There are many people wanting to go into business for themselves, though many of them will simply discount starting up a franchise business. It may be that they think there is no money in it for them, or that the future prospects are limited; in fact this could not be further from the truth. Currently in the United Kingdom franchising is worth a staggering £15 billion to the UK economy. In fact, over the past few years there has been a marked increase in the number of people becoming franchisees, which would suggest that it is a viable form of self employment. Figures show that around half of the franchisees in the United Kingdom recorded a turnover of £250,000 this year.
Many people fail to realise that many of the big brand names that they find on the High Street are operated as franchises, for example fast food restaurants, coffee shops and many other popular retailers are all successful franchise operations. By becoming a franchisee you are buying the right to make use of the big brand trade name. Another benefit is that as a franchisee you are able to access a wealth of business knowledge accumulated by an already successful business. This means that someone with a limited sense of how to run a business can access an unusually high level of training and expertise when they enter into a franchise, unlike people who are starting their own business who are required to stand on their own two feet right from the very start. For anyone with the funds available to cover the start up cost of a franchise operation, it is a fast track way into becoming a market leader, with little of the risk associated with other business start ups. In fact, research has shown that banks are more likely to provide financing for franchisees as they are at less risk of failure.
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