Franchise sector in UK achieves a 91.8% success rate this year
According to a new report published by Franchise Development Services (FDS), franchised businesses in the UK have achieved a 91.8% success rate in the past 12 months. The report states that only 8.8% of surveyed franchise owners claim that their businesses are not doing well.
61.7% of franchise owners reported more optimistic prospects, describing their businesses as ‘satisfactory’ or ‘profitable’. The report also states that 98.6% owners of franchised businesses are expecting to achieve growth in the coming 12 months.
Professor Roy Seaman, Chairman of FDS, has said that franchising is a sector which flourishes in any economic condition, especially in times of recession. This is because franchising is based on extremely stable business concepts which can be nationally replicated by enthusiastic franchise owners.
In last 12 months, FDS has found that more than 230 companies have chosen the franchise expansion route. Less than £50,000 is required to open a new franchise and within a year, you can run two or more franchised outlets.
Other findings in the FDS report reveal that the total employment created by franchise sector is more than 272,000 and that there are more than 75,000 franchise businesses currently operating in the UK.