Record profits attract savvy entrepreneurs to franchising
With 93% of all franchising units making a profit and the industry worth a record £10.8 billion, the lure of Franchising as an attractive business venture has never been greater.
The NatWest and British Franchise Association survey reveals the secret to the industry’s consistent success is down to an influx of savvy start ups, not the expected gold rush of wild eyed would be entrepreneurs.
Whilst the industry has grown at a staggering rate (44% in 10 years), the consistency of its overall performance is built on the success rate of new entrants. Last year more franchising systems set up than closed (75 Vs 58), suggesting a greater level of consideration when choosing franchises. The total number of individual franchise units also increased by 11% in the last 2 years.
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