And yet, unhappiness with work and employment has never been higher. According to a recent Gallup survey, the UK’s workforce is one of the most dissatisfied in Europe.
Despite this, most UK workers are not planning on leaving their unfulfilling jobs. If you read the press and social media, there are always lots of loud negative voices, talking about recessions, challenges, increased costs and possible job losses in various sectors, so it is probably not surprising there is nervousness in taking any big steps.
However, franchising is one of the ways that start-up businesses can gain the support, training and structure to make the chances of success so much higher. The recently published British Franchise Association (bfa) Journal shows that franchising now contributes £19.1bn to the UK economy and reports that 89% of franchisees are profitable and 82% say that they are satisfied with their franchisors.
So, if you want to make a change and take on the challenge of running your own business instead of hating your job and the lack of control you have over your working life, then franchising is definitely worth a look.
Franchising offers a way to become your own boss while benefiting from the guidance, training, and resources that can ensure a strong business launch and significantly improve your chances of success.
That said, owning a business isn’t suited for everyone. You will need to be self-motivated, energetic and committed to tackling whatever tasks come your way. Self-employment is not for the faint-hearted!
Here are some important factors to consider:
What type of business are you interested in? Do you want a home-based business instead of a physical location or van-based operation? Do you want to be an ‘owner-operator’ working independently, or do you prefer to manage a team? Costs vary greatly, so choose something within your budget that you’ll enjoy.
Doing your research is crucial, even more so in challenging economic conditions. There’s a wealth of resources available, and a great place to start is the bfa, www.thebfa.org the standards body for the franchise sector. They can help you to focus on the key areas to investigate.
What funds do you have available to invest in a franchise? And how much will you need to withdraw for personal expenses? When starting a new business, you’ll need to focus on building sales and managing cash flow, which might mean you can’t take out the same income you’re accustomed to right away. It may take some time for the business to reach profitability and break even, so it’s crucial to have sufficient funding from the start. While banks are generally positive towards franchise loan applications, they will expect a detailed business plan.
Once you have narrowed your choices down a bit, talk to franchisors about the support they provide to their franchisees. What does the initial training programme cover, are there opportunities to get together with fellow franchisees? Does the franchise offer further support and training after the initial launch phase? Speaking to some existing franchisees will help to give you a good idea of what they thought of their training and how the franchisor supports them.
Don’t be taken in by exaggerated marketing claims when you are reviewing your franchise options. Try and get behind the hype and assess the opportunity. Consider the target customer base and the potential for repeat business. Is the product or service you’re offering considered a luxury item? Does the business have seasonal fluctuations?
In summary, buying a franchise isn’t a “shortcut” to success—success requires determination and persistence. It’s essential to choose a franchise that excites and motivates you, as full commitment is necessary for success.
But don’t let negative media commentary or the ‘doom and gloom’ brigade put you off. The franchise sector has lots of success stories and a positive tale to tell about the benefits of being your own boss with the support of a franchise behind you.
Franchising offers a balance, providing both the independence of being your own boss and the support of training and resources. You’ll be in control of your goals, timelines, and work-life balance, instead of feeling undervalued in a role you no longer enjoy!
