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Why franchising after redundancy?
Often the best businesses are formed during hard times. They are started knowing how tough things are and how hard they will have to work to succeed.
With a million people possibly entering the UK unemployment market this year, finding a new job after redundancy could prove challenging.
Being made redundant is
not unusual
It is no longer considered a 'negative' for someone to have been made redundant from their last job.
Why franchising
The cost of a franchise
How Much Does a Franchise Cost? Every franchise has its own financial requirements, so the costs to start a franchise are different for every franchise company. In most cases, you will be required to pay a franchise fee, all build-out costs for your location (including furniture, fixtures and equipment), professional fees, signage and stock. You will also need to have working capital until the business is in full swing.
about whichfranchise
whichfranchise, the official online partner of the British Franchise Association (BFA), is well known in the business start-up market as the best place for franchise information and opportunities.
If you are considering the option of going into business for yourself and would like to learn more about buying a franchise; as well as browse through the hundreds of varied franchise opportunities
Some tips for starting your business
Make a business plan
The business plan will be a compass for planning your course.
Ask Anna ???
If you have any questions about starting a franchise after redundancy, send your questions to Anna: anna@whichfranchise.com
Question: I've never worked for myself before and am about to be made redundant and it scares me, investing my redundancy money in a business.
Answer: Going into business for yourself is a big decision with many risks…
Question: In uncertain times where big businesses are going bust what chance will I have in a franchise?
Answer: There is no doubt that these are difficult economic times; however there are some very successful franchises…
Question: If I wanted to buy a franchise how do I know which is the right one for me?
Answer: To find which franchise is best for you, you must assess you own skills and experiences…
Question: Are Banks still funding franchising?
Answer: Banks really like franchising & have learned that it can be safer to lend to franchisees of well-structured ethical franchise systems…
Redundancy to franchise success stories
From facing redundancy to running my own ERA franchise
After spending a considerable amount of her working life and with a background in supply chain management and the FMCG market, Sue Winterson was facing redundancy and unsure where to turn. After contemplating her options, Sue thought about franchising and if there was a credible white collar opportunity available in the UK.
Turning redundancy into new life with Accounts Assist franchise
Family team find security with a ChipsAway franchise
At a time when so many small businesses are suffering and young people are struggling to find jobs, Paul reckons his ChipsAway franchise has provided the perfect solution!
Cliff repairs his future with Revive Franchise
This time last year Cliff Wilton was facing redundancy. Now, he’s launched his own successful Revive franchise.
From doom and gloom to a Belvoir franchise
Petpal franchise success after redundancy
Jo Davies shares with us her experience of being made redundant and finding her future in franchising.
Read more franchise success stories
Franchising after redundancy Q&A
Question: I have recently been made redundant. I am looking at franchise opportunities. I have sufficient savings to pay "cash" for a Franchise. Is it preferable though to have bank funding rather than invest my savings?
Answer: The answer to your question is not black and white and it is your own personal choice as to your favoured way forward. It is always prudent to ensure that you have sufficient funds in reserve when you invest in any business to cover at least six months expenditure in case the business takes longer that first envisaged to get off the ground. Should you decide to approach the bank for support you may be able to repay any bank borrowing early from your own reserves as the business gets established. If is often easier to borrow from a bank at the outset and keep you own funds in reserve rather than approaching the bank after six months poor trading performance when your own funds are exhausted and you require additional capital. Remember that you pay interest and make capital repayments on a loan so your ability to service the ongoing commitment you are taking on is essential. Good luck with your plans.
Richard Holden, Head of Franchising Lloyds TSB