Why not make 2011 the year you start your own franchised business? Here's some advice from the British Franchise Association (BFA):
The 2011 BFA/NatWest Franchise Survey reveals that franchising – currently a £12,4bn industry in the UK – continues to be a dependable business area to be in.
UK franchisors and franchisees are optimistic for the future, with 90% of franchisees reporting profitability in the 2011 survey. A total of 897 franchise systems have been identified, with an estimated 521,000 people employed in franchising, across 36,900 franchise units.
Given these statistics, franchising is an attractive option for those wanting to start their own business, but who would prefer the back up of a well-known brand. Here are some reasons to choose franchising over starting your business from scratch.
1. Franchising provides a variety of businesses you can buy into and has something for everyone.
2. Franchised businesses range from multi-million pound operations to part-time businesses run from the spare bedroom so there is something for every budget.
3. Franchising has been proven to be one of the safest ways of starting a new business compared to other business start-ups. In the 2011 BFA/NatWest Franchise Survey 90% of franchisees reported profitability.
4. Franchising is a means of starting and running your own business with a very high success rate, provided you choose a good franchise in the first place.
5. A good franchise will offer you a proven business format with initial and continuing support. Franchisors often have field support staff to help franchisees.
6. Your business will operate under an already-established brand that has been developed and proven in the marketplace and the franchisor continues to research market demands so you don’t have to.
7. Franchising gives you the opportunity to build a profitable business that can be resold, if you choose to.
8. You don’t have to come up with the business idea – someone already has and tested it so you don’t have to make any expensive mistakes. You should receive a comprehensive operations manual and training programme as part of the franchise agreement.
9. The franchisor has a marketing, sales and advertising strategy to promote the franchise network so you benefit from a holistic approach.
10. As part of a franchise you benefit from network buying power so your costs are less, plus you have greater access to finance because banks look favourably on the franchise sector.
The BFA runs regular seminars for prospective franchisees and franchisors at various locations throughout the year. Log on to the BFA website www.thebfa.org for more information.