The British Franchise Association (bfa) is the only voluntary accreditation body for franchising in the UK. Its remit is to develop and continuously improve the standards of good practice in franchising and to accredit franchisors who meet these standards. The bfa represents 346 UK franchise brands each vetted against a strict code of business practice.
TaxAssist Accountants is a 'Full' and long-standing member of the bfa and we fully endorse their code of ethics and operate in accordance with them. For further information please visit their website: www.thebfa.org.
The 2018 bfa NatWest Franchise Survey revealed some very positive statistics, with the UK’s franchise sector now worth over £17bn to the economy; up over £2bn since 2015.
It also revealed that more people than ever are employed in franchising, in a sector that continues to grow. Positive trends see multi-unit ownership on the up, and record rises in female and under 30 franchisees.
An often used cliché in franchising states that “you are in business for yourself but not by yourself”. Like many such clichés it rings true. The prospect of going self-employed can seem a daunting one. Many people that join us have strong technical skills but need support in areas such as client acquisition.
With a franchise you will be expected to put in the same level of effort, time and enthusiasm you would if going it alone, however you will be doing so with the added benefits of proven training, systems and support provided by the franchisor. You will also enjoy the benefits of being part of a well-established network of accountants who have a community spirit of sharing and supporting one another.
There are many franchises for sale in the UK, but an ethical franchisor should provide you with the following:
- A proven business model with a strong brand
- Comprehensive training on all aspects of the business
- Business development support and marketing materials
- Technical support
- Regular field visits
- Investment in research & development
- The opportunity to build a sustainable business with a proven exit strategy
Franchising is a proven, tried and tested route into self-employment and the banks are supportive in providing funding, as there is a lower rate of failure than going into business alone.
It is also worth noting that franchising remains almost the sole business mechanism that enables small business to compete effectively against larger businesses.
You can fully prepare yourself to become a franchisee by completing the bfa's free Prospect Franchisee Certificate (PFC).