If we have a look at some of the statistics for franchising we can see why young entrepreneurs and business minded individuals are moving into this area and choosing this format as a secure method to invest in their own business.
According to the NatWest Survey for 2019, published in January 2019, one in five franchisees who launched their business in the last two years were under 30 when they did so.
One third of businesses employ ten or more staff and 97 per cent of franchisee owned units reported profitability. A franchise business is much more likely to succeed than a stand-alone, independent business.
With statistics like these no wonder individuals are researching the top options. For a person searching for those that cost more than 100k we could be looking at a big name burger or pizza types.
The high cost or expensive ones will have the big recognisable brand names and logos that are familiar around the country and around the world.
If we are looking at those under 50k, there is a little more variety and options to find a niche that is missing in the local community which would be a good fit.
How about a sandwich shop, or are there already quite a number of sandwich outlets? Perhaps research other retail options that customers are having to travel further afield to.
Of course we have the luxury of ordering almost anything online but many people still enjoy the thrill of high street shopping and the social aspect of coffee and lunches out.
At the other end of the scale it is possible to invest in a mortgage or mortgage broker franchises, wills and probate service or estate agencies for less than £10,000.
So if you are looking for mortgage types, or other work from home opportunities, then how about researching pet options?
There are dog and pet opportunities in Bangor including dog training and dog walking and pet food delivery for less than 10k and others under 50k including retail, sandwich shop, hair salon and safety and security franchises.
Match your interests
Making the right choice is vital not only from an investment perspective but to ensure that all the motivations you have for starting your own business are achieved.
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