The recent data from British Franchising Association reveals some interesting facts about franchising contribution to the UK economy. It states that the contribution is now reckoned to be £15.1 billion, an increase of 46% over the past 10 years and up 10% since the last survey in 2013. The number of franchisee-owned businesses has increased by 14% in two years, to 44,200 with average turnover of more than £250,000 claimed by over half of those businesses.
Reed Commercial created a very useful infographic presenting more detailed information on the recent annual report of British Franchising Association.
As you can see from the infographic 80% of franchise brands in the country are UK-owned and developed. It has also tremendous impact on employment as 621,000 individuals are employed full-time in this sector.
When you look at this data, It is worth to consider seriously ‘to become your own boss’ as 56% of UK franchising businesses indicated themselves as ‘quite’ or ‘very profitable’ and 29% now run multiple units.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.