Being self-employed can make a significant difference to an individual’s level of happiness, according to a survey from the British Franchise Association in consultation with the Dean of the University of East Anglia’s Business School.
The research reveals that people running their own business are almost twice as happy with working life than people who are employed. However, 52 per cent of respondents stated that sufficient finance was the main obstacle to self-employment.
Says Dan Archer, Head of Marketing at the BFA: “Our research highlighted that 46 per cent of those who run their own business are very happy at work, as opposed to only 26 per cent of those who are employed.
“Despite this, there are a number of barriers to self-employment, which could have very worrying implications for the SME sector and, consequently, the UK economy.
“It is clear however that the primary concerns for self-employment are the financial investment involved and risk of business failure. It is here that franchising could play a vital role in boosting the confidence and economy of the UK.
“The nature of franchising is such that the risk of failure is significantly reduced as prospective franchisees operate a tried-and-tested system. This is reinforced by statistics from the NatWest/BFA survey, which highlighted that over 90 per cent of franchisees are profitable.
“When you consider the success rates associated with franchising, this can also lead to banks lending up to 70 per cent of the total capital requirements, eliminating another start-up anxiety.”