The COVID-19 pandemic has been a turning point for many people. Some have been made redundant and forced to look for something new, while others have had the mental space to reconsider their career path and gear up for a new adventure. As the pandemic comes to an end, here are five reasons to consider a new career as a franchisee.
After a long period of uncertainty, restriction and delay, considering a career change might seem intimidating or overwhelming. Becoming a franchisee will give you all the flexibility of business ownership, without all the additional risks of going it alone. Why not transition into the world of franchising and secure your financial future?
Is it the perfect time for a career change?
A late November survey revealed that redundancy rates had increased more rapidly during the pandemic than they did during the 2008 recession, decreasing the overall employment rate to 75.2% [Office for National Statistics]. The risk of redundancy has defined the past year for many working people in the UK. As a franchisee, you’ll benefit from a lot of security from redundancy, as you’ll be following a proven business model, and you’ll have access to the advice and support of your expert franchisor.
“I’d worked for the same organisation for over 28 years and I had felt safe. Then it was all taken away so quickly. I didn’t want that to happen to me again so I had to find something that would offer me much more security. [My role as a Poppies franchisee] gives me exactly that and more – freedom, flexibility and the satisfaction of providing a great service.”
—Simon West, Poppies
If you’ve been made redundant, or you’ve just been reconsidering your current employment situation during COVID, why not start a new career as the UK economy re-opens and restrictions steadily lift? Why not step into an exciting, profitable opportunity?
Franchising as a career change
From financial support to operational support, here are the five key reasons to consider franchising as a career change option...
1. Franchising is a lower risk alternative to starting your own business
Franchising, like any investment, is a risk. But it’s a smart, calculated risk. You’re far less likely to fail as a franchisee than you are as a new business owner. In 2018, for example, less than 1% of franchise units closed per year citing commercial failure [British Franchise Association]. After a difficult year, that kind of stability is welcome. If you follow the tried and tested business model provided to you by your franchisor, your franchise unit is highly likely to come to profit, too, like 93% of franchisees.
>> Read more:
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: The Official Franchise Start Up Checklist (Part 2)
- New Year, New Career: No Better Time Than Now to Start a Franchise Today
- Franchising 101: 8 Signs You're Ready to Start a Franchise
- Starting a New Business Doesn't Always Lead to Immediate Success: Here Are 5 Ways to Change That
- It's Never Too Late to Start a New Business
2. Many funding channels are open to those looking to invest in a franchise
The average price of a franchise investment in the UK is £42,200 [British Franchise Association]. The cost of the investment that you make will be impacted by all kinds of factors, including:
- Location of the franchise unit
- Popularity of the business
- Size of the business
- Sector in which the business operates
Though some investments will set you back quite a bit, low-cost investment options are available in a range of sectors, and funding support is often available, too. The most standard way to secure franchise funding is to approach a bank. Most UK banks will lend between 50-70% of start-up costs, assuming the franchise has been vetted and the investor in question has a good credit history.
3. Franchisees always have access to support and training
Once you’ve made your investment in a franchise, you’ll be entitled to a comprehensive training and support package from your franchisor. Everything you’ll be given should be detailed within your franchise agreement and explained to you by your franchisor. Generally speaking, the franchise package will consist of:
- An initial training programme to familiarise yourself with the work and operational rules of the franchise
- Access to support from your franchisor and other experts on an ongoing basis
- Marketing, advertising and website support
- Rights to operate within a territory (sometimes an exclusive territory)
- Assistance sourcing and fitting out a location (if required)
- Provision of any necessary equipment
You’ll find that franchisors are most often just as invested in training as you, as your success will be their success. It would be rare to find a successful franchise operation in which the franchisor was uninvested in adequately and thoroughly training franchisees.
If the brand is the heart of any great franchise, training is the physical conditioning that keeps that heart beating strongly and consistently.
—Mark Siebert, Entrepreneur
>> Read more:
4. The rewards of franchising successfully are many and various
Starting a franchise isn’t easy. It takes a lot of hard work. But when you’ve been able to develop a successful unit? The rewards are endless! You’re able to run your own business, access expert mentoring and training, and grow in whatever direction best suits you. You’re also able to provide top quality products and/or services to all your customers. As a franchisee, you’ll enjoy many different personal benefits, from financial reward to career fulfillment.
5. Successful franchisees can be flexible about their working hours
One of the biggest benefits of becoming a franchisee is flexibility. As your own boss, you’ll be able to craft a working life that suits your personal life. Though some franchisors, especially larger brand names, will specify hours, many won’t, and you won’t necessarily need to fit your work into a classic 9-5 schedule. If, for example, you’re a parent, the flexibility to swap a few hours in the afternoon for a few hours in the early morning or late evening could be invaluable to you.
Professionals around the country are starting to realize that they want to escape the 9-5, generate wealth and finally live life on their own terms. Many are realizing that franchise business ownership could be the opportunity they have been looking for to reinvent their careers and take back control of their destiny.
—Faizun Kamal, Forbes
Start a franchise and enjoy running your own business with expert support on hand
If you’re looking for a career change that’s right for you, and you’d love to run a business with the support of an expert on hand when you need it, you’d likely be a great franchisee. Explore available investment options via Point Franchise’s UK franchise directory.
Lily Sweeney, Point Franchise ©