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Franchising – the key to starting your own business

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It is a sad fact that in todays uncertain economic climate, many new business ventures are failing before they have even reached their first birthday, creating a lack of confidence and acting as a deterrent to people who might otherwise have taken the leap into starting their own business.

Franchising, on the other hand, is the exception to this rule, with more than 40,000* franchisee outlets currently operating in the UK, and over 90%* of these (including new businesses) having recorded a profit in the last year!

The total economic contribution of the Franchise Industry in the UK now stands at 13.4 billion*, which has risen 8% from the previous year; meaning franchising is surely a route to be considered if your goal is to become your own boss.

Franchising spans across many industries, from care services to financial services, both business to business and business to consumer, so there really is something out there to suit everyone.

That said, it is not failsafe, and problems can and do occur. It is therefore essential for anyone considering the purchase of a franchise to fully research the marketplace and take the relevant professional advice before entering into any kind of agreement with a franchisor.

Selecting a franchise that is accredited by the British Franchise Association (BFA), can help to minimise any risks associated with new business ventures, as all members of the BFA have been assessed against strict and extensive criteria to ensure their franchise model is both ethical and viable.

Once you have made the decision that franchising is for you, there are many sources of information available to you, including web sites, such as www.whichfranchise.com, which is the official online partner of the British Franchise Association and provides prospective franchise owners with everything they need to know about franchising. Using this kind of web site to arm yourself with as much information as possible, taking professional advice, and selecting a BFA accredited franchisor, will all help to ensure that your new business venture may be one which is both successful and profitable.

*source Nat West/BFA Franchise Survey 2012

 
 
 

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