According to the British Retail Consortium, the retail market in the UK is huge, accounting for at least 20% of the UK’s economy and worth over £265 billion.
Retail shops in the UK see more than 1/3 of consumer spending, as people prefer to physically go to retail stores to do their shopping. These retailers are varied in what they offer, ranging from children’s clothing stores to a food retail shops. Many retail chains and retail franchises are springing up everywhere, as successful stores decide to franchise their business.
Do I Want a Franchise In the First Place?
If you are considering entering into the world of retail franchises, first consider whether or not franchising is for you.
The pros of franchising include a proven business plan that has already worked for the franchisor. That means your new business’ rate of success increases. There is also the benefit of having training and support available to you. That means you don’t need to be an expert on the industry before you go into it – you can get all the necessary information from your franchisor! Support is also invaluable as you may run into problems along the way, which the franchisor can help you work through by providing advice on how they tackled the same problems in the past.
The cons of franchising are the higher cost of investment. Since you are often provided with everything you need to start, and you are also paying to use the rights to the name and logo of the business, you will generally be paying more than if you were starting a business on your own. You will also need to adhere to the franchisor’s vision of where the business is going. Although this can be a positive thing, it also means you cannot necessarily get creative with certain elements of your new business, including store décor, location, etc.
What Opportunities Are Out There?
Once you have decided that you want to pursue a new franchise business, consider various categories of retail opportunities. The best way to determine what kind of retail franchise you want to invest in is to determine two things: what are your interests and what is your area of expertise.
If you are interested in and passionate about clothing, you may want to pursue a retail clothing store. Or if you have past experience working with beauty products, you may want to open up a beauty shop or nail salon. Generally, past work experience is not necessary for you to join a franchise, as the franchisor provides you with all the training and tools you need to start and run a successful business. However, it will be helpful to have some interest in the industry you want to join. Since you will be devoting time to growing your business, you want to make sure you will also enjoy the process!
Here is a list of some categories of retail franchises available:
- Home Décor Retail Franchise: People are constantly trying to improve their homes, or perform much-needed repairs. There are retail franchises geared towards people who want to create a beautiful home, including those that sell blinds, do kitchen makeovers and offer carpeting and wallpaper solutions. By offering consumers a retail store where they can preview and choose their new kitchen or what color blinds they want, these retail stores are a popular destination for those looking to change up their home décor.
- Clothing Retail Franchise: Clothing stores are some of the most popular retail destinations for consumers, providing a significant portion of retail revenue. There are retail stores for women’s, men’s and children’s clothing, and these stores continue to thrive because people want to try on clothing before they buy it.
- Beauty Retail Franchise: A beauty retail shop can range from a store that sells beauty products to a beauty salon, such as a nail bar or a hair salon. These beauty retail franchises provide great brand name recognition, and offer an opportunity to captalise on products that women are inclined to buy, regardless of the economic climate.
- Greeting Card Retail Franchise: These retail franchises often provide merchandise, such as heartwarming greeting cards and other small gift products to retailers who then sell them. Greeting card retail franchises are a popular home-based endeavour that allows you to interact with retailers and sell a quality product whilst not having to run a retail operation yourself.
- Gift Retail Franchise: These gift shops offer a variety of options to franchisees, including the opportunity to use kiosks in malls or stand alone retail spaces to sell various items, such as jewellery and personalised gifts.
- Tools and Equipment Retail Franchise: By using a van-based showroom, these retail franchises sell corporate customers tools and equipment for professional use. They are able to showcase and sell valuable tools for the auto industry or the home repair industry through their retail showrooms.
- Office Products Retail Franchise: There are many retail franchise opportunities available for office products, such as a packaging and mailing supplies, computer supplies and other paper supplies. These retail locations are designed so that either consumers or businesses can purchase these important business supplies or mail important documents on the spot.
- Food Retail Franchise: Many food related businesses, including restaurants, takeaways, smoothie or coffee shops or packaged food retailers have retail locations. Food retail franchises can be time consuming and require a lot of work, including hiring and maintaining employees, but can provide rewarding results as well.
You can browse through a comprehensive selection of retail franchises at Franchise Direct.