Making a change in your career at any time is a worry. You question your decision at every step of the way. Without the safety net of an employer behind you, this apprehension increases massively when you start your own business.
Is Franchising the answer?
Yes, it is, but even the lower-risk option of buying a franchise is considered a risk not worth taking for many of us at this time. Inflation, Covid, Brexit, Ukraine, are all factors we’re navigating right now and they all impact on our decisions.
The safest decision is to sit tight and ride it out isn’t it?
In actual fact, the state of the economy at the moment means we’re expecting more job losses and redundancies, low return on normally sound investments and salary levels staying flat.
- According to The Guardian, annual pay growth stalled at 4% in May – less than half the inflation rate which sits at 9%.*
- A new study by Acas suggests that nearly 1 in 5 employers are likely to make redundancies over the next year. **
If you’re really keen to secure your future, being your own boss is worth exploring. Investing in an industry that is pandemic and recession proof, growing and in high-demand, and backed up with exceptional support levels, is unquestionably worth a look!
Where do I start?
At times like this, you need to look for markets that have already survived recessions, periods of low consumer confidence and even pandemics and are still thriving. Better still, look for industries that are growing and that are predicted to continue to grow at a good rate. Lower risk, safer options are those where the product or service has been around a good few years and provides the end-user with something that will always be needed.
A great example of all of the above is quite simply, home care!
The care at home industry is booming. Demand is exponentially high. In fact, demand for care at home increased during the pandemic. No matter what happens with the country’s economy, the ageing population and the vulnerable within our societies, still need to be cared for. It’s an industry where you can certainly carve out a stable and rewarding future.
- A report by Fortune Business Insights paints a very favourable picture for home care. People aged 65 and over sat at 19.4% of the UK population in 2019. That figure will reach 23.0% in 2023 – only 4 years later. ***
Which Care Franchise?
There are many home care providers to choose from and it can be a minefield finding a company that not only fits with your values, but also offers the lowest financial risk.
The lowest risk franchise opportunities are ones that have been around a long time. They know what works and what doesn’t. Their model is tried and tested, honed and adapted to set franchise owners up for success. The longer standing franchisors tend to have larger and more experienced support teams, which means better support for you.
Do your research on management service fees (MSF). The % MSF you pay to the franchisor each and every month matters. Just a small % difference can make a huge difference over the course of the year and becomes even more important as your business grows. If low financial risk is a consideration right now, you’ll be wanting to find a franchisor who cares about your business as much as you and therefore, holds steady with a low MSF.
Find out how the franchisor invests time in you. What does their training package look like? Is it rapid, with more ‘training on the job,’ or does it involve time investment from key personnel to fully onboard you? How the franchisor sets you up for success at the very beginning, is a key indicator of the support levels going forward.
Support is key to franchising success, so be sure to ask what the ratio of support managers to franchise owners is. In the home care industry, it’s known to range from over 80 to as little as 20!
All in all, find those that resonate with you and then ask questions and more questions again until you feel comfortable with your chosen company. The right one will not be pushy or desperate for your business; in fact, they’ll be doing their own research to make sure you’re a right fit for their business too!
This article comes courtesy of Caremark Limited, the home care provider who prides themselves on providing excellent care for all.
Source:
*https:/www.theguardian.com/money/2022/jun/21/average-uk-pay-rises-inflation-rate-living-costs
***https:/www.fortunebusinessinsights.com/industry-reports/u-k-home-healthcare-market-100866
