Figures from the recently released NatWest British Franchise Association Survey 2018 show that franchising is now a major factor in business growth in the UK and these numbers are set to keep on growing. Franchising contributes an estimated £17 billion to the UK economy per year, with 935 franchise systems in operation and more than 48,600 individual franchise units - the highest number ever recorded.
These are great statistics, particularly when you combine them with the fact that there are an estimated 710,000 people employed in franchising in the UK and 93% of franchisees claim to be profitable even during this time of economic uncertainty.
The Survey also highlighted the impact of female entrepreneurs and the under-30s is driving the sector forward.
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At Harper Macleod we hope to continue this upward trend by working with the BFA to promote franchising as a successful growth strategy throughout the UK. If you are thinking about franchising your business or becoming a franchisee, our dedicated Franchising Team would be delighted to meet with you to talk you through the process and help you avoid any pitfalls.