Business News
East of England companies could spearhead new business abroad - UKTI
The East of England could be at the forefront of a new business revolution, with its companies taking the lead in setting up abroad using their own identity, but with success driven by local people - according to UK Trade & Investment, the body responsible for helping UK firms succeed across the world.
Already there are 1,500 British companies running franchises - where other groups or individuals set up in business but use their name, reputation, administration and marketing know-how in return for a share of the profits. But there could be many more doing this in foreign countries, says UKTI.
At the moment there are reckoned to be around 130 companies from the East of England running franchises, part of a business sector worth over £12bn to the UK economy and employing more than half a million people. But just a tiny fraction of the region's firms are franchising their own operations and UKTI says many more should realise that doing this abroad could be right for them - and that it can help.
"Getting the right advice and having the right strategy is key when exploring overseas markets," says Alan Fullarton, strategic accounts team manager for UKTI in the East of England.
"UKTI can help businesses access help, support and information from across the globe that can make a real difference when approaching new markets through a different model like franchising."
To coincide with National Franchise Week, from 26 September to 2 October, FDS is launching a new five-year plan to boost by 100 the number of companies in the East licensing others to franchise and use their name, creating 5,000 new jobs.
The United States leads the way in franchising, with more than 750,000 people working for franchisors, or franchising companies - but UKTI says that Britain, with its strong and globally-known brands, and the East, with its reputation for innovation, could make more of an impact internationally. This could be near to home in Europe, in English-speaking countries like Australia and Canada, or in huge and growing economies like China and India.Our Patrons
