In the UK, 620,000 people are employed within franchising and, with 97% of franchisees turning a profit, there is every reason to think that that number will increase next year.
But profitability is just one of the reasons that make the industry such an excellent option for people considering a career change over the next 12 months. Here, we’ve taken a look at some of the others.
The opportunity to become your own boss…
In the UK, forms of work such as the gig economy and zero-hours working have become more common than ever. However, following the financial impact of the Covid-19 pandemic, people are increasingly on the lookout for jobs that offer them the opportunity to take control of their own work destiny and becoming a franchisee does precisely that, making the franchising industry an attractive proposition in 2022.
Franchisees are essentially self-employed, so becoming one gives you the autonomy to make your own decisions on a huge variety of issues, including where, when and for how long you work each week, giving you a flexible job that fits in with your lifestyle and improves your work/life balance. With working from home now the ‘new normal’, running a business that can adapt to different locations and settings is a great idea and one that is likely to see the franchising industry continue to flourish over the coming months.
If you’ve ever dreamed of being your own boss, becoming a franchisee will make that dream come true.
…and do it quickly!
If you want to get a new business off the ground in a hurry, franchising is the answer to your prayers.
Typically, becoming a franchisee is a simple process that involves an interview between the franchisor and franchisee to ensure suitability, the drawing up and signing of a contract, buying into the franchise and then training for the new role, which may only take a few weeks. After that, you’re up and running.
With people keen to put 2020 and 2021 behind them as soon as possible, the quick process involved in joining a franchise is likely to see people taking the plunge in large numbers over the coming months.
Franchising is a low risk industry
People who want to run their own business have seen their ambitions restrained by Covid-19 over the last couple of years, with everything from going to the shops to changing jobs carrying with it a significant degree of risk.
One thing bucking that trend is the franchising industry; 97% of UK-based franchisees currently run in profit, with fewer than 1% of franchisors closing due to commercial failure. Compare that to the fact that only 40% of new businesses in the UK survive more than three years and it’s not hard to see why the industry is so popular.
Becoming a franchisee increases your chance at succeeding because your customers are usually already aware of your brand and its reputation (which, hopefully, will be positive). It also brings with it an established customer base that would otherwise take years to establish, saving you both time and money on costly promotional activity designed to raise brand awareness.
With many people currently more risk-averse than ever, the low risk involved with becoming a franchisee is another reason the industry should perform well in 2022.
As we’ve already mentioned, the franchising industry is a profitable one but ‘profitable’ could be an understatement. Consistently good performances will see your income increase as a direct result, making your earning potential as big as you make it.
With many people’s finances in need of a shot in the arm after two years of economic uncertainty, the franchising industry is a likely destination for many people looking for a new challenge in the new year.