In this article, let’s look at some statistics produced by the British Franchise Association. The BFA first started collecting industry data back in 1994 when new investment was becoming a more well-known and well established business option. The BFA has built a detailed survey.
Stats About The British Franchise Association
Here are some statistics the BFA have compiled regarding the UK franchise industry. The total number of people employed in the sector has grown by 70% over the last 10 years in the UK.
Its contribution to the UK economy is in excess of 15 billion pounds and profitability levels are the highest ever recorded in the survey, and the numbers in employment continues its strong growth. One third of franchisee owned businesses employs 10 or more staff. More than a quarter of a million people have found full time employment in a business.
91% of recruits say they are mainly or definitely satisfied with their company owner and 80% of brands in this country are UK owned and developed. During the last 2 years one in five recruits were under 30 when they opted for a franchise business, and the average age is 47.
One other significant statistic is that 8 out of 10 small start-up businesses fail in the first 5 years yet 8 out of 10 businesses are still in operation after 5 years.
And this, taken straight from the BFA website “banks in the UK have typically favoured lending to franchised businesses over other stand-alone small businesses on the basis that they were much less likely to fail”
So looking at these statistics is it any wonder that more and more people are searching for the best opportunities. In the UK, they are many and varied and it is possible to start the journey now with low cost niches.
Franchise business can cost many thousands of pounds, but as mentioned above, UK banks typically favour lending money to them.
The top ones employ many staff but it depends at which angle someone is looking from as to which they might think are the best franchise investments.
The best types might be web based online varieties if it is a work from home opportunity someone is looking for. Or if a person would like to be out and about and involved in the community, they might look for a transportation type in their local area where they could drive children or the elderly or people with disabilities.
Once a decision is made which niche to get involved with, and whether it is a low cost or a high end investment it is possible to cut down some of the search time by using an approved company.
We can help with expert advice and compare a range of franchise companies all in one place.
Enter your details at the top of the page and let Approved Franchises help you find the one that best suits your requirements.