Get On Board The Franchising Express

Black Enterprise:

Franchising is worth considering if your New Year resolution is to get ahead in business. From management consultancy to computing, from retailing to recruitment, franchising has spread to 781 business sectors and is growing twice as fast as the UK economy. As a whole, it is worth about Pounds 11 billion. The typical business has an annual turnover of Pounds 323,000 and 93% of franchisees make a profit, says a survey by NatWest.

What do you need to get started and make a success of it? Surprisingly, neither experience in business nor a huge cash lump sum is vital.

Becoming a franchisee of an existing business is easier than setting up your own franchise operation from scratch. You are given a licence to trade by the franchisor, and you must stick to its business model, but you are your own boss the more successful you become, the greater your share of the profits.

Because you start up as part of an established company, you need less capital to get off the ground. Often the brand you buy into is a well-known name, and you get ongoing training and support. This removes much of the risk. More.