But according to a recent NatWest and British Franchising Association survey, would-be business operators should act fast as the franchise industry is already booming: growing twice as fast as the UK economy.
Tom Bridgford is the head of the International Franchising Group at the international law firm, Hammonds. He said, ‘There has been an extraordinary hike in turnover according to the survey which states that the franchising sector has grown ten-fold since the 1980s to nearly £11 billion.’
Franchising became a popular business model in the 1960s and the 1970s and is a way for a company, which already has a successful product or service, to allow other businesses to operate under its brand.
Bridgford continues, ‘Buying a business off the shelf has always had a reputation as a less aggressive form of business but now its image is increasingly being shaken off as it emerges as one of the key sectors in the UK economy.’