Setback by layoffs? It’s time to be your own boss

The effects of being furloughed are felt in every industry. The number of people who lose their jobs overnight is growing. What do you do if your employer decides to let you go? How will you feed yourself and your family? What is your alternative source of income? Are you setback by layoffs? Then it’s time to be your own boss. You can choose the entrepreneur way of doing everything from scratch or choose the proven successful method of becoming a franchisee.

Do your research and take a leap

Firstly, if you have never thought about a second career in business till now, then chances are you do not have plenty of new business ideas to test. On the other hand, you could choose the tested franchise model with the support and guidance from your franchisor on every level to help you succeed in your business. Moreover, you could even own a franchise with no money.

Start by finding out if now is a good time for new business launch. Later, do your research and find what are the points to consider before buying a franchise. Understanding the different franchise models that are shortlisted and the timeline for setting up a franchise is very important.

Redundancy as a chance to start a franchise

Grant Kerns is the Managing Director of Caremark (Cheshire NE). His journey in the care sector as a franchisee began after being made redundant in his banking career after 35yrs.

“I’ve always had a desire to work for myself and redundancy gave me the opportunity and means to do so. Also, given the current employment climate, it made perfect sense to put the control of my career completely in my own hands.” – says Grant.

Most importantly, the best advice he could give anyone looking to take a leap with franchise is that “Base as much of your research as you can on speaking to existing franchisees and, if possible, service users, as they will always give you valuable insights you can’t get elsewhere”.

Source: Business Franchise

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