Local Franchise Opportunities in London
Why is the Capital the place to launch your franchised business?
So, you’ve got to the stage where you’ve decided to take the big plunge and start your own business, this route of earning a living can prove to be a rather exciting one, that is of course once you’ve got through the first initial challenges. There are many different factors you will have to consider prior to launching your own franchise, such as finances, staffing, marketing and more. This is exactly why the franchising route is so desirable, the franchisor and his support team are there to ensure these ‘initial challenges’ are far less challenging than what they could be. One of the biggest challenges you will ultimately face will be that of deciding the right location, and we’re not just talking about premises. The actual geographic territory that your business will launch within is vital, and you need to ensure that you’ll receive the right amount of footfall, visitors, sales and type of customer calls you desire.
During this piece we will be focusing on the nation’s capital, and why this could prove to be an excellent location for you to launch your franchise within. London has matured itself into a global hub for finance and technology, which is exactly why so many businesses and franchises ultimately decided to launch here. Valuable resources are easily accessible within London when you initially launch your franchise, and this could prove to be invaluable. One point to consider is travelling, all the major cities within the UK have good rail links to and out of London, as well as motorways. Making it easier for you to do business with companies and consumers further afield. There is also the added benefit of being so close to so many international airports, that allows you to travel overseas for work if this is required.
London and its outer suburbs are continuously growing, and places like Croydon are now exceeding over 1,000 businesses within the tech, creative and digital industries alone. There’s so much potential within this glorious city, and this is exactly why so many franchises choose to operate within this goldmine of a hub. There are in-fact 500,000 micro businesses in operation within London and there’s more and more (including franchises) launching on a daily basis.
Where in London should I launch my Franchise?
The Borough of Westminster has witnessed the greatest number of new start-ups annually with just under 9,000 per year! However, the success rate within this borough isn’t as great as the others, with just 35% of new businesses surviving. The Borough with the best survival rate for new businesses is that of Richmond that witnessed a 45% survival rate on the 2,000 new start ups launched annually. It is key to remember that the success rates of Franchisees is far higher than the standard start-up.
If you’re looking to launch an online franchise, then the borough of Greenwich has the fastest average broadband speed at 35 mbps, on the other hand, Kensington & Chelsea has an average speed of just 22 and may prove not to be the ideal franchise territory.
There are many factors to consider when launching your franchise business, is there too much competition in London? Are the rent prices too high? Are the average staff turnover rates too high? And so on. Each franchise territory will differ and it’s down to you to undertake the correct research to ensure you find the correct franchise territory to launch your franchise within.
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