Joel Caws - Technical Director, Select Your Franchise
The UK economy is continuing to grow according to a report by the British Chambers of Commerce. Although there are still concerns in some business sectors, the economy is predicted to show growth in the second quarter of 2010 of up to 0.7%.
The predicted growth in economy will no doubt come as welcome news to all businesses across the UK, whether franchised or not. The vast majority of franchise businesses in the UK rely upon consumer or business to business sales of product or services. The growth in the economy may help to build confidence and bring reassurance that the road to recovery, however slow, is happening.
Despite the recession of the last few years, the franchising business model has remained resilient. The Natwest/BFA 2010 UK National Franchise survey, maintained that around 90% of franchise business trading in the UK were profitable. This is a statistic that has remained very stable in spite of the up’s and down’s of the economy.
With the economy now on the rise, even if slow, now could be a great time to look at investing in a franchise business. If you have been considering franchising for some time but may have been holding off to see what happens to the economy, you might now be thinking of starting your search for the right franchise to suit you. Online franchise directories are a great place to start that search and also provide you with helpful tools to narrow down the options.
