I’ve just recently been made redundant from a job in the telecommuncations industry and have been looking at various franchising options. I want to try something different e.g. retail, but is this possible to do with a lack of experience in this type of business?
Unable to find a job that matches their previous income as well as aspirations, more and more people are using their redundancy money to invest in a franchise.
They see franchising as a lot safer that starting a business from scratch as they are buying into a tried and tested format. Those looking to invest their life savings into a business prefer franchising from this point of view. We need to however point out that although franchising is less risky, it is not risk free and so you need to still do your due diligence.
One of the great things about franchising is that for the large majority of franchises available, you do not need any specific experience in that industry. As the franchisor wants you to become a successful and integral part of their network, they will train you in all aspects of running their franchise, their way.
Good franchisors will provide extensive initial and ongoing training. Unlike other schemes that offer retraining after redundancy, with franchising you are a guaranteed a job at the end of it, and more importantly, your own business.
The ability to go down a different career path is for many a refreshing change and the motivation needed to kick start their career. Franchising also allows you to get up to speed quickly and start earning a living, something that is much sought after when unexpectedly made redundant.