There’s no doubt that the business world is changing fast, and quite unpredictably, at the moment. Lisa Stead of Shuttercraft details some of the reasons why franchising is surging in popularity, and what to consider if you’re thinking about joining the rush!
Lockdowns and changes to the workplace have swept away many of the old certainties, giving many people time and reason to re-evaluate their goals. However, although it can be hard to keep pace with changing restriction, it’s important to remember that these challenges bring opportunities, you just need to decide how much you’re willing to adapt to take advantage!
Increasing numbers are looking outside of corporate structures in favour of opportunities in running their own business. Franchising is an attractive option, as it provides the tools and support whilst giving you the autonomy and decision-making capability inherent in being your own boss.
There are many parallels with the situation after the end of the Second World War, which is probably the most comparable to what we are experiencing right now. Skilled workers with time to reflect sought to be more self-determining, and a great many businesses sprang up, some of which are still around today such as Silentnight and JCB.
Behind the current buzzword “career pivoting” is a simple truth: for most people jobs aren’t for life and, increasingly, careers aren’t for life. Check among your peer group, and it’s easy to find examples of recruitment consultants becoming gas fitters, accountants going into teaching and teachers becoming entrepreneurs – the world of work is far more fluid than ever before and what was once seen as indecision now looks like agility. Many who wouldn’t previously have considered venturing into company ownership are understanding that, with the right support network, they have what it takes, and want the rewards it offers.
Why not use this time to think, plan and set your goals for how you earn your income? Here are five questions you should ask yourself, before you make any important decisions about starting your own company:
- What is it that you are dissatisfied with now – are you working too many hours in a job you don’t enjoy, do you feel undervalued by your employer, is your business not really giving you the satisfaction you hoped for?
- What is it that you enjoy and more importantly what are your key skills, how do you want to use these?
- Do you want to alter your work/life balance and what does that look like – do you want to work more hours (unlikely), are you happy to work harder if you are running your own business?
- How does changing your work environment fit with your personal relationships and home set up? Will your partner be supportive, does it mean a house move or altering your current home?
- What will be the impact on your financial situation, can you afford to take a short-term dip in your income? Do you have reserves you can draw on?
Answering these questions will enable you to decide if now is the right time for you to start your own business. Then it’s up to you decide how you go about this and what type of business you want.
Why franchising is a great option
Franchising is obviously one of your considerations and there are many reasons why this can be the perfect choice, especially now. Opting to join a franchise
- Structure – by following a business model that has been tried and tested you will be guaranteed a certain level of success, after all, the franchisor only prospers if its franchisees do.
- Support – not only will you get guidance and advice from the head office franchise team, but you’ll also get incredible support from your fellow franchise partners. It’s like joining a family – everybody looks after each other.
- Business set up – all franchises give you excellent advice about how to set-up your business, from how to register your company to how to manage your accounts.
- Products – whether it’s a service-based franchise or a retail offering, your franchisor will provide you with everything you need to get up and running and to start generating an income as quickly as possible.
- Training – franchisors will typically offer training, the extent of this will depend on the product or service and whether there are technical details that need intensive explanation.
What type of product or service do you want to be involved with?
Once you have identified what your skills and interests are, you will be able to select the type of franchise you want to invest in. If, for example, your interests are in home improvements, then a franchise offering a service or product related to the home is the perfect choice. Alternatively, if your interest is in food, then a retail outlet selling food may be more appropriate. There is certainly no shortage of franchises to choose from, but it’s important to pick one that best suits you. Do your research, and franchises such as ours at Shuttercraft will be glad to explore further with you.
Few are enjoying what we are going through now, but in the same way that many are using this time to improve their health and fitness, this could be the right time to re-balance your working life and make the most of this opportunity. Using an enforced change as a springboard to revisit what you want from life and your career can highlight those opportunities and how you can come out the other side in a stronger position than when this all began.
‘This article comes courtesy of Shuttercraft Franchise. The Shuttercraft franchise is a premium home improvement franchise offering quality interior plantation shutters and blinds We provide a proven model that will enable you to develop your own management business with the ability to earn upwards of £100,000 after 3 years.
