With official figures revealing the UK economy has returned to its pre-crisis peak after six years* it is worth reflecting how franchising is playing a key role in the countries recovery.
Franchise businesses in the UK are celebrating record highs in turnover and full-time employment, according to the latest Natwest British Franchise Association (bfa) Franchise Survey.
The figures revealed how the franchise sector bucked the economic downward trend and showed a 20% growth compared to a 2.5% contraction in the overall economy since the country went into recession in 2008.
The survey, published earlier this year, also highlighted that an overwhelming 92% of Franchise Owners reported profitability and 80% of businesses with less than two years’ experience in the industry are already turning a profit.
The Franchise Survey calculated that the franchise sector contributed around £13.7bn to the economy during 2013, which equates to just less than one per cent of UK GDP.
Over a quarter of a million full-time jobs were also recorded for the first time in UK franchise history out of total employment in excess of 560,000, an increase of 20% over the last five years.
These impressive statistics reinforce the fact that the franchise industry offers exciting opportunities and delivers impressive results for motivated and committed people.
The success of the franchise industry is partly down to the use of ‘business format franchising’ as a growth model by companies eager to expand their successful ventures and open up avenues of opportunity for franchise owners across the UK.
The fact that franchising spans many industries, from home-run domestic services to world-renowned brands, adds to its wide appeal. It offers something for everyone.
An etyres online mobile tyre fitting franchise is a solid example of why this sector continues to thrive. Its tried-and-tested business model has a proven track record of success across the UK and the first etyres Franchise Owners to join the company are still trading profitably after 16 years.
Even during times when the economy has been under intense pressure, etyres has continued to grow due to the calibre of its Franchise Owners, successful nationwide brand awareness campaigns, continued investment and commitment to innovation.
For more information on an etyres franchise, click here.