This year is the year. You’ve had it with your obstinate boss or your rigid working hours or watching your efforts line someone else’s pockets. So no more — in 2017, you can follow your New Year’s resolution to find a new career and start your own business.
There are always plenty of reasons to start a franchise, but 2017 may be one of the best times yet.
The Age of Franchisees
One of the biggest deterrents to starting your own business can be age. Many think they’ve ‘passed their prime’ and have missed the chance to be their own boss. That couldn’t be more untrue — especially with a franchise!
In 2015, the average age of UK franchise owners was 49. People over 50 made up 43% of franchise owners, while those 41-50 were 35% of the total, according to the bfa NatWest Franchise Survey 2015. That isn’t to say that all of these franchisees began their businesses years ago and have aged with them, either. The survey also notes that the average age of new franchise owners in 2015 was 41.
The expertise many of these franchisees over 40 bring helps them to ensure success, along with the business model of their selected franchise. While millennials and younger generations have the advantage of more time to gain their footing in a new business, often without worries of retirement plans or families to provide for, more experienced workers choosing a franchise business may not need additional time for set up; their whole lives have been training!
The Stability of Franchising
In a post-Brexit United Kingdom, there is a deal of uncertainty floating around regarding businesses. While the pound has stabilised and everyone in the business world seems to be sticking to the motto of ‘Keep Calm and Carry On,’ there is still a bit of worry, which franchising can help relieve. The franchise industry in the UK has experienced growth each year since 2008 and in 2015 was valued at £51.1 billion to the UK’s economy.
Franchise businesses already have established brand names with a degree of recognisability and trust. They also have a business model proven to be successful and oftentimes include training, marketing, and other promotional materials in the initial franchise fee. This assistance takes some of the risk and guess-work out of opening a business. It means that, as many franchises say, ‘You’re going into business for yourself, not by yourself’!
What more are you waiting for? Carpe diem!
(Excerpts from FranchiseDirect.co.uk News, written by Anne Rowan)
Categorised in: Guidance and Advice
This post was written by Home Care Preferred