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How to turn redundancy into   a ‘double’ opportunity – advice from Pass the Keys

How to turn redundancy into a ‘double’ opportunity – advice from Pass the Keys

As the UK’s largest professional co-host of Airbnb, Pass the Keys has seen a steep rise in the number of franchise enquiries from individuals facing redundancy. In this article, we explain how you can turn redundancy into a ‘double’ opportunity by choosing a new industry wisely and using franchising as a way to fast-track your success.

Pass the Keys has been providing homeowners with an end-to-end short-let property management service since 2015 and currently operates in 26 UK cities, having launched the franchise programme over a year ago. From our experience over the past few months, franchising has become an increasingly popular option for many individuals due to the widespread loss of job security.

Many industries have taken a hit from the restrictions that have been brought in as a result of Covid-19, and this has caused business-savvy individuals to look for new opportunities in industries that are set to thrive. In fact, we recently partnered with individuals whose pre-Covid trades include wedding planning, school photography and accountant consultancy. With their trades slowing, these partners recognised the potential rewards of entering an exciting industry and using franchising as the vehicle to achieving their goals.

Opportunity 1 – enter a thriving industry

One way of looking at redundancy is as a new start. You may not be able to (or want to) go back into an industry that you were in before, and this will cause you to start looking at different options. One of the major reasons why Pass the Keys has seen a sharp rise in the number of franchise enquiries is because the ‘staycation boom’ is becoming more and more apparent. The rise in demand for holiday lets in the UK means there is a higher demand for quality short-let property managers, especially in rural and coastal areas. With Covid reshaping the economy, it is worth doing your research to find out what the biggest opportunities are.

Opportunity 2 – use franchising as a way to fast-track success

For many people, franchising has never been on their radar because they don’t really understand what it is. To put it simply, franchising is a way of running your own business with the full support, systems and community of an established brand who can help you avoid mistakes. This means that franchising is a less risky alternative to starting a business from scratch, especially in a complex environment.

What does it take to be a franchisee?

There are no specific qualifications or achievements necessary to become a franchisee. At Pass the Keys, each franchisee joins the company with a wide range of relevant skills, but most importantly, all have an entrepreneurial nature and a drive to make their business succeed.

Founder and CEO Alexander Lyakhotskiy said:

“It is important when considering franchising to first and foremost ask yourself whether this type of opportunity is right for you as it is not a regular employment opportunity with regular hours. Instead, the more you put in the more you get out, and if you’re a self-motivated individual then
the sky is the limit!”

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