Franchising After Redundancy

With a million people possibly entering the UK unemployment market this year, finding a new job after redundancy could prove challenging.

This is e specially true for those who have left a good paying job and who are now looking for a new one with a similar income . Unable to find something suitable many will turn to self-employment, but without the necessary skills and experience, or not knowing what they want to do, investing money in a new venture could be risky.

Franchising can provide the ideal solution; a new job and your own business rolled into one! And it's a safer option to starting your business from scratch.

Less risk than starting from scratch

Franchising offers you the chance to become self-employed whilst minimising the risk involved. How does it do that? The franchisor has already put them self in the firing line by taking the risk for you.

When they started franchising their business, the franchisor would have run a pilot franchise which would have flagged up any errors in their systems and procedures. They therefore at an early stage would have learned from, and corrected, any mistakes made in order for their business to survive and the network to grow.

‘Learn from the experience and mistakes of others'

Therefore, as you are buying into a tried and tested business model that is already trading successfully with a proven track record, the risks are substantially lower; the “bfa/Natwest Franchise Survey” highlighted that 91% of franchisees claim to be profitable .

We are not however saying that franchising is risk free. You need to make sure that you thoroughly research all the pros and cons of franchising and identify if franchising is right for you; everyone is different so what can be right for one person, is not necessarily right for another. When you buy a house you don't do it on a whim, buying a franchise should be no different. The key to getting the right franchise for you is research, research, research!

No experience necessary!

Though it may not feel like it initially, for some, redundancy could be a good thing. Being made redundant could provide you with the ideal opportunity for a change of career.

As most franchises are designed for people with little or no experience in a specific industry, franchising allows you to try something new. In fact most franchisors don't want you to have experience in their industry as they will teach you all you need to know about their business.

Good franchisors will provide extensive initial and ongoing training. Unlike other schemes that offer retraining after redundancy, with franchising you are a guaranteed a job at the end of it, and more importantly, your own business.

A phrase you will hear associated with franchising a lot is “in business for yourself, not by yourself”. This relates to the support you receive from both your franchisor, who you can turn to with any query you have no matter how trivial or substantial, and your fellow franchisees, who are there to offer their support and guidance. You are definitely not alone in franchising!

The ability to go down a different career path is for many a refreshing change and the motivation needed to kick start their career. Franchising also allows you to get up to speed quickly and start earning a living, something that is much sought after when unexpectedly made redundant.

Something for everyone

Due to the training and support you will receive as a franchisee, franchising opens the door to new opportunities.

The opportunities in franchising are varied as are the range of investment levels; they are no longer restricted to just fast food! W ith ready-made business opportunities offered across a wide variety of industries – fast food, cleaning, B2B, motoring, home furnishing, pet care, children services, gardening, health and fitness, beauty, printing, travel, DIY, accountancy, recruitment – to name just a few, there is definitely something for everyone.

Franchises can be run as single-units e.g. home-based, retail, van-based, office-based, retail, or for those with a more corporate/management background, many franchisors are offering opportunities at a higher level. This is where not one but several businesses can be run at the same time; these management opportunities offer an exciting opportunity to maximise income from franchising, whilst capitalising successfully on corporate or business experience.

Franchising…A serious consideration after redundancy

With the varied opportunities available in an industry that is less risky than starting your own business from scratch, where you can be retrained in new skills and move to a new career without experience, franchising should be an option you seriously consider.

So if you have been made redundant, or indeed thinking of taking voluntarily redundancy, remember, franchising offers you not only a job but your own ready-made business that puts you in the driving seat!