#The significance of the British Franchise Association
In 1977, the British Franchise Association (BFA) was established by several leading franchises. The main motive of this association is to promote franchising practises in the United Kingdom. It is a fair and ethical community which helps in setting standards which must be followed by all members.
Moreover, BFA also helps by providing advice and services for the members of the franchise community. There are also professionals such as accountants and solicitors who give advice.
The BFA also has an online bookshop which helps in supplying several publications on franchising in the UK. This includes franchisee and franchisor guides, information packs and surveys. Moreover, the BFA also holds seminars on a regular basis to educate and advise potential franchisors and franchisees.
The annual surveys which are conducted by the BFA contain all the latest statistics about franchising in the UK. The BFA reports are a reliable source of data relating to franchising trends.
The BFA also holds an annual franchisor and franchisee of the year awards ceremony that helps in influencing the franchising industry in the UK. These events are held by the BFA to encourage franchisees and franchisors and promote the growth of the industry.
Within the last few years, the franchising industry has developed hugely in the UK. The number of franchising systems operating in the UK has gone up by 60% and there are now 759 franchises in the UK which are employing over 364,000 people. Moreover, the overall franchising industry in the UK creates a turnover of about €15 billion. Thus, it means that the investment in this industry is profitable.