Joel Caws - Technical Director, Select Your Franchise
In contrast to the recent reports of the UK dipping back into recession, a story by the BBC posted yesterday reported UK consumer confidence to be at a nine month high. The consumer confidence survey figures, reported by Nationwide Building Society, are a welcome sign of public optimism for local businesses everywhere.
For the franchise industry too, a rise in consumer confidence is an encouraging trend as it dictates how comfortable people are to spend money. Many home service based and retail franchises depend on consumer spending in order to generate revenue as a business.
It will also come as good news to franchisors, as the current market and growth potential will always be under scrutiny by any potential franchisee when it comes to investing in their franchise opportunity.
Franchising in general remains a robust option when it comes to starting up your own business. The advantages of a proven franchise system, in conjunction with training and on going support from the franchisor, provide an edge over starting up your own business from scratch.
The survey paints a more upbeat picture than official figures however they are still historically at a very low level, though the trend is one of increased confidence since a low point last September.
