Franchise consultancy Platinum Wave has joined forces with Lloyds Banking Group to offer a series of free ‘how to franchise your business’ seminars aimed at independent brands wishing to grow nationally and internationally
The UK franchise sector is in rude health, with the latest figures from the bfa NatWest survey showing it is now worth an estimated £17 billion to the economy and employs over 700,000 people. Despite the size and performance of the industry, however, franchising is not on the UK public’s radar in anything like the same way as it is in some other countries.
Many people often dream of being their own boss and turning their passion into a successful business, but may not have the opportunity or resources to do so. In the UK, some estimate that more than half of start-up businesses fail within the first five years, and these statistics can be off-putting when it comes to following your dreams.
However, there are other routes available. Franchising can be an attractive opportunity for aspiring entrepreneurs and can help to eliminate the barriers many face when starting their own business. After all, 93 per cent of franchises in the UK reported profitability in 2018, and with over 935 franchise systems currently running across numerous industries, there truly is a business for everyone.
For existing business owners, franchising can be a great way to grow your business relatively quickly and without as much capital expenditure as traditional expansion i.e. buying new sites and employing great managers and teams.
Suzie McCafferty, franchise consultant and CEO of Platinum Wave said, “To succeed, you need to prove that your business works, that it can be replicated in a different location and that your business systems and procedures can be learned by someone else. For some companies, franchising may not be the right route to take, but there will be hundreds of businesses out there that are perfectly suited, but just don’t know it.”
Keen to push franchising further into public consciousness, Platinum Wave has joined forces with Lloyds Banking Group to offer a series of free ‘how to franchise your business’ seminars aimed at independent brands who want to grow nationally and internationally.