Franchising
Did you know?
- As a business model, Franchising has grown in the UK by 44% in the last decade despite the recession.
- On average each franchise unit in Ireland employs 10 people.
- Arguably, business format franchising has an 80% success rate, compared to an indigenous business start-up within the first 5 years of operation.
Often franchise investment lends itself to career diversification, owing to inherent supports and training. In many cases, it is possible for individuals to explore new career options with the support of franchisors, benefitting from their experience, methodology and network.
In addition, franchise models can often include licencing, distribution and reseller agreements; thus ‘Franchise’ can be viewed laterally as a holistic, inclusive model for scaled development.
Equipped with this information and a remit for job creation, LIT and Limerick Chamber determined that the model would be valuable to individuals who hoped to:
- create a business (with the potential for growth),
- invest in a franchise (with reduced risk) or
- Grow their existing venture using a model.
Accordingly the NFC was developed, offering a range of holistic supports.
