What is a Franchise?
A franchise is a ‘tried & tested’ business method whereby the Franchisor has developed a successful business model and operating system, the Franchisor then grants the rights to operate their business model to Franchisees. The Franchisor then provides ongoing support and advice for which the Franchisee pays ongoing fees.
Franchising has been operating successfully in the UK for over 20 years and offers a variety of new and established business opportunities so you should find one that suits your background, skills and budget. There are currently over 800 franchise systems operating in the UK, some you will recognise and have heard of, others will be new entrants.
People buy franchises for a variety of reasons, usually including taking control of their destiny and because franchising offers a ‘tried and tested’ business model. A franchise resale offers the additional benefit of an existing customer base to work with and develop.
The main High Street banks have recognised the benefits a good franchise system offers and will usually (subject to status) offer support to incoming franchisees seeking to buy an existing operation.