Turning Sadness into Success by Starting a Franchise

04/04/2018 08:00 | Start a business

Sadness into success by starting a franchise with Point Franchise

For many people, owning a business is the ultimate dream. But what happens when the chance to make that dream come true is born out of a nightmare? For many brave, budding entrepreneurs this has been the case. Being able to overcome adversity and grab the top franchise opportunities with both hands is admirable. And its this tenacity and strength that means that franchisees opening a franchise under challenging circumstances will become the best business owners.

Here are just some examples of the challenges that can be conquered with the right mind-set and a massive dose of determination.

Bereavement

Of all the difficult times that life can throw at you, losing a loved one is undoubtedly the worst. Whether its a parent, your spouse or a sibling, if they were a franchisee, then sorting out what happens to their business is something else that needs to be attended to during the tough period of mourning.

The fact that they owned a franchise rather than an independent business may offer a small amount of relief during the early days though. The British Franchise Association (bfa) Code of Ethics states that all franchise agreements should include a clause that makes it clear what should happen if the franchisee dies or becomes incapacitated. Whats more, this clause needs to be fair and reasonable to the franchisee.

So, once the franchisor has been informed of the situation, they should appoint a manager to operate the business in the short-term. This should take a bit of pressure off you and your family as you have peace of mind that your loved ones business is in safe hands.

The manager will continue to take care of the franchise until a longer-term solution has been identified. This could be that youve found a buyer for the business, or it could be that you have been chosen as a beneficiary of the franchise in your loved ones Will. It is quite common for franchise agreements to name a member of the franchisees family or another beneficiary, to take over the business in the event of their death.

Naturally, you're not obliged to inherit the franchise, but you will have the responsibility of finding another buyer. However, fulfilling your family member's wish to run the business that they have worked hard to build is quite an honour and can offer a well-needed distraction from the inevitable grief.

The franchisor does get the final say as to whether youre considered as a suitable candidate to take over the business, but if youve got what it takes this could be a chance for something good to come out of an awful situation.

Divorce

When your marriage comes to an end, it can be hard to adjust to the new family set up, particularly if children are involved. It can often lead to one member of the marriage (usually, but not always, the wife) having to deal with bringing the family up as well as having to contribute more from a financial perspective to support the unfamiliar family structure.

It can sometimes be tough for women who may have taken time out of their career to support their husband and have a family. If this sounds like your situation, you may have many concerns and fears about re-entering the job market. But increasingly female entrepreneurs are recognising the benefits of opening a franchise while raising a family.

Becoming a franchisee enables you to be your own boss, with the flexibility that you need to suit your circumstances. There is a wide range of part-time franchise opportunities for you to consider, many of which are home-based. You can continue to do the school run, have dinner on the table in the evening, and be an ambitious business owner by day.

You really can have it all. If you choose a part-time franchise, the fees and ongoing costs are generally lower than their full-time counterparts. Particularly if the franchise is predominantly home based, there will be lower overheads enabling you to achieve profitability much quicker than if you had costly rent or staff expenses.

Not only will top franchise opportunities give you back your financial independence following a divorce, but youll also get a huge sense of job satisfaction.

Redundancy

Redundancy can be a stressful experience, but it can also offer you the opportunity to make a fresh start. You may have always wanted to own your own business, but the fear of going it alone may have held you back. However, the advantage of opening a franchise is that the franchisor has developed a proven business model and youll benefit from all the mistakes that they have previously made. This means that your chance of success is much higher than if you were to go into business by yourself.

But its not just the security and increased success rate that makes franchising so appealing if youve been made redundant. Theres a good chance that you also have the capital to make becoming the boss a reality too. Your redundancy pay-out provides the perfect cash injection to start your own venture and is an exciting alternative to stepping back into paid employment.

If you want to dip your toes into business ownership to find out if being a franchisee is for you, you could invest in a part-time franchise. This will allow you to test out the franchising model without spending all of your redundancy money. And if you decide that you want to return to a paid job, you could still run your franchise business alongside as an additional income stream and a safety net in the event of future redundancy.

Top franchise opportunities come in all shapes and sizes. Even if the chance to become a franchisee comes out of the most difficult and upsetting of circumstances, you can channel all of your negative energy into making a positive change in your life.

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