Great business opportunities are often hard to come by, and certainly shouldn’t be overlooked when they do arise, especially in an economic climate that is anticipated to experience many challenges in the near future, as the uncertainty of Brexit gradually unravels.
And that’s why the Franchise Industry remains an area for entrepreneurs to explore, as the sector continues to prosper. The contribution of franchising to the UK economy is estimated in the region of £15.1 billion, an increase of over 46% in the last 10 years, and all with good reason when you delve in to the positive financial implications.
Over 621,000 people are employed in UK franchising, with in excess of 44,200 franchise-owned businesses. Average turnover continues to rise, with over half of those owners claiming an annual turnover above £250,000, but more significantly 97% of them report profitability.
Franchising in the Transport division
Not to be left behind, thriving construction business Mick George Ltd is another that incorporates Franchising as a tactic within its Transport division. Currently the company has 14 Franchise drivers that serve Concrete vehicle operations, but as the company has accomplished such dramatic growth in recent times, they are now seeking to extend this offering to their Tipper Vehicles for which they have a fleet of over 200.
The proposition is clear, individuals are given the chance to run their own successful business, delivering aggregates and muck away services to the building and construction industry. In exchange, they’re partnering with a trusted brand, with an outstanding reputation, whilst receiving financial and back-end support to get the investment up and running, notwithstanding an attractive commission package and the reliability of fixed-term work commitments.
Nowhere is there a better example of what’s being offered than the current crop of Franchisees, who all individually have the potential to double their annual earnings when compared to a standard driver in the industry. All of that in addition to the valuable vehicle asset they have at the end of the agreement.
Not just for new ventures
The offering is not restricted to new ventures either, it could be an excellent opportunity for an experienced haulage firm to expand.
If applied appropriately, Franchising is an extremely powerful strategy and it is not by chance that major commercial brands adopt such techniques. ‘Fast-Food giants’ like McDonalds, KFC and Subway are some of the more high-profile global organisations, but it is an approach that is becoming more commonplace in other markets, like; Fitness, Public Houses, Estate Agents, to name just a few.
Jon Stump, Finance Director at Mick George Ltd commented: ‘’Everyday as a business we’re looking for innovation in one form or another, and that has been a major factor in our achievements and future forecasts. We’ve built some fantastic relationships with our current Franchisees.’’
Stump continued: ‘’We have experienced the pain and the stress that building a business organically brings and understand the challenges and demands placed upon the shoulders of business owners. That is why we’re looking to relieve some of that pressure, whilst allowing like-minded people that share our values, passion and desire the opportunity to leverage success from our established brand.’
For more information, visit: www.mickgeorge.co.uk/micksmates