The boss of Radfield Home Care explains to Elite Franchise the reasons behind the rapid increase in the number of ‘start-up’ companies during the past 18 months.
Everyone will agree that the on-going Coronavirus pandemic has left a huge mark on society, with its consequences felt far and wide. And while most of these have had a negative impact on the community and economy as a whole, there have also been a handful of positives. According to Alex Green, who is a co-founder of Radfield Home Care, one of the better side-effects of Covid-19 has been an increase in the number of people starting their own businesses.
Alex, and another family member, established Radfield 13 years ago and speaking recently to Elite Franchise, remarked: “You may be surprised to hear, but 2020 was a record breaking year for start-ups. Over 400,000 businesses were formed during the first few months of the pandemic. These were entrepreneurs deciding it was finally time to become their own boss. It is predicted this trend will continue as we gradually emerge on the other side of this dreadful pandemic.”
So how has this happened? Alex continues: “For the last 18 months or so, the majority of the country has been forced to work from home. This has meant the joy of not commuting. It has given people more flexibility and more spare time at the end of each day.
“This is suddenly an attractive proposition that has had a profound and positive impact on the quality of our personal lives. With this in mind, it makes sense that many people have decided to try and make these benefits a permanent fixture of their working lives. In other words, the best way to do this is to take control of your destiny and become your own boss – with your own business idea.”
However, starting a business is usually easier said than done. Taking that first step can only happen after many hours, and potentially months, of studious research. And for many of those starting a new chapter of their lives, it has followed a period of adversary caused by the effects of the pandemic.
And, as Alex explains: “There have been a record number of redundancies in recent months, while over 11 million jobs have been supported by the Government’s furlough scheme. Sadly, many of these jobs will not be guaranteed when the scheme ends this month. For these people, they have been forced to reconsider their livelihoods, with some eyeing-up self-employment as a way forward.
“Of course, becoming your own boss can take many different forms. There is consulting, freelancing, becoming a limited company, or remaining self-employed. You may have to develop a team of employees, while financing the business is another part of the process that requires careful consideration. Do you have the funds to self-finance the venture or will you require a business loan? Can you work from home or will you need to rent or lease a property? And, of course, there is the franchising route, which is becoming ever more popular.”
Now this begs the question, why choose franchising? To this, Alex believes the answer is simple, saying: “Many people are not even aware of its existence, and certainly haven’t made enquiries. To franchise or not to franchise is an increasingly common question. Yet franchising is fast becoming one of the most viable routes into business ownership or entrepreneurship.
“Franchising in the UK is big business and, according to the British Franchise Association (BFA), is a great choice for becoming your own boss. The franchise industry as a whole contributes over £17bn a year to the UK’s gross domestic product (GDP). Figures from 2018 show that the industry employs more than 700,000 people, which is a 14% increase from three years earlier.
“There are almost 50,000 franchised businesses, with 93% of franchise partners reporting profitability. With figures like that, it makes sense to invest in this growing sector, rather than go it alone.”
On a personal level, how did the pandemic affect his company Radfield Home Care? Alex added: “Even before Covid was classed as an epidemic in China, we had highlighted the virus as a potential risk and took it upon ourselves to set-up a task force. We ordered large stocks of PPE for our network. This was long before independent business owners were thinking about how this virus may impact on local business and the community.
“As lockdown took hold, we took full responsibility for keeping abreast of ever-changing Government legislation. We developed policies and procedures, which we communicated to franchise partners and their teams on the ground. Some of these updates were being released at 9pm on a Friday evening, and needed to be in place by midnight.
“For some independent businesses this must have been difficult digesting it, updating policies and then rolling it out. For me, it is this collaborative approach and strategic planning that makes franchising a cut above the rest, when it comes to dealing with a crisis and the day-to-day running of your business. Remaining compliant and safe during the pandemic was certainly not easy.”
So how does he assess franchising as a business option? Alex concludes: “The list of reasons why a franchise could be a more suitable option, than going it alone, is endless. From the initial training to ongoing support, all business partners will be assisted every step of the way. We, as a franchisor, will advise and help you on overcoming obstacles, as well as business planning. New franchisees will enjoy national brand recognition, and be able to follow a tried and tested business model.”
A franchisee’s story:
Matt Barnes, who is a Radfield Home Care franchise partner in Wycombe, Beaconsfield & South Bucks, talks about his journey into self-employment: “I had been looking to start my own business for a while. I was heavily involved in financial services and start-ups. For over a decade, I was helping to grow and launch small businesses, and I loved it. But then I thought, ‘why not set up my own business, rather than working my socks off for someone else.’
“Franchising was always on my radar, but I made the conscious decision that I didn’t want to remain in financial services. I therefore realised that I wasn’t going to work in an industry where I had plenty of existing knowledge. It was all going to be new information and experiences. With that in mind, I was always likely to go down the franchising route. I needed the expertise of a company like Radfield, one that already had a strong network, support structure, policies and procedures. Therefore, franchising is most definitely the right way to go. It gives you the flexibility to be your own boss too.”
Matt has been trading for almost two years and has become Radfield‘s fastest growing franchise partner. As for the pandemic, he said: “Covid didn’t specifically affect my mindset. We planned ahead, learned lessons from each lockdown, and strategically recruited ahead of time. We therefore ended up with lots of work because many other companies were turning away business, as they didn’t have enough care professionals in their employment.”
During Covid-19, the care industry has been particularly resilient, with Radfield doubling its turnover as a result. Demand has grown significantly in this sector, with franchising in a strong position to deal with a crisis.
Matt went on: “Unlike setting up independently, a franchise is all about supporting one another. Whether that is the support provided by the franchisor, or other franchise partners, the advice and guidance is so important. During Covid-19, this teamwork enabled franchised businesses to pool resources, strategies and marketing to help each other collectively as we faced lockdown, potential loss of revenue and a changing business model. As a result, the franchise industry is full of success stories and remarkable growth, which smaller, independent organisations have been unable to achieve.”
This article is brought to you courtesy of Radfield Home Care.
