How was 2023 for you, have you been happy and fulfilled in your job? Or maybe you are not feeling valued at work, a bit fed up with the lack of control you have over your time?
Just as you got used to working from home, has your employer decided that mandated days in the office is the way to go?
Maybe you achieved all your targets but didn’t feel that your success was appreciated, or perhaps your work goals were not achievable, so you ended the work year unsuccessfully.
Is it getting you down and making you dread a return to work after any break? If so, you are not on your own – many people used the extra time over the Christmas and New Year break to think about their future and for some, this means acting on their plans to take control of their future and start their own business.
There is plenty of research to indicate that many workers are not enjoying their jobs and would like to be their own boss instead. But the thought of giving up a regular salary for the uncertainties of self-employment is a scary one.
But making sure that you have the best chance of success is vital and this is where one of the UK’s best kept secrets can come into its own! Franchising can be an excellent way to start your own business, offering a tried and tested format and structure to operate, instead of having to start from scratch.
So, could franchising be the right choice for you if you are looking to change course? Take some time to consider your ambitions, goals and priorities and consider what you want to do.
The best place to start finding out more about franchising is the British Franchise Association (bfa) website (www.thebfa.org). The bfa is the not-for-profit standards body for the sector and have resources to help you understand more about franchising, including a free online course you can take as a prospective franchisee.
Is there a business sector that you’ve always been interested in but don’t have the knowledge and experience to start a business in that field? The systems and training you receive as a franchisee can help you to change your focus completely, with all the support you need.
Be very honest with yourself as you look at your options and priorities. Although franchising reduces the risks of being in business, you will still need to work hard to make your franchise a success, so it should be something you will enjoy doing.
What is most important to you at this stage of your life? Are you ambitious to grow a sizeable business as an asset for your future, with good potential for income growth? Or maybe you are looking to take a step back from corporate life and improve your work/life balance?
There are many issues for you to think about, but one of the most important ones must be ‘what am I going to enjoy doing every day?’
What type of business do you want to run? Would you prefer to have the power of a well-known brand behind you? Or perhaps you want to have a smaller operation where you are delivering the service yourself, rather than employing large numbers of staff? Business to business focused, or serving the public? Working from home, premises or mobile van based?
Once you have a better idea of line of business you would prefer to be in, you can narrow things down, based on your preferences and priorities, with an industry sector in mind which you will enjoy.
This doesn’t have to be a sector you already know, as training is provided by the franchisor. Many people buying a franchise will take the opportunity to move into a new sector or type of business, rather than stick to their previous line of work.
You’ll need to consider how much capital you can put into the new venture and how much you need to take out of the business every month to cover your personal expenses. How much do you need your new venture to make? Money isn’t the only motivator for many people, but it is vital to ensure that your needs can be met and that your expectations are realistic.
Franchising covers such a wide range of business sectors and sizes and types of franchise, that there really is something for everyone.
Will 2024 be the year that you take control of your future with a franchise and sack your boss? Start taking steps now to explore franchising and you could be changing your life this year.