New figures just released show that franchises are bucking the economic trend and continuing to be profitable.
Despite the much publicised downturn, franchise businesses have remained a success story. The release of the 2010 Natwest/BFA Annual Franchise Survey confirmed that as many as 90 per cent of franchisees trading last year were doing so profitably. Revenues in the sector rose to £11.8 billion in the past year - which is an increase of £400 million.
This is an impressive and noteworthy statistic when looked at against the backdrop of other recession-riddled industries in 2009.
Figures also show that now is a good time to start a franchise business. Despite the downturn, this is an industry that continues to grow and perform. Many would argue that the success of the franchise is due in no small part to the perfecting of a concept.
A proven plan offered by franchises can give a new or growing business a head start. The findings from the annual survey are sure to give a welcomed boost to the franchise and small business community. Providing evidence that they are continuing to weather the economic storm.
While no new business is without risk or can be fully ‘recession proof’ the survey points to bright days ahead for the franchise industry.
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