The Risk Of Franchising

The debate surrounding office-based work versus remote work continues unabated, with proponents of both sides highlighting the complexities of this issue, resulting in diverse approaches by employers.

Simultaneously, Indeed's Work Happiness Score study reveals that one-third of employees express dissatisfaction with their work, and one in ten workers experiences unhappiness within the first six months of a new job.

These developments underscore the notion that traditional employment does not guarantee real job security or control over one's future. Perhaps it's no surprise that a study by Oracle NetSuite and The Founding Network reveals a staggering 85 percent of UK workers aspire to start their own businesses, with 62 percent planning to do so in the next two years.

Returning to the central question: Is starting a franchise too risky? According to research from the British Franchise Association, franchises offer a significantly higher chance of success, making them a less risky proposition compared to starting a standalone business.

Several factors contribute to this advantage, such as a well-established and proven business model, ongoing training and support, the backing of an established brand, and a network of fellow franchisees providing valuable support.

Furthermore, there are five less tangible reasons why anyone seeking a change and desiring to take control of their own business should consider exploring franchising:

1. Diverse Opportunities: Franchising spans various sectors, offering opportunities for various business types, from hands-on owner-operators to large-scale enterprises under well-known brands. Options range from children's activities, accounting and tax services, business consultancy, cleaning services, car repairs, and pet food delivery, to renowned brands like McDonald’s, Costa Coffee, Domino’s Pizza, and O2. There's something for everyone.

2. Empowerment: Owning your business means taking charge of your future, liberating you from the whims of employers who decide your job status, promotions, and workplace. In a landscape of short-term contracts and job insecurity, self-employment provides more autonomy.

3. Flexible Lifestyle: While meeting franchise service requirements, you can have more flexibility to accommodate your family commitments. You can determine when and how you fulfill your role.

4. Growth Ambitions: Franchise ownership allows you to set your growth ambitions. Not all entrepreneurs aim for significant expansion; some prioritize work-life balance over growth. Different franchises offer varying rates of growth, enabling you to align your choices with your aspirations.

5. Network Support: The strength of being part of a network of fellow franchisees cannot be underestimated. You gain a supportive community of peers in the same business, fostering camaraderie and assistance.

Ultimately, only you can gauge the level of risk you're willing to undertake. However, the support and security offered by a franchise system can provide a level of certainty that going it alone may not guarantee.

If you've harbored long-held dreams of becoming your boss but haven't considered franchising as an option, now may be the perfect time to explore this avenue and see if it can help you realize your entrepreneurial aspirations.