Scottish Franchise Week to celebrate business growth
One of Scotland’s most successful business sectors will be highlighted next week with the start of Scottish Franchise Week on Monday 16th May.
Franchising contributes about £800 million a year to the Scottish economy and is responsible for creating an estimated 30,000 jobs. The highly successful business model plays a major part in the country’s fortunes with almost 500 different franchise brands operating in Scotland today, accounting for approximately 2,000 individual franchise owner businesses.
Despite the economic challenges of recent times franchising has shown itself to be a robust and highly adaptable model for growth. It provides many businesses with the ability to implement expansion plans at a reduced risk while at the same time offering a chance for franchise owners to buy into a tried and tested model of success.
Figures show that while many industry sectors suffered during the recession around 90 per cent of franchise owners reported a profit, including 80 per cent of those in their first two years of operating.
“Franchising is a real growth industry and the number of brands and franchises has continued to grow steadily over the years,” said Tom Endean, a spokesman for the British Franchise Association (bfa).
“Part of this is a result of the robust nature of the franchising model. The ability to operate as a local business with understanding and commitment to the area and people, combined with the national support systems and brand, has allowed many franchises to remain visible, secure and successful businesses even in tough times.”
Scottish Franchise Week aims to raise the profile of franchising in Scotland as a tried and tested way to start a business, create jobs and build sustainable wealth for the national economy.
One of the sponsors of Scottish Franchise Week is Lloyds TSB. “We have been supporting franchising in Scotland for many years and so we are delighted to be involved in this important week,” said Richard Holden, Head of Franchising for Lloyds Banking Group. “Time and again we are impressed by the outstanding stories of success and professionalism that we see in the industry today and we greatly look forward to welcoming many more over the coming years.”