Redundancy – Onwards and Upwards.
Facing redundancy is an overwhelming prospect and in recent years it has been has a reality for many. But all is not all doom and gloom, many franchisees have found that as one chapter closes a one new begins; they have turned a negative experience in to a positive and invested in their future.
Investing redundancy funds in to a franchise business has for many felt the most secure and financially viable option but in equal measures has also opened up many doors allowing ambitious endeavours to become secure and tangible opportunities. For those who are considering investing precious redundancy funds in to a franchise opportunity there are few key factors that should be thought about, to start you on your journey.
Don’t Over Stretch
When starting out on your franchise journey do your sums and have realistic expectations. Look carefully at the initial and ongoing costs of the franchise and make sure you have the resources to fund your start-up period without relying on a consistent income. This way you will be prepared for all eventualities. Also, if you are considering further finance then look towards banks and lenders that specialise in franchising. They are experts in the franchise investments process and are more inclined to offer funding at favourable rates.
Do Your Homework
There are many different franchise models available. Start with a thorough investigation, selecting the right opportunity for you is vital to your success. Firstly, think about what you require from a business and what type of industry would suit you. For example, someone looking for flexibility and low running costs may choose a van-based operation where franchisees directly benefit from low startup costs, ongoing low overheads and flexible working hours.
Look for a proficient and proven franchise model
A good franchise with successful franchisees and a strong business record will openly encourage you to do as much research on the model as possible; they will encourage you to speak to their existing franchisees and even their competitors. By selecting a reputable franchise you can rest assured that you will be provided with a clear business framework to work from, formal training and ongoing support. These factors safeguard your investment and provide the confidence needed throughout the early days of your business.
Finally, when deciding to take the route of franchising it is vital to remember that a franchise is an opportunity to build and grow your own business, it is an opportunity to take control of your own future. Good franchises are lined with proven business formulas but still success does not come over night. Although franchise models have much higher success rates than individual business start-ups, owning a franchise requires commitment and drive in order reap the long-term benefits.