Redundancy to franchise success stories
Dictate your own career with Little Kickers franchise
After being made redundant, Mick Lowe found a change of career in a Little Kicker's franchise.
Cliff repairs his future with Revive Franchise
This time last year Cliff Wilton was facing redundancy. Now, he’s launched his own successful Revive franchise.
A secure future with Oscar Pet Foods franchise
With an uncertain future with threatened redundancy, Nathan Brooks turned to Oscars franchise.
Family team find security with a ChipsAway franchise
At a time when so many small businesses are suffering and young people are struggling to find jobs, Paul reckons his ChipsAway franchise has provided the perfect solution!
Redundancy opens new door with Recognition Express
When Sam Giddy, 41, saw voluntary redundancy looming he saw it as a perfect opportunity to realise his dream of running his own business.
Lessons learned led Mike Pyne to robertson technologies franchise
Mike has taken on the franchise for the Fife territory after being made redundant after 22 years of working for a company.
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.
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.
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.
Sweet life after Redundancy with Auditel franchise
Llanelli-based Denis Brennan joined Auditel, the cost and purchase management franchise, in September 2008. Although trained as a lawyer, Denis became IT Director for a multi-national manufacturing business and worked for some years in Europe.
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