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Articles by Cathryn Hayes
Five reasons to buy a franchise instead of opting for self-employment
That’s nearly half the adult population thinking about stepping away from traditional employment to start something of their own. This shift is echoed in a recent Forbes Advisor poll, which found that 41% of Brits would like to start their own business one day, while another 26% say they’re open to it, if the conditions are right. But while the appetite for entrepreneurship is growing, the reality of starting a business from scratch is still daunting.
Could you be a successful franchisee?
The report reveals that a third of respondents wanted to earn extra cash to keep up with rising living costs, while another 33% were aiming to earn money from a skill or hobby. There was increased appetite amongst younger people surveyed, with 60% of 18- to 30-year-olds stating that they are planning to start a business, and 51% of the next age group, those aged 31–40, are also ambitious to move into self-employment.
The time is now!
Because there are always reasons to hang back – the media seem determined to talk us into a downturn, external forces can’t be controlled, politics, cost of living, interest rates, there is no end to the reasons why you might delay starting a business. And that’s exactly it, there is no end to the outside pressures which affect every business owner. And there never will be.
Are you too old to start a franchise?
A recent study based on a survey of 750 human resources (HR) workers and 4,000 employees has found that nearly 50% of recruiters thought that applicants become too old to be considered for a job at just 57 years of age! It is claimed that 20% of over-fifties looking for a job do not put their age on their CV, to avoid being stereotyped. One in seven say they have been rejected from a job because of their age.
Seven reasons you should consider buying a Franchise
One of my recent articles looked at four reasons NOT to buy a franchise so let’s have a look now at some of the reasons you SHOULD consider buying a franchise. Firstly, let’s have a recap of what is and isn’t a franchise in this context. It isn’t the new Avengers, Spider-Man or Batman films. Nor is it anything to do with the railways or cricket! According to the Gov.uk website, franchise owners are self-employed people who buy a licence to operate a business under an established company’s brand.
Know your numbers: The key to franchise success
Whether you loved or hated maths at school, you can’t get away from the importance of knowing key figures as an adult. According to research commissioned by KPMG UK for charity National Numeracy, 35% of adults say that doing maths makes them feel anxious, while 29% say they actively try to avoid anything to do with numbers and data.
Is training the key to franchise success?
But with just over a third of startups surviving up to 5 years, and a majority of startups failing in the first 4 years, it is probably no wonder that nervousness about failure puts many people off. Small businesses can fail for a variety of reasons. Typically, this can include insufficient funding, poor management, competition, insufficient market demand, as well as external factors like the economy, regulatory and legal issues.
Four Reasons NOT to Buy a Franchise
Running your own business is not for the faint hearted. The failure rate for a standalone small business in the UK is high and although there are differing research figures, it is estimated that at least 20% of new businesses fail in their first year. And over 315,000 UK businesses stopped trading in 2023, according to the latest data from the Office for National Statistics. It can be a tough life as a business owner.
Three key characteristics of a successful franchisee
Currently we are in the throes of an unexpected general election in the UK, the cost-of-living crisis hasn’t gone away, and interest rates are remaining high, so plenty of uncertainties to consider. But when will it be your time, if not now? If you are happy in your job and not finding it stressful or making you unhappy, all well and good.
Which is the best type of franchise, owner-operator or a management franchise?
Two of the most widely used franchise models are an owner-operator and a management franchise, both have pros and cons, and you may be wondering which is the best one for you to choose. It is one of those questions which doesn’t necessarily have a right answer – it will depend very much on your own ambition and the type of work that you enjoy. Owner-operator franchise This is a franchise where the owner is directly involved in the day-to-day operations of the business.
Finding the right franchise: Five key questions to ask
According to SME Loans, who quizzed 2000 people to get insight and statistics about entrepreneurial ambition in the UK, up to 64% of the British workforce wants to start a business. And according to Enterprise Nation, 30% of UK adults are considering starting a business or side hustle in 2023 in a bid to increase their income. As usual, I’m banging the drum for franchising – not enough people know about it, but with its training and support and proven format, this should be the first port of call.
What is the best franchise for you to buy?
Let’s go back a bit though, why would you even consider buying a franchise, is it worth leaving a steady job with salary and perks and take the risk of running your own business? Some will undoubtedly say no, that is a risky venture, and it certainly won’t be for everyone.
Three big questions to think about before you look at buying a franchise!
If you read the news, you’ll know that there are always plenty of things to be concerned about, from climate crisis, cost of living pressures, conflicts across the globe and more. The news headlines are always focused on ‘doom and gloom’. So, this can’t possibly be the right time to start thinking about starting your own business, whether that is through buying a franchise or going it alone, can it?
Will 2024 be the year you finally sack your boss?
How was 2023 for you, have you been happy and fulfilled in your job? Or maybe you are not feeling valued at work, a bit fed up with the lack of control you have over your time? Just as you got used to working from home, has your employer decided that mandated days in the office is the way to go? Maybe you achieved all your targets but didn’t feel that your success was appreciated, or perhaps your work goals were not achievable, so you ended the work year unsuccessfully.
Could becoming a franchisee help your stress levels?
That might sound like a strange question, everyone surely knows that giving up your job to start a business would be hugely stressful, right? But according to Gallup’s State of the Global Workplace 2023 report, nearly every UK worker (90%) is unhappy at work. And the UK rate of engagement at work (10%) remains one of the lowest in Europe, ranking near the bottom among peer countries (33 out of 38).
Five things highly successful franchises have in common
According to research by Enterprise Nation, up to a third of UK adults are thinking about starting their own business, either full time or as a ‘side-hustle’. And according to a recent study by iwoca, one of Europe's largest small business lenders, over 100 new businesses have been formed every hour across the UK this year. But we also know that there are increasing levels of business failure this year – so how can you make sure you are not one of those negative statistics?
Serious about starting your own business? Take a look at franchising!
In the past two years, inflation has been rising, with the cost-of-living crisis and soaring energy prices meaning that employees in their thirties have never actually experienced a true increase in their earnings, as wage growth has not been keeping pace with inflation. So, it is probably unsurprising that according to research by Oracle, a staggering 85 percent of UK workers want to start their own business, with 40 percent of UK workers who plan to start a business being 25-34 years old.
Buying a franchise? Make time for the scary part - Money and legals!
How can you make sure that you choose the right one, will you get the support you need to succeed? There are so many to choose from and although it is exciting to think about having a business of your own and taking control instead of working for someone else, it is also a huge leap into the unknown.
Do the research!
In my previous article, I looked at the discovery process of buying a franchise - Click here to view. Now you need to look in more detail at the business itself, making sure that you understand the industry sector. You will need to put a business plan together to ensure that you can get the funding you need to go ahead. Often, your franchisor will be able to provide you with some templates to help and may be able to assist with some of the research as well.
Discover your ideal franchise
In my last article, I looked at the ten things you must do before you buy a franchise. Click here to view. Research was one of the ten and it is such a key part of the journey to becoming a franchisee that I thought we should look at this aspect in more detail. But let’s take a step back first, why do you need to do your research? Surely a franchise is a safer bet so you can buy your success ‘off the shelf’ so to speak?
Ten things you MUST do before you buy a franchise!
Written by Cathryn Hayes on Thursday, 15 June 2023. Posted in Insight If you’ve just started to find out about franchising, you might be a bit overwhelmed with the choices available, as well as being nervous about making the wrong decision. There are a wide range of opportunities in various sectors, catering to different interests, so you will have plenty to choose from. Franchising provides structure, training, and support to increase your chances of success, if you choose the right franchise.
Five reasons to buy a franchise in 2023
The last few years have been full of unexpected and unforeseen circumstances which have delayed many people’s plans. Just as the pandemic seemed to be taking a back seat, fuel costs and a cost-of-living crisis hit the news. So you could be forgiven for deciding to postpone making a start on your future plans. But in the longer term, there is always a reason for uncertainty and delay; the economic ebbs and flows are a constant when you take a longer view.
Is starting a franchise too risky?
The headlines are again talking about redundancies and job losses, with consulting giant Accenture axing 19,000 jobs worldwide and others following suit in the finance sector. However, for lots of other sectors, there is still a staff shortage, so the world of employment is nothing if not contradictory.
Have you got what it takes to be a franchisee?
A couple of months into 2023 and we’ve already seen an increase in enquiries from people interested in buying a franchise and starting their own business. The last few years have been challenging for anyone thinking about giving up employment and starting out on their own with all the upheaval of the pandemic, the economy, the cost-of-living – you can take your pick of the reasons why you might have hesitated.
Franchising from both sides of the fence - free ebook
An illuminating, free to view, read to franchising for aspiring/existing franchisees and franchisors alike, Franchising from both sides of the fence, offers advice from leading advisors in the sector on the essential topics. See below to view.
Is your age a barrier? Not in franchising!
There is lots of discussion at the moment about the high number of over 50s who have left the workforce, during and since the pandemic. The government is talking about taking steps to encourage them back as we have a shortage of workers across many industry sectors in the UK, and the Chancellor, Jeremy Hunt, is urging people who have retired early to return to work. Yet at the same time, the over 50s have come up against a reluctance among employers to recruit older workers.
Ten tips if you want to be a successful franchisee
After a very challenging 2022, where it has been one thing after another (following a difficult couple of years dominated by the pandemic) I think we are all hoping for more stability in 2023. One thing we do know though, is that there will be plenty of challenges for businesses of all sizes, with higher inflation and energy costs and the cost-of-living crisis hitting the headlines.
How to weather the challenges ahead
Written by Cathryn Hayes on Monday, 19 December 2022. Posted in Insight 2023 is set to be another challenging year, with inflation, higher interest rates and a shortage of workers across a range of industry sectors. 2023 is set to be another challenging year, with inflation, higher interest rates and a shortage of workers across a range of industry sectors.
Future proofing your success
Researching thoroughly is one of the most important steps, but as you go through this process, take the time to look a bit further ahead. Of course, you should expect to receive comprehensive training at the beginning of your franchise journey, giving you the knowledge and tools to successfully launch your new business. As you research a range of franchises, look at what training they offer and how it is delivered.
Finding success in interesting times
Legend has it that there is an old Chinese curse - ‘may you live in interesting times’ – a curse rather than a blessing, as upheaval and uncertainty can be scary and unsettling. We have certainly been living in ‘interesting times’ with so much change in 2022 to date. Much of the resulting upheaval has been outside our control, which can feel very negative.
What is stopping you from buying a franchise?
Some reports suggest that many older workers who retired during and after the pandemic are now beginning to return to work. And there is increasing talk of younger workers opting out of the hard work and hustle culture to be a ‘quiet quitter’, which is doing the bare minimum at work, rather than working hard and pushing for promotion.
Could you be a successful management franchisee?
Written by Cathryn Hayes on Monday, 08 August 2022. Posted in Analysis With over 60% of the UK workforce having ambitions to start their own business, franchising is certainly worth a look. There is sometimes a perception that franchising is only either big brands like McDonald’s and Domino’s Pizza, or smaller, owner-operator franchises where the franchisee is very much ‘hands-on’.
Don’t give up your dreams, take a look at franchising!
A survey in 2020 showed that a staggering 64% of the UK workforce wanted to start their own business. And recent analysis of Google search data revealed a big increase in the number of people planning to start their own business, with a new study of UK trends based on Google search data showing that the number of people considering starting a business has increased since the pandemic. This research by Novuna Business Cash Flow, analysed the most searched for queries about starting a business.
Happiness is being your own boss!
Being your own boss makes people happier than being a salaried employee, research suggests. According to a new study by King’s Business School London, which reviewed surveys covering entrepreneur wellbeing across 82 countries, self-employment and providing employment for others have positive influences on wellbeing and happiness. The research showed that entrepreneurs having autonomy over what they do is important, if they can work in line with their values and skills, it is more meaningful.
What qualities should you look for in a franchisor?
With an increase in people looking to leave or change their jobs, as well as a rise in the number of people thinking of starting their own business, buying a franchise is definitely worth considering. With an increase in people looking to leave or change their jobs, as well as a rise in the number of people thinking of starting their own business, buying a franchise is definitely worth considering.
Are you planning to make a change in 2022? Add franchising to your options
Recruitment firm Randstad UK recently surveyed 6,000 workers and found that nearly a quarter were planning a change of role within three to six months. Recruitment firm Randstad UK recently surveyed 6,000 workers and found that nearly a quarter were planning a change of role within three to six months. Their report claims that this is part of a “great resignation” prompted by a high number of job vacancies, plus burnout caused by the stress of the pandemic.
Research, research, research!
An increasing number of people are aiming to start their own business as they want to take control of their future, rather than continue to fit their lives around someone else’s agenda. In last month’s column, I talked about adding franchising to your options if you are looking to make changes in 2022. An increasing number of people are aiming to start their own business as they want to take control of their future, rather than continue to fit their lives around someone else’s agenda.
Could you be a franchisee? Things to think about before you make a decision
Written by Cathryn Hayes on Friday, 05 November 2021. Posted in Insight This year has seen high numbers of people starting a business. Analysis of Companies House data reveals that over 340,000 businesses were registered in the UK between January and June 2021, an increase of 32% over the same time period in 2019. This year has seen high numbers of people starting a business.
Time for a change? Moving into franchising has been the answer for many
It is clear that more people than ever are looking for a change. A Microsoft survey of more than 30,000 global workers showed that 41% of working people were considering switching jobs or quitting altogether this year. It is clear that more people than ever are looking for a change. A Microsoft survey of more than 30,000 global workers showed that 41% of working people were considering switching jobs or quitting altogether this year.
Is now the right time to give up your job and buy a franchise?
With the end of the furlough support scheme in the UK in September, many people have predicted a rise in redundancies. However, this is counterbalanced by an increase in job vacancies across the UK so we may not see the predicted loss of jobs overall. With the end of the furlough support scheme in the UK in September, many people have predicted a rise in redundancies. However, this is counterbalanced by an increase in job vacancies across the UK so we may not see the predicted loss of jobs overall.
Planning for success with the right projected figures
In last month’s column, Planning for Success, I looked at what a business plan will commonly include and what (and who!) the business plan is for, as well as its importance for your business. In last month’s column, Planning for Success, I looked at what a business plan will commonly include and what (and who!) the business plan is for, as well as its importance for your business. Now I want to focus on the figures which form an integral part of the plan.
Plan for success
Nearly half a million new businesses were registered in the UK in 2020, according to recent data from Companies House and many of the new businesses started were as a result of the COVID-19 pandemic. Nearly half a million new businesses were registered in the UK in 2020, according to recent data from Companies House and many of the new businesses started were as a result of the COVID-19 pandemic.
Is franchising the solution to redundancy?
The end of the furlough scheme (currently scheduled for September this year) is expected to lead to another rise in redundancies, which is causing concern to many. The end of the furlough scheme (currently scheduled for September this year) is expected to lead to another rise in redundancies, which is causing concern to many. According to a recent YouGov survey, most furloughed workers (57%) worry about the prospect of redundancy. Those aged 25 to 44 are most anxious about losing their job, at 63%.
Five key steps for prospective franchisees
2020 has been a hugely challenging year, with many people spending time on furlough or finding themselves facing redundancy. But for some it provided a spur to make a change, and starting a business has been a way to take back a measure of control. 2020 has been a hugely challenging year, with many people spending time on furlough or finding themselves facing redundancy. But for some it provided a spur to make a change, and starting a business has been a way to take back a measure of control.
Could a franchise enable you to take control of your future?
Written by Cathryn Hayes on Tuesday, 09 March 2021. Posted in Insight Fed up at work, on furlough or made redundant? Could a franchise provide the chance to take control of your own future? Fed up at work, on furlough or made redundant? Could a franchise provide the chance to take control of your own future? More people are thinking about franchising as a way to take control by starting a business, instead of being tied to corporate life.
How to be a successful franchisee: 3 Myths about franchising you need to dispel!
Written by Cathryn Hayes on Friday, 05 February 2021. Posted in Analysis 2020 was a challenging year that for many, has crystalised their thoughts about wanting to start their own business. 2020 was a challenging year that for many, has crystalised their thoughts about wanting to start their own business. Some are making a change due to redundancy or a period of time on furlough, others through having more time to take stock and think about taking control of their own future.
Planning for success in 2021
Is there a right time to buy a franchise? And how can you ensure that you make the right choice? It will be one of the most important decisions you make, so take things step by step as you do your research. Here are my tips to help you focus on the key actions to take when you are considering buying a franchise: Think about what you want to do Before you do anything else, spend time analysing your strengths and weaknesses and think about what you want to spend your time doing.
Franchising lockdown lessons
"When the pandemic first hit and the March lockdown was announced, we had to close the whole of our network, some 60 franchisees and 250+ employees across the country, as we weren’t classed as an essential service." Experienced franchisor, Mark Llewellyn, founder and joint MD of automotive paint repair franchise, Revive! Auto Innovations said, “When the pandemic first hit and the March lockdown was announced, we had to close the whole of our network, some 60 franchisees and 250+ employees...
What are the different types of franchise available?
Do you want to run your own business, but don’t know where to start? Or perhaps you are facing redundancy with the Covid-19 upheaval and its impact on employers? Do you want to run your own business, but don’t know where to start? Or perhaps you are facing redundancy with the Covid-19 upheaval and its impact on employers? Maybe you are fed up with the corporate rat race and want to take control of your own future, or have enjoyed working from home during lockdown. Franchising could be the answer.
Age is no barrier in franchising
It’s said that franchisors ignore millennials at their peril but the older generation has just as much to offer According to research by AXA Wealth, more than 500,000 over-55s in the UK have been considering setting up their own business. It’s a far cry from the popular perception of people winding down, ready for their pipe and slippers.
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