20 reasons to get into franchising in 2020
Updated: Feb 12
Are you looking for a new business venture in 2020 and are attracted to the idea of being your own boss? According to data from the British Franchise Association and Natwest, the franchise industry is now worth over £17 billion in the UK economy, making franchising a very lucrative market.
Here are 20 reasons to get into franchising in 2020
1. Franchising has been proven to be one of the safest ways to start a new business, especially when compared with other business start-ups.
2. There are a variety of businesses and sectors you can get involved in, meaning there is something to suit everyone. Check out our range of franchise opportunities.
3. Your business will operate under a brand that has already been established, developed and proven in the marketplace, meaning considerably less risk.
4. Franchising gives you the opportunity to build a profitable business – 93% of franchisees claimed profitability in 2018.
5. The franchisor will already have a marketing, sales and advertising strategy in place to promote the business which you can directly benefit from.
6. Franchises available range from multi-million pound operations to part-time businesses meaning that there is something for every budget and experience level. Did you know, there are now over 953 franchise systems operating in the UK.
7. Being part of a franchise means you will benefit from network buying power. As a result, banks may look more favourably on you giving you a greater access to finance.
8. The business idea will already be tested meaning you don’t have to make any expensive mistakes. A proven, successful model will already be in place.
9. Franchisors often have support staff in place to give you help you if you require it meaning that you’re not alone. Most franchises will offer a comprehensive training and support facility to ensure you’re kept on the track to success.
10. New entrepreneur? You’re not alone - 64% of new franchisees came from full-time employment in 2018.
11. 1/3 of franchisees now operate multiple units, making it a lucrative route to owning not just one franchise but many, for the right person.
12. Over half of franchised businesses turn over more than £250,000.
13. You get to be your own boss, but don’t underestimate the hard work and commitment it takes to make your franchise unit successful.
14. 18% of franchisees are now under 30, making it a very valid option for young entrepreneurs in the right position.
15. You will have the opportunity to attend franchise exhibitions which are an invaluable opportunity to network and learn from franchise professionals.
16. Unlike start- ups, similar franchisees will have a proven ROI which means you can forecast financials much easier than going it alone.
17. You can pool resources with other franchisees that operate under the same franchisor meaning that your costs may be lower.
18. You don’t have to worry about negotiating with suppliers as contracts will already have been drawn up.
19. The franchisor will keep up to date with industry news and keep you appropriately informed and operating correctly.
20. Investment professionals advise to maintain a diverse portfolio and becoming a franchise owner is a great way to diversify assets.
All statistics above are sourced from the 2018 NatWest and bfa UK Franchise Landscape report. Still need more convincing? See more great franchise facts below!
If you’re interested in getting into franchising, we can help you find your perfect role, or help discover the best franchise opportunity for you. Get in touch with us today for an informal chat.