Why Should You Buy A Franchise?

Investing in a Franchise is a truly wonderful way to run your own business. But that’s easy for us to say.maybe you haven’t even looked at franchising before.

So if you need any convincing at all that franchising is the most successful way to start a business, perhaps the following independent research will help. Below are some excerpts from the British Franchise Association/NatWest Survey and the Irish Franchise Association on franchising.

2007 British Franchise Association/NatWest Survey

• There are 781 active franchise systems in the UK.

• Last year the annual franchise industry turnover broke the £10 billion barrier. It has continued to grow and now contributes £10.8 billion in revenue to the UK economy, an increase in £0.5 billion in the last year alone.

• Two thirds of Franchisees were in salaried employment immediately before taking out their current franchise and nearly a quarter were self employed prior to franchising.

• Number of people directly employed rose to an estimated 371,600, a 41 per cent growth in the last decade.

• 93 per cent of franchisees claim to be trading in the black, an increase on the previous years figures and franchising has much lower failure rates than independent business start ups.

• 84per cent of franchisees describe themselves as motivated, with half very motivated. The key drivers of motivation are the desire to run a profitable business, freedom to make decisions and be your own boss, as well as job satisfaction.

• The average turnover for franchised businesses continue to grow last year and rose to £323,000.

 

2006 Irish Franchise Association Survey on franchising in Ireland.

• Since the first franchise was introduced into Ireland nearly 40 years ago, there are now more than 270 different franchises in operation.

• In excess of 25,000 people are employed in the sector.

• Franchising contributes to the Irish economy an annual turnover of €2.1 billion.

"One major fact to come from the Annual BFA/NatWest survey is, despite the tough economic climate, 93% of Franchisees are profitable. This figure shows how important franchising is as a business sector in the UK."

Franchising is a respected and proven way to start and grow a business. Whether or not you decide to join the Bua Training Network, if you’re genuinely interested in starting your own business we urge you consider joining a Franchise rather than try and start up on your own, after all, as these stats and figures prove, your success is almost guaranteed when you join a reputable Franchise organisation!