchise they apply to a specific franchise, or more than one. The franchisor will then assess the application and the applicant themselves. They are basically qualifying the person interested in joining their franchise, and they wouldn’t let somebody be a franchisee if they didn’t think they would have what it takes to make it a success.
This is critical to making franchising a safer option, because a franchisor won’t allow somebody without the right attitude and skills join their franchise, meaning those that are successful in their application should have a higher chance of success. So, it’s important to note that franchising is safer, but part of that is because they don’t allow those who likely won’t be successful to join their ranks, thus lowering the amount of franchises that will likely fail.
If you’re still hesitating about applying to a franchise then we suggest you conduct more research to understand if its right for you, we have a great selection of helpful content for you to browse through – Franchise News