The franchising business model has the potential to transform lives. It provides people with the opportunity to do what they love, build a successful career and, most importantly, do it to suit their lifestyle.

According to the most recent survey commissioned by the British Franchise Association (BFA) and NatWest, there are more than 900 franchisor brands operating in the UK, with just over 44,000 franchisee outlets between them. The sector provides jobs for over 620,000 people and it turns over around £15.1bn a year.

The BFA says around 97% of franchisees have reported turning a profit for more than 20 years consecutively. As with any business, though, there is much to consider when choosing to become a franchisee. 

1. It’s a proven business format

2. Everything’s already in place

3. You’ll get training and ongoing support

4. It’s already an established brand

5. There’s a huge range of sectors to choose from

6. There’s easier access to funding to get you started

Accessing a franchised business as opposed to starting out on your own can significantly increase your chances of success. Why? Because, as the BFA points out, a franchise is a proven business model with a common brand – and anyone, without prior experience, can be taught to run the business.

To consider whether it is the right route into business for you:

• choose a sector that you’re interested in

• do your homework by speaking to as many operating franchisees as you can

• discover whether the franchise runs a tight ship

• understand any restrictions

• learn about why franchisees fail

• read the small print

If you are considering a future in franchising but aren’t sure if it’s right for you, we have more details in our guide below.