New Year – new franchise?
Consequently, it isn’t surprising to learn that some twenty per cent of British workers will start looking for a new job in January and February, according to the Institute of Leadership & Management. Nor is the fact that a further third of employees will question whether they want to stay in their current role.
Of course, there are other options…
Why do they want to go?
Naturally there are many reasons why such a large proportion of the working population thinks about ‘jumping ship’ and contrary to popular belief, they’re not all simply about getting away from an over-bearing boss or yearning for a higher salary. Career progression and development are two big factors that can force people into initiating a job search, especially if they’ve been in a role for a few years. Work-life balance is another factor that can be far more important, with both men and women desiring more time to spend with the people they love.
For some, it could be the appealing thought of never having to commute again, or a keenness to use their skills more effectively. Others might want to try their hand at making their hobby into a business, while the remainder may well want to be their own boss at last, no longer being an employee but an entrepreneur.
What opportunities are out there?
Recent reports have shown that there has been an increase in the number of vacancies on the market – at last. Although how many of them would satisfy the above criteria is anyone’s guess. Not many, no doubt. This could, therefore, be the ideal time to think about taking a completely different route and changing careers.
One option that is becoming ever more popular is franchising. Becoming a franchisee suits people of all ages and circumstances, therefore enabling more people back into the workplace. From baby massage classes and cupcake bakeries, to driver recruitment companies and golf lessons, there is a franchise to suit everyone. Many well-known brands are operated as franchises, so you could be working with an already well-established favourite.
With a plethora of franchise opportunities available, the first step in the process might be to attend a franchise show, at which you would be able to speak to franchisors and franchisees. Armed with first hand advice from those in the industry, this could help you to narrow down your franchise wish list and take a step closer to professional fulfilment.
Franchising in a nutshell
If the idea of buying a franchise has caught your interest, the following statistics from the NatWest/ British Franchise Association 2013 franchise report might tip you over the edge. The franchising sector comprises 39,000 outlets in the UK, employing 561,000 people. Ninety-two per cent of franchisees said that they made a profit in the last year – including new businesses – all adding up to an impressive annual industry turnover of £13.7 billion.
In fact, the report reveals that at a time when the British economy contracted by 2.5 per cent between the years 2008 and 2013, franchising revenues actually grew by a huge 20 per cent. Something to think about, wouldn’t you say?
You don’t have to look far to uncover the benefits associated with becoming a franchisee. You are essentially presented with the chance to work at something that you love or excel at, if you wish. What’s more, you get to run and shape that business. While you’ll have contact and support from the franchisor, you are the decision-maker. In addition, you’ll be choosing a business model that has already proved itself successful; all of the basics have been tested: the branding, the products, the service, the goods. Everything will be in place, ready for when you take the reins.
Advice from the experts
Deciding to go down the franchise route is admittedly a big decision and although there are a great many advantages to this line of work, there are equally many factors to consider before committing yourself to a long-term contract. Fortunately, there are plenty of resources you can consult to gain a better understanding of the business.
The British Franchise Association website lists several of its affiliated professional advisors, which cover banks and accountants, legal services and recruitment consultants to help match people to the right franchises. Alternatively, experts at whichfranchise.com will gladly answer questions related to the sector. Speaking to those in the know will help you make a more informed decision.
It’s a big step, moving from being an employee to running your own business, however it could be the opportunity that you’ve been looking for. Franchising takes away much of the risk of launching a brand new endeavour and offers the potential to become part of a really successful sector – with you at the wheel.