Franchise sector contributes £15bn to the UK economy
The latest British Franchising Association/NatWest Franchise Survey, released in January 2016 has offered some fantastic insight into the role of franchising in the British economy. The survey reports that, even in these straitened times, the franchising sector in the UK is proving its worth by employing 621,000 people and contributing more than £15bn to the UK annual economy. These figures represent a turnover increase in the past decade of over 46% and a staggering 10% increase in turnover and employment since the 2013 survey. An additional statistic offered by the report is that less than 1% of franchises have failed in the last year which is astounding, given the rate at which high street businesses and the like are closing their doors.
These encouraging, sector wide, statistics demonstrate remarkable growth and are being partly attributed to the low interest rates of recent years and increased positivity engendered by our steady emergence from the global downturn. However, one additional interpretation is that the franchise business model offers a more attractive proposition to entrepreneurs today because of the mitigation of risks (which are even further reduced in the Jani-King model) associated with being a business owner. Either way, the facts clearly demonstrate that franchising offers possibly the safest and most reliable means of becoming your own boss and owning your own successful, profitable business.