Franchising offers a realistic way to start your own business using a proven framework of training and support
Is now the right time to leave corporate life behind and invest in a franchise? That’s the question many people are asking themselves following several months on furlough or working long hours as they attempted to cover for colleagues off work for various reasons.
You may have got used to working from home - not missing the early starts or a long commute. It’s convenient to be at home for all those parcels too. But the pandemic, lockdowns and restrictions have led to uncertainty and a risk of redundancy for many, so it has also been a time to consider different career options.
Pros and cons
If you’ve always dreamt of running your own business, 2021 could be the perfect time to turn your vision into reality. However, it could involve a significant lifestyle change.
There are pros and cons to leaving corporate life for the world of franchising.
On the positive side, there will be no more office politics, bureaucracy or other people controlling your day. Owning a franchise gives you the opportunity to build an asset, putting your energy and commitment to good use for your own benefit, not that of an employer.
On the downside, the most obvious drawback is the loss of a regular salary, company perks and an often generous holiday entitlement.
Working in a corporate environment usually means you don’t have to think about technology as you have access to systems and applications that make your life easier, so you may have to get used to a less sophisticated IT set up.
Another potential negative can be the impact on your family, especially if they weren’t aware of your dissatisfaction with corporate life or your dream of owning your own business.
Before you buy
While you may be excited at the thought of being your boss, here’s what I recommend you do before considering buying a franchise:
- Talk to your family about your plans and don’t underestimate how important it is to have their support.
- Have a realistic look at your finances. If you’ve been earning a high salary, it’s unlikely you’ll be able to replace it immediately when starting a business, so you will need to plan accordingly.
- Assess your skills and experience and think about what you want to do. The beauty of franchising is that it enables you to work in a different sector if you desire.
- Whatever your background, you can use your skills and experience to start a new venture using the training, support and framework a franchise provides.
Cathryn Hayes is franchise director at Revive! Auto Innovations.