It’s the eureka moment in business, the point at which a huge gap or lucrative wee niche in the market is spied. Few experience it, but then most people do not have to have their own unique business idea to get started. It is just as effective, and significantly less risky, for them to take a tried and tested model and make it their own.
Franchising is becoming increasingly popular in Scotland. The Scottish market has been recognised as one of the most vibrant in the UK, making a substantial and growing contribution to the economy. There are now 2,430 franchise units north of the Border employing 34,500 people and turning over £800 million annually.
According to the British Franchise Association, 90 per cent of all franchisees, including the newest start-ups, are in profit, suggesting that franchising can be significantly more successful than many other business start-ups. Read more.