The franchise sector is an important contributor to the Irish economy both in terms of the employment it creates and the wealth it generates. The growth in the franchise sector in Ireland looks set to increase through new franchisees setting up their own businesses, through existing indigenous businesses using the franchise model for expansion and through new non-Irish franchises entering the market due to our strong domestic economy.
Business Format Franchising is a business method in which the franchisor (developer) grants to the franchisee (investor) the right to run a business selling a product or providing a service under the franchisor’s business format and identified by the franchisor’s trademark or brand. This includes a format for the conduct of the business, a management system for operating the business and a shared trade identity.
Franchising is a comprehensive business relationship whose four essential elements ensure a better success rate than starting a non-franchised business. These are:
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.”