A franchise is designed to make it easy for you to start and run your own business. It enables you to use the expertise, reputation, knowledge, support and management information of a tried and tested business model so that you can establish your business quickly and not have to spend time and effort developing systems that work.
In return for this competitive advantage, you pay fees to the franchise brand owner.
The UK franchise industry is worth more than £11.8 billion with over 465,000 people working in franchised businesses. There are many companies that offer franchise opportunities - from specialist retailers (eg: Specsavers), through to childcare (eg: Tumbletots) and restaurants (eg: McDonalds) and even train companies (Virgin Trains).
One in every five people who operate a franchise go on to open another unit - the formulaic approach to running a franchise is ideal for doing this as management information and operating procedures make it easy to keep control.
Banks and other lenders look on franchises favourably as the business is designed around a tried and tested formula so the risk is reduced. Some banks even have specialist franchise lending teams.
SOURCE NatWest Franchise Survey 2010
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