Did you know over 150 diﬀerent franchise models are currently operating in Ireland? Have you ever thought of buying a franchise?
When most people think of a franchise, they ﬁrst think of food related businesses. Surprisingly only 41% of active franchise systems operating in Ireland are food related. The franchise model extends into other sectors such as children’s STEM (Science, Technology, Engineering and Maths) education, personal health wellbeing and ﬁtness, B2B support services; cleaning services, pet services, landscaping services, and so on. The list is endless, so if food service franchises don’t interest you, there are plenty of successful franchise models available for you to choose from. “Research indicates that over 90% of franchisees continue in business after five years.” Buying a franchise does not guarantee you commercial success, but it enhances your likelihood of being successful. Some franchisees may feel that purchasing a franchise removes all the commercial risk. While this is not the case, international research indicates that over 90% of franchisees continue in business after ﬁve years. This compares very favourably against the very high unrecorded failure rates of standalone startups.
“44% of the active franchise units operating in Ireland are of Irish origin.”
Entrepreneurs are by nature, better suited to creating their own business framework and setting their own goals and plans. Therefore, a franchise model that restricts the entrepreneurial spirit may present a struggle for people with a creative and independent character. Similarly, if you are totally riskaverse and are genuinely uncomfortable in the world of ﬁnancial uncertainty then seriously question your suitability to buy into a franchise. From the most recent survey conducted surprisingly 44% of the active franchise models operating in Ireland are of Irish origin. This means Irish entrepreneurs are really embracing business models franchising as an appropriate growth strategy for their businesses both within Ireland and for expanding internationally.
“The business model franchising sector in Ireland is now worth close to €1 billion.”
There are circa 30,000 people employed in the franchising sector in Ireland. This ﬁgure excludes the signiﬁcant number of people employed in the wholesale/retail sectors under brands such as SuperValu, Costcutter, Quick pick, Daybreak, Gala etc. The ﬁgure also excludes most of the petrol forecourt models, albeit those numbers are changing due to the recent emergence of food service franchise oﬀerings being incorporated into some of the forecourt retailers selection of produce for their customers. The fact that the turnover in the business model franchising sector in Ireland is already close to €1billion and growing, makes for quite an attractive business venture.Source: /www.thinkbusiness.ie