Franchising has been a successful way for individuals to own their own business and take control of their work-life balance.
One particular area where franchising has enjoyed a great deal of success is in Scotland. A prediction by the British Franchising Association (BFA) has suggested that franchising will contribute £1bn to the Scottish economy by 2020. So why is Scotland a haven for budding franchisees?
Scotland has been enjoying franchising success for a number of years. In 2015, franchises brought in around £800 million with over 2000 franchises across the country. The BFA suggested that one of the main reasons for Scotland’s success is that large brands, who already saw Scotland as a key part of their strategy, working alongside local businesses and entrepreneurs. In addition, there are many lawyers based in Scotland with all of the expertise that franchisees need.
Pool of entrepeneurs
Like many other areas of the UK, Scotland has a pool of entrepreneurs who all want to run their own business but may lack the experience or confidence to do so. This, the BFA believes, has directly enhanced franchising as a viable option; with franchises, these individuals can have access to a network of support and soon find that their ambition can be fulfilled.
Scottish franchising week
To celebrate the success of Scottish franchises, an entire week of seminars and educational events took place in May 2016. This event, called Scottish Franchise Week, showcased some of Scotland’s biggest franchise successes as well as showing prospective franchisors the additional value that franchising could bring them. SFW brought together various keynote speakers and politicians, all with the aim of demonstrating why franchising in Scotland has been particularly effective and what the future holds for the industry.
Scotland is a fantastic case study and advertisement for the franchise industry. Bringing together hundreds of budding franchisees, Scottish Franchise Week was undoubtedly a major success and it is hoped that the upward curve will continue for years to come.
Many of the franchises available on Reed Commercial have territories available in Scotland so if you want to be a part of the next generation of successful Scottish franchisees, why not see if there is one for you.