In the UK 98% of businesses are classified as ‘small’ business (i.e. anything from sole proprietor to 49 employees) and employ a mighty 10.8 million people. That’s pretty impressive, considering that most of the perceived ‘big shakers’ in the business marketplace are the corporate big boys who employ over 250 employees (each), and actually only represent 2% of UK enterprises. Of course, when looking at gross UK business turnover, the small sector brings in £1.04 billion and the large sector brings in £1.35 billion…again quite impressive for small business!
What does this mean for franchising? Franchising relies on small business thats what! Now as we face an economic slowdown…and noticably, its the big boys who are falling faster than elephants out of a low flying aeroplane, it becomes increasingly clear that small business and, by association franchising, is important for economic survival.
The media likes to drone on about the fact that there are more and more unemployed individuals out there – and to be honest…its fantastic news for franchising! Before the end of 2007, the pool of good franchisees was diminishing…now we have an influx of skilled prospective franchisees out there just looking for the right business opportunity. Who wants to go back to employment and face having the rug pulled from under you a second or third time? No-one…that’s who.
What are you doing to capitalise on this time in the market place?
- If you are unemployed…have you considered going into business for yourself? Franchising is the perfect solution for someone looking for a less risky option (of course you need to do your homework though!)
- If you are a franchisor – when was the last time you revisited your franchisee profile? Could there be a benefit to you looking at who would be perfect for entry into your network right now?
- If you are a business owner looking to grow your business – have you considered franchising as an option? 2009 might just be the year for you!