Employment figures show that more and more people in recent years are becoming self-employed, and whether it’s by design or an enforced decision, the benefits to taking such a step are obvious. Complete control over your work-life balance and putting yourself in charge of your own career without interference or restriction from employers are obvious advantages.
Getting started on the road to self-employment could be easier than you think. Franchising is one lucrative way of taking such a step, involving a business owner using a brand to develop their own business. Buying an existing brand means much of the effort of going to establish a name is already done – to start from scratch can be an exhausting, expensive process with results that are difficult to judge and make sense of.
Franchising also greatly reduces much of the risk of taking the leap into self-employment. It provides greater security if things go wrong, and plenty of support when first starting and throughout the existence of the company. Training and support can be gained with ease, and there’s someone to turn to if things go wrong – as this infographic from Reed Commercial shows, nine out of 10 franchises are profitable businesses, proving the reliability of the model.
Of course, franchisers will still need their own business plan and model, and their own finance. But with the weight of an established brand behind the venture, it’s far easier to get business loans from banks and be seen as a far lower risk than an individual starting out from scratch would be. If you’re not sure about whether you could afford to finance a loan, there are plenty of startup grants available for those who can provide some of the capital.
With franchises available in a wide variety of industries, you’ll be able to pick the one that suits you best, taking into consideration your skills, how easily they are to transfer and apply to a new industry, which market is providing the best picture for the future, and how it will fit your current lifestyle or help to enhance it.
Simply put, franchising means that much of the risk of self-employment is negated to allow you to focus on the positives and take control of your life. It’s no wonder that it’s becoming a more and more popular decision for everybody with an entrepreneurial spirit.