For 2015 and 2016, the franchise sector is expected to be valued at more than £15 billion in the UK economy, according to the bfa NatWest Franchise Survey 2015. That is a 10% increase from the 2013 survey and a 46% increase in the past decade. In 2015, 97% of franchisees reported profitability, a statistic expected to hold true for 2016 as well. The continued success and expansion of the franchise sector gives credit to the common claim that using a business’s tested, proven business model increases the likelihood of keeping doors open and reaching profitability quickly. Many franchisees enjoy this sense of stability and camaraderie as they start their business, as it enables them to be in control without going it alone.
The biggest and most memorable moment in franchising for 2016 came halfway through the year on Thursday June 23rd as Britons voted to leave the European Union. It was a surprising decision, as polls had predicted the voting would go in favour of remaining by a slim but comfortable margin.
As surprise and uncertainty reigned following the result announcement, the value of the pound fluctuated. There was — and continues to be — much debate surrounding when and how the United Kingdom should trigger Article 50 to officially begin procedures to leave the European Union. Additionally, there was a shift in governmental leadership as David Cameron announced his resignation following the results: he stepped down in July and Theresa May took the reins. Since then, however, the pound has stabilised and businesses have found their footing again.
According to the bfa NatWest Franchise Survey 2015, four in five franchises in the UK are UK-based companies, meaning they stand to face much less disruption than may be commonly thought. Nearing the end of 2016, the value of the pound actually jumped up after PM Theresa May announced her intent to seek transitional deals for businesses during Brexit.
A report from the Evening Standard showcases some positive effects the sterling’s decline had on the economy. Trade, for instance, grew during the summer decline, as did business investments, which increased by nearly a percent.
(Excerpts taken from franchisedirect.co.uk)
So if you think franchising is the way to go for you in 2017, the Home Care Preferred franchise model may just be the business you were looking for. Contact us today to find out more.
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This post was written by Home Care Preferred