Could Franchising Solve The UK’s Post Brexit Economy?
Three months on since the end of the transition period and things are beginning to look a little clearer when it comes to what Brexit means for the UK economy and our businesses.
There are, of course, challenges to overcome, but there are also many opportunities to be had after leaving the European Union.
We’re taking a look at what Brexit means for UK businesses and how they can adapt and evolve to overcome the obstacles caused by Brexit and COVID-19. Could franchising be the answer to building back the UK economy in a post-Brexit world?
What does Brexit mean for businesses?
For self-employed freelancers and small businesses, the last 14 months have been a challenging time. Although, according to research by Politico, who surveyed 500 SMEs,“62% don’t expect the level of trade their businesses have with the EU to reduce”.
The effect of Brexit on UK SMEs and freelancers very much depends on the industry you work in and how much your business trades with EU countries. If your business doesn’t import or export to EU member states, employ anyone from EU nations, and you’re not employed on a freelance basis by any EU based companies, you’ll be relieved to read that the effects on your business are minimal.
There are, in fact, many businesses and sectors that will benefit from the changes in regulations, whilst some will need to adapt services and processes in order to reap the rewards.
In the aforementioned article exploring Politico’s recent research, author David Howell quotes Professor Ahmed Nofal of Emlyon Business School, who says:
“The question is what kinds of firms will be founded and what new ideas will come out of this period of crisis. Interestingly, we see again and again that really innovative ideas appear right after a crisis.”
With this in mind, and with flexible and remote-working becoming ever more popular, could franchising be a means to helping the UK economy post-Brexit?
What does franchising offer the post-Brexit UK economy?
The franchise industry is expected to double over the next 10 years, adding to the £17 billion it already contributes to the UK economy each year.
But what is a franchise and how do they work?
The simplest definition of a franchise is a business in which an established company sells the rights to use their name, trademarks, and business model to independent operators.
Franchising is still a comparatively new concept in business, but you’ll be aware of some of the world’s biggest franchises – even if you aren’t aware that they are indeed franchises. These include McDonalds, KFC, and Burger King, to name just a few.
How will franchising help boost the UK economy post Brexit?
As mentioned above, the most common form of franchising is where an individual or partnership buys the rights to use a business name and sell products or services under the trading name of said business. Agreements can vary, as can the fees, but the concept of building a business with the reputation of a trusted brand behind you is bursting with benefits. In a post-Brexit economy, starting a business with much of the hard work already done for you is a smart step towards financial success.
UK investors looking to grow their portfolio would do well to look at franchises, as they can offer a low-risk, high-gain investment. Investing money into already established businesses with profit to be made early on is a sound option that will help fuel the UK economy.
Something for everyone
If individuals are looking for established companies with whom to begin their franchise career, then it stands to reason that they need businesses who offer franchising opportunities.
Whilst some of the most famous examples of successful franchises are in the fast food industry, franchising is far from reserved solely for them. There are many different industries in which you can find franchise opportunities, including accountancy, fitness, web design, care, and education.
How to choose a franchise with Brexit in mind
So having established what a franchise business is, let’s look at the sort of franchise you should be looking to invest in whilst taking into account the new restrictions and regulations resulting from Brexit.
A business that does not require premises to operate is a sensible approach. This will be much less of a financial burden – and with flexible and remote working becoming ever more popular, it makes sense to establish a franchise within a sector that makes it easy for you (and your employees if you have any) to work from home.
Furthermore, find an industry where the products and services you sell do not rely on a physical inventory. This avenue is much more time and cost effective, with no need to buy and store stock, and less administrative tasks that need to be undertaken. With the supply chain issues recently caused by Brexit, this will also help you avoid any problems with sourcing stock and managing your customers’ expectations.
Franchise with it’seeze
If you’re looking for a franchise opportunity with an established business that provides in-demand services, then contact us to discuss an it’seeze franchise. The benefits of an it’seeze franchise are many; with the ability to work remotely, no requirement of purchasing stock or renting premises, in addition to being entirely UK based.
There are very few overheads and endless possibilities with an established brand working in a high-demand sector. As a franchisee you will promote, consult on, and sell it’seeze website packages to small businesses in your local area, with the option to provide a range of digital marketing services to enhance your profits.
All your website designs, technical administration, and monthly invoicing are handled by our Head Office. Your focus is on your business, as opposed to laborious admin or tech support.
So in answer to the question ‘what does franchising offer the post-Brexit UK economy?’ – the answer is a great deal - employment opportunities, business expansion, and high-capital, low-risk investments that will fuel economic growth.
Get in touch today
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