Franchising can help overcome the common obstacles you face if you want to be your own boss
In these uncertain times, during a global pandemic with recessionary pressures rising, you wouldn’t think that starting a business would be high on people’s agenda.
However, according to recent research 64 per cent of the UK workforce want to set up their own business, rising to 83 per cent among 18-24-year-olds.
What’s driving this desire for self-employment? One in three want flexible working and to be able to work from home, while around the same number dislike their current job.
And yet, according to the same research, 43 per cent of these aspiring business owners don’t believe they will set up on their own. A quarter are concerned it will be too stressful. Men fear competition and failure and women worry about whether they have the relevant skills and are also significantly less confident of fulfilling their business dreams.
Franchising could help you overcome many of these obstacles, providing a route into self-employment by offering training and support, as well as a format to follow.
Three key benefits
Here are three key benefits of buying a franchise:
You have a proven format to follow.
The franchisor has already operated the business to prove the model works and should have evidence of successful trading to demonstrate this.
As a new franchisee, you’ll start your business under the umbrella of the existing brand, with a structure to work to, which should reduce the stress of having to think of everything yourself.
The risks are lower with franchising than starting up on your own.
The latest British Franchise Association/NatWest research shows that commercial failure accounted for under one per cent of franchise unit changes. The same survey revealed 93 per cent of franchisees reported profitability and over 90 per cent were happy with their relationship with their franchisor.
Training and support will be provided.
As a new franchisee, you should receive comprehensive training in the operation of your business, enabling you to run it with confidence.
The franchisor should be there to support you, especially in the early days of trading - this is an important part of why franchise businesses are less likely to fail.
There should be ongoing training too, as you build your business and gain in experience, helping you to develop your skills as a franchisee.
Less stressful experience
Franchising can be a great way to get into business for yourself, with support, training and a proven format combining to make it a less stressful experience than trying to go it alone.
Of course, not everyone is cut out to be a business owner. It involves lots of hard work and is never going to be entirely risk-free.
However, if it’s something you’ve always dreamed of, at some point you should take action if those dreams are ever to become a reality. Don’t let a lack of confidence stop you.
Cathryn Hayes is franchise director at Revive! Auto Innovations.