Franchising is a successful method of business expansion and the industry itself continues to grow in Ireland. It is seen as a safer way to start up a new business.
The Irish franchise industry has continued to grow from strength to strength, with many companies operating in the franchise sector forecast strong growth in revenues.
Franchising has proven itself to be a robust and resilient business model, even during periods of recession and economic downturn throughout the last decade.
The Irish Franchise Association revealed the following facts from 2017:
- €2.5 billion estimated turnover of the franchise sector.
- 4,000+ active franchise units operating in Ireland.
- 43,000 people are employed in franchising.
Irish Franchise Association
The Irish Franchise Association’s remit is to develop and promote best practice franchising in Ireland and create an environment within which ethical franchise businesses can grow. The Irish Franchise Association represents more than 30 franchise brands each vetted against a strict code of business practice. TaxAssist Accountants is a member of the Irish Franchise Association and fully endorse their code of ethics and operate in accordance with them.
A franchisor should provide you with:
- A proven business model with a strong brand
- Comprehensive training on all aspects of the business
- Business development support and marketing materials
- Technical support
- Regular field visits
- Investment in research & design
- The opportunity to build a sustainable business with a proven exit strategy
Franchising is a proven, tried and tested route into self employment and the banks are supportive in providing funding as there is a lower rate of failure than going into business alone.