Franchising is an exciting opportunity to be your own boss with the support of an expert franchisor behind you. As restrictions continue to lift across the UK, many sectors in the franchising industry are seeing growing demand for their products and services. If you’re ready for a career change, read on to find out how you can capitalise on that demand.
When you’re starting a franchise, one of your biggest considerations will be whether or not your idea is profitable. After a year of unpredictability, not every franchise is in the best financial position. Some, however, have been growing throughout the last year,while others have picked up again quickly in the past few months. Here’s the rundown.
Making a career change in a post-COVID world
It might seem a bit overwhelming or risky to think about making drastic career changes post-pandemic. But the thing about franchising is that it’s comparatively very low risk. In 2018, 93% of franchisees claimed profitability, and fewer than 1% of franchises closed due to commercial failure [British Franchise Association].
In a world where redundancy and unemployment rates are high - the redundancy rate increased during COVID-19 much more quickly than it did during similarly unsettled periods, like the 2008-2009 economic downturn [Office for National Statistics] - franchising after an unexpected career change could help you out of a difficult situation.
If you’re looking for work which allows you to be your own boss with a very low risk of redundancy, franchising could offer you a strong opportunity to change your career and profit. As a franchisee, you’ll have more flexible working hours, you’ll be able to attain financial support from most UK banks, and you’ll have access to initial and ongoing training and support from your franchisor as you settle into the role.
Start a franchise using your highly marketable transferable skills
Everyone has their own unique set of skills, and these skills will be highly transferable and marketable in the right franchising opportunity, allowing you to follow growing trends and adapt to current consumer habits. If you have the right transferable skills, for example, you might be uniquely placed to help a food franchise operate in a profitable 2021 niche like vegan food or healthy food.
Often, franchisors will prize transferable skills and personality traits above industry experience, knowing that knowledge gaps can be easily filled with all the training built into the franchising model, but certain things about a person won’t change. Here are just a few examples of these kinds of skills:
- Problem solving, critical thinking, and analytical reasoning
- Leadership, project management and teamwork
- Listening and communicating
- Adaptability and creativity
- Attention to detail
- Computer competency
- Research and networking
- Organisation and time management
The franchisor provides formal training on their business model, systems and technology. You provide the transferable skills. With a little training and some polish, you will be able to successfully switch career paths or start your own franchise.
—BPD Consulting Group
>> 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
Consumer priorities in 2021
Over the last year, priorities have changed. People have had the time to think about their lives and themselves, and industry trends have changed with behaviours. Many are becoming more environmentally friendly and sustainable post-pandemic, including turning to vegetarianism and veganism. Here are some select sectors currently experiencing growth and high demand. If any of the following concepts interests you, you might want to consider investing...
1. Sustainable retail franchises
During the pandemic, many people have taken the time to consider how their choices can impact the environment. In a 2020 survey, 88% of respondents stated that they believed more attention should be paid to reducing pollution [McKinsey & Company]. For the retail industry, that shift means that now is the perfect time to move away from consumption and seasonality, and towards sustainability.
Noa Noa, for example, is a fashion franchise that promotes sustainability. Founded in 1981 by brothers Harold and Lars Holstein, Noa Noa aims to create an alternative to hard-edged fashion. Within this brand, meeting the demands of quick trends isn’t a priority, and instead, the priority is long-lasting sustainable clothing for the modern, Bohemian woman. An investment in this franchise will cost a minimum of £40,000, and Noa Noa prefers franchisees to have some business experience in the fashion industry under their belt.
>> Read more:
- 5 Qualities of a Successful Franchisor
- 4 Things Franchisees Never Have Time for But Are Essential for Running a Successful Business
- How to Launch a Franchise and Get Noticed
- 4 Elements of a Successful Franchise
- How to Start a New Business on a Shoe-String Budget
- The Ultimate Guide to Franchising Success
2. On-the-go van franchises
Across many sectors, there’s a longing for convenience in 2021. As a reflection of this, van-based franchises have seen huge growth in the past year. People want to be met where they are, and on-the-go companies like ChipsAway can do this.
ChipsAway was recently ranked the top Car and Auto Repair franchise in Franchise Direct’s Top 100. With over 200 franchisees currently operating across the UK, the auto repair franchise is growing at a considerable rate. If you’d like to get involved, you’ll need to make a minimum investment of £29,995.
3. Online tutoring franchises
The learning experience of children in education during the pandemic has been difficult, to say the least. With 90% of parents having to home school, and 49% struggling to balance working and supporting their children’s learning [Office for National Statistics], many have sourced external support. To combat school closures and missed lessons, a lot of parents and guardians have turned to online tutoring.
Mathnasium, for example, specialises in high-quality maths tuition. Over the last year, the online tutoring business has managed to double its turnover. To join up with the growing tutoring franchise and help educate kids across the UK, you’ll need to make a minimum investment of £30,000.
Mathnasium@home, combined with our unique subscription-based tuition model, is the reason our revenue didn’t go down to zero. In fact, our year-on-year revenue more than doubled: up by 109% for the period March 2020 to February 2021.
—John Preston, Mathnasium
4. Vegan and healthy food franchises
The demand for vegan and healthy food options is soaring right now. In 2019, over 600,000 people in the UK were vegan [Ipsos Mori], and all signs show that this number has only increased since. More than ever, these kinds of food franchises are in a great position to profit, which means there’s never been a better time to invest.
Healthy and sustainable home delivery franchise Camile Thai Kitchen has a range of vegan options available, and has been in high demand since the beginning of the pandemic. Created back in 2010 by Brody Sweeney, the franchise is now expanding in Northern Ireland and South London, with 40 units already established. To invest in Camile Thai Kitchen, you’ll need to put in a minimum of £100,000.
Become a franchisee in a growing network and actively respond to consumer demand
If you’re ready to change your career, franchising could be the right direction to head in. Many sectors, including and beyond those mentioned above, have thriving franchising opportunities available right now. Explore Point Franchise’s UK franchise directory to find out more.
Cara Squires, Point Franchise ©