Franchise Hospitality Grows
Posted on: 27/07/2007
6% up on last year growth for the hospitality sector. Increasingly more businesses are franchising as a way of growing a successful, recognisable brand.
Most customers walking into a franchise retailers such as Burger King, Coffee Republic or Pizza Hut are just wanting to pickup a bite to eat or grab a quick coffee. Most consumer will not realise, they are standing in a franchised business.
Franchising is great as a concept and is becoming increasingly important to the hospitality sector as a effective way to grow a brand. It is one which industry body the British Franchise Association (BFA) is now working to make much more recognisable to the average consumer.
One of the many reasons why franchising is so successful is that statistics indicate that franchising does usually have a higher success rate than an independent.
On average, after five years, 97% of franchises are still trading profitably - considerably higher than the rate for independent businesses, according to BFA statistics.
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