It's official: franchises are booming
By Rebecca Burn-Callander, published 280 days ago in Startups.
Hot off the press: The new UK Franchise Directory reveals the vital statistics on franchise businesses across the country. Despite the downturn, nine out of ten franchises are turning a profit.
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The numbers speak for themselves. There are over 100 retail sector brands currently operating through 1,402 franchise companies in the UK.
Despite the economic turmoil, over 850 of these businesses are actively recruiting franchise owners. The growth in this sector is phenomenal: there are over 84,000 franchises operating in the UK at the moment. But franchisors are seeking to double that number to complete their networks.
Franchise Directory publisher Roy Seaman says: “Redundancy, job insecurity and downturns in many sectors are driving thousands of people across the UK to seriously consider investing in a franchise to secure their future and build a valuable income generator and asset.
“Data collected by the British Franchise Association found that 9 out of 10 franchise owners operate a profitable business and 28 per cent of those turn over £500,000 or more," he continues. "These high success rates coupled with the growing number of people being made redundant nationwide has had a positive effect on the franchise industry with more people taking the plunge and becoming their own boss."
Interested? The average cost of setting up a franchise stands at £45,655.
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