Start a franchise business
There are many famous franchises in the United Kingdom, from Kall Kwik to Coffee Republic. Right now there are almost 800 different businesses that are operating as franchises in and around the United Kingdom.
According to a BFA franchise survey this year, the franchising industry has grown at a rapid pace of 15% in the last year. On the other hand, the economy of UK grew by a mere 3.1%. It is estimated that there are around eight hundred active franchisors with around 34,200 franchisee units. Around 380,000 people are employed in this industry. The franchising industry right now is experiencing a massive turnover of 12.4 billion pounds every year. Out of this thirty 36% operate on a sole trader basis, 15% as partnership and 49 percent as limited companies.
Franchising has fewer chances of failure compared to other businesses but it requires a lot of hard work, sincerity and dedication to achieve success. The key advantage in owning a franchise is that you can benefit from using a brand that is famous and has been in existence for quite some time. You also get support in the form of training, advertising, supply chain and business advice.
Entrepreneurs should really consider the franchise model of doing business as there is a lot of potential with comparatively less risk involved.