Franchising "very different" 30 years ago
By: Deborah Bates
10 May 2011
An industry expert has reflected on how the franchising industry was "very different" some 30 years ago.
Writing for The Franchise Magazine, specialist Tom Endean made the comments; stating that he was "intrigued" by reflecting on how things had changed over the past few decades.
The expert said that around 1980, only around 6,000 franchises were owned and operated across Britain. In 2011, this figure has risen to 35,000; and over 800 brands have decided to create a franchise from their company.
Furthermore, years ago the UK's franchising industry could only be valued at £1 billion; whereas it now holds a worth of £11.4 billion.
Endean continued to add: "The industry has created countless opportunities for people to start their own business under the safety and guidance of a franchise system."
"Many thousands have crated whole new standards of living for themselves and their families," he said, perhaps prompting more Britons to take the plunge into the UK franchising market.
The expert also cited further benefits of investing in a franchise, claiming: "Many [franchisees] have found better work-life balances and others have found an enterprising side of themselves they didn't know existed."
"Franchising has very much grown and will continue to grow," Endean concluded.
His comments came promptly after the British Franchise Association (BFA) announced in Franchiser News that it would publish a 'Franchising Bible' - aimed at helping potential franchisees discover whether this type of business model is right for them. This could help those who are unsure whether or not to take the plunge.
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