The retail industry is the largest private sector employer, with one third of consumer spending being within retail. The retail franchise industry has huge potential for aspiring business owners who are looking to take their first steps into the world of business.
The retail sector continues to grow year-on-year, making for a robust investment for franchisees. The most recent figures show an increase of 5.9% in retail sales in only one year, proving just how strong the market is. Even with the current economic turmoil, consumer confidence does not appear to have been impacted with many continuing to spend what disposable income they have and purchase products, proving the robustness of the industry.
With the introduction and popularity of mobile phones and tablets, there has been an ever growing move towards mobile commerce in recent years, with over half of online retail sales being made via mobile devices. Customers seem to be increasingly willing to combine traditional retail with online convenience, resulting in more people browsing stock online and using quick method services such as Click & Collect to save themselves time and potentially money, buy shopping around online.
Retail franchises can vary significantly, from convenience stores and barbers to pubs and fast food outlets, so opportunities within the sector are as diverse as the people who work in them.
Retail franchisees within the industry can come from a wide range of backgrounds, so whether you have been directly involved in retail before, or whether you just love conversing with the public on a day to day basis, this could be the industry for you.
Many franchises within the sector will be run in a management style capacity, allowing franchisees to concentrate on increasing turnover and potentially moving on to sign a multi-unit agreement and open more than one retail outlet to maximise their profit earning potential.
A real ability to work with and manage a team of individuals will be key to your success, as your employees will often be the first point of contact for many consumers entering your stores. With many franchisors offering continued, ongoing support in terms of marketing and advertising, selecting the right franchisor within the industry can have a direct effect on the success and profitability of your company going forward.
Whether you have previously had a career or background within the retail industry or whether you just have a passion for creating your very own retail empire, this franchise opportunity could be the way for you to move into business ownership and could be a viable model for you to work for yourself, but not by yourself in this ever competitive market.