Why franchising after redundancy?
Often the best businesses are formed during hard times. They are started knowing how tough things are and how hard they will have to work to succeed.
With a million people possibly entering the UK unemployment market this year, finding a new job after redundancy could prove challenging.
Being made redundant is
not unusual
It is no longer considered a 'negative' for someone to have been made redundant from their last job.
Why franchising
The cost of a franchise
How Much Does a Franchise Cost? Every franchise has its own financial requirements, so the costs to start a franchise are different for every franchise company. In most cases, you will be required to pay a franchise fee, all build-out costs for your location (including furniture, fixtures and equipment), professional fees, signage and stock. You will also need to have working capital until the business is in full swing.
about whichfranchise
whichfranchise, the official online partner of the British Franchise Association (BFA), is well known in the business start-up market as the best place for franchise information and opportunities.
If you are considering the option of going into business for yourself and would like to learn more about buying a franchise; as well as browse through the hundreds of varied franchise opportunities
Some tips for starting your business
Make a business plan
The business plan will be a compass for planning your course.
Ask Anna ???
If you have any questions about starting a franchise after redundancy, send your questions to Anna: anna@whichfranchise.com
Question: I've never worked for myself before and am about to be made redundant and it scares me, investing my redundancy money in a business.
Answer: Going into business for yourself is a big decision with many risks…
Question: In uncertain times where big businesses are going bust what chance will I have in a franchise?
Answer: There is no doubt that these are difficult economic times; however there are some very successful franchises…
Question: If I wanted to buy a franchise how do I know which is the right one for me?
Answer: To find which franchise is best for you, you must assess you own skills and experiences…
Question: Are Banks still funding franchising?
Answer: Banks really like franchising & have learned that it can be safer to lend to franchisees of well-structured ethical franchise systems…
Redundancy to franchise success stories
From redundancy to a Clive's Easylearn Pop Music School franchise
Having been made redundant twice in the last 3 years, it occurred to Sharon McCarthy that her destiny was not really in her hands but in those of someone else.
Changing her existence through franchising with Oscars
After 23 years with the Bank, the last thing I thought I would be working with was pets. Redundancy was on offer and the family saw this as the opportunity to try something different. Dawn also wanted her own challenge as being a housewife and mother to our three children meant that a joint business venture would change her existence.
Firing on all cylinders with Auditel franchise
In June 2009, Warwick-based Tim Latham launched a new career, joining Auditel, the cost & purchase management franchise. He spent 15 years in the automotive industry, working in various sales and marketing roles, most recently responsible for launching the award-winning Jaguar XF in the UK.
The grass is greener with TruGreen franchise
Five years ago, husband and wife, Bob and Anne Anderson were presented with a life changing opportunity when Bob was made redundant.
Dramatic change of life with Rosemary Conley franchise business
Elisa Clark, the Rosemary Conley Diet and Fitness Clubs franchisee for the Wellingborough area, found that her life changed dramatically after she made the decision to become a Rosemary Conley franchisee in 2002.
From redundancy to TaxAssist Accountants
Read more franchise success stories
Franchising after redundancy Q&A
Question: I have recently been made redundant. I am looking at franchise opportunities. I have sufficient savings to pay "cash" for a Franchise. Is it preferable though to have bank funding rather than invest my savings?
Answer: The answer to your question is not black and white and it is your own personal choice as to your favoured way forward. It is always prudent to ensure that you have sufficient funds in reserve when you invest in any business to cover at least six months expenditure in case the business takes longer that first envisaged to get off the ground. Should you decide to approach the bank for support you may be able to repay any bank borrowing early from your own reserves as the business gets established. If is often easier to borrow from a bank at the outset and keep you own funds in reserve rather than approaching the bank after six months poor trading performance when your own funds are exhausted and you require additional capital. Remember that you pay interest and make capital repayments on a loan so your ability to service the ongoing commitment you are taking on is essential. Good luck with your plans.
Richard Holden, Head of Franchising Lloyds TSB