The ‘proven and profitable model’ offered by franchises has caused a steady increase in the number of potential entrepreneurs taking up the service, a survey shows.
The ‘proven and profitable model’ offered by franchises has caused a steady increase in the number of potential entrepreneurs taking up the service, a survey shows.
The 24th UK Franchise Survey has found the British franchise industry to be worth some £12.4 million.
NatWest and the British Franchise Association (BFA) report that the total number of franchise systems operating in the UK has increased by three per cent over the past five years and there are a total of 383,000 people employed in the system.
In addition, 265 British-run franchises now have an international presence, with almost a third operating on the continent.
Of those with outlets abroad or considering opening up in foreign countries, legislative requirements, lack of suitable staff and language difficulties are cited as major barriers.
The BFA names national advertising campaigns, business skills and staff training schemes and funding as reasons to become franchisees rather than opening a completely new firm.
