Flourishing Franchises Buck Trend

Norfolk Eastern Daily Press:

The region’s franchise industry appears to be flourishing despite the gloom in the economy that has engulfed a number of other sectors.

According to the latest Natwest/British Franchise Association survey, turnover in the industry hit £12.4bn last year despite the poor general economic outlook. The number of franchises in the east of England grew by 12pc last year, and there are now 23 franchisors based in Norfolk.

Roy Seaman, of Franchise Development Services, which Norwich-based franchise consultancy, said there were a number of basic reasons why the sector was thriving.

“Franchise owners have the advantage of following a proven and profitable model plus have brand identity to be proud of, established supply chains, perfected operating systems and marketing,” he said.

“There are the advantages of practical training, and guidance and support from your franchise partners and fellow franchise owners that are all readily available.”

He added: “Funding for small businesses is often difficult to come by – especially now – but banks are much more receptive to lending to fund a tried and tested franchise. Continue reading.