Opening a franchise is considered to be one of the most lucrative business opportunities today. Novice entrepreneurs find that franchising is less risky than starting a business from scratch. It also allows them to hone their entrepreneurial skills whilst getting guidance and training from the franchisor. There are many other advantages to opening a franchise. As such, here are the top sectors to franchise in within the UK.
The health and fitness sector
Health consciousness has increased over the past several years. It was found that as of 2016, 79% of the British population have at least one health and fitness goal they want to achieve. This positive growth in interest is certainly worth investing in. Franchising a fitness club or a gym means you have less competition. There is usually only a few similar businesses in one particular area. The market share is certainly bigger and you can capitalise on this.
The fast-food sector
Food is a primary necessity and fast food restaurants have steadily remained as the most popular franchise option. According to the British Franchise Association, Macdonald’s is one of the UK’s top franchise brands as of April 2018. The food sector will always get a large chunk of the market and there are many fast food chains to choose from that are also open to franchising. One downside to choosing a fast-food franchise is the relative difficulty of securing a new location and there is the likelihood of another franchise branch opening up near you.
The café/coffee shop sector
Costa Coffee is in the 6th spot of finalists for the 2018 HSBC Franchisor of the Year Award. Britons consume an average of 70 million cups of coffee each day. This sheer number alone leads one to confirm that investing in a coffee related business is a great new franchise opportunity today. One major advantage of investing in this sector is the flexibility to choose whether you want to invest in a coffee shop or a mobile coffee outlet.
The cleaning service sector
With increasingly fast-moving lifestyles, many people are more willing to pay for services such as cleaning. Instead of doing this themselves, there are a lot who would rather spend the time for some personal relaxation. Additionally, the demand for cleaning services spans from domestic, commercial, and other industries. The market is big and is still growing. A cleaning service franchise is highly dependent on the quality of service provided. If you want to venture into this sector, you need to make sure that you manage your team closely and hire only the most competent people.
The pet care sector
The trend in pet ownership shows that there is an increasingly high number of people who are willing to invest in the care of their pets. In fact, Britons spend an average of £472.20 per year on the care of their pets. There is a wide range of businesses that relate to pets such as grooming and treatments, pet sitting, dog walking, and pet supplies.
With these choices alone, every entrepreneur who wants to take a slice of the franchising pie has limitless opportunities.
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