The BFA/NatWest survey came out just before Xmas 2018 and it has some really promising findings. Heres a summary of how the UK franchise sector is doing:
- The total contribution of franchising to the UK economy is reckoned to be in excess of £17 billion, up over £2 billion since the previous stats in 2015. Furthermore, there has beena significant increase in the estimated overall number of people working in franchising.
- Over 700,000 people are employed in the sector, with a little over half in full-time employment.
- Around 70% of franchisees are male, the indications are that around 65% of those employed within franchise units are female. Furthermore, more females are becoming franchisees, with a 20% jump since the 2015 report.
- More under 30s are also getting into franchising by becoming franchise business owners, with 18% of all franchisees now under 30. Of the new franchisees under 30, 52% are female, with 37% of all new franchisees in the last 2 years being female.
- There are an estimated 48,600 franchised units in the UK, the highest number ever and nearly two times more than 25 years ago, with the number of franchisees reckoned to be around 20,000.
- One in three franchisors also have international operations. Of those who do not currently operate internationally, 4% have a definite business plan to do so, and a further 30% are considering it an as option.
- The biggest growth areas for franchising remain personal services and hotel and catering, although store retailing also shows some growth, despite a challenging environment for retail.
Franchising continues to play a major part in the UK economy and The Franchise Company will continue to support clients throughout the UK.