Recent reports of job losses at BT, RBS, Toys R Us and other large employers are impacting households all across the UK.
But increasingly people are using redundancy as an opportunity to start a new chapter in their lives and become their own boss.
The 2017 ONS report shows that 15.1% of the labour force are now self-employed but we know that going it alone, especially after spending years working for someone else, can be a daunting prospect.
This is why there has also been a rise in the number of people choosing to start a franchise business, knowing that they are joining an established and successful network and business model.
Franchising has never been in better health than it is now and we ourselves recently celebrated a milestone £6million annual turnover figure with plans in place to create a further 500 jobs in the next three years, taking our workforce to over 1000.
For anyone who has lost a job, franchising offers a real opportunity to build your own business with lower overheads and far greater brand visibility than if you were to start up on your own. The latest bfa/NatWest Franchise Survey 2015 showed that 97% of franchise units were profitable, with most franchise networks providing training, materials, systems, new business leads and a proven record of success.
With a recent report in The Telegraph that 50% of start-ups in the UK fail within 5 years, joining an established and proven business network gives you a far better opportunity to bounce back from redundancy.
Several of our franchise owners have joined us after being made redundant including mum Sarah Reeves, who runs domestic housekeeping business Bright & Beautiful in Aylesbury & The Chilterns.
Having been made redundant twice during the recession, Sarah launched her Bright & Beautiful eco-friendly and ethical housekeeping business in 2012. She went on to build a highly successful company that is employing 20 housekeepers, showing year on year growth and an expanding client base. Sarah was also awarded our coveted Franchise Owner of the Year award in 2015!
Sarah said: “Being made redundant can seem like the end of the world but I was determined that it wouldn’t hold me back and immediately began to look around to see how what new opportunities were out there. Joining a franchise with values, working practices and ambitions that I admired was the best decision I’ve ever made.
“I’m so proud to have been able to create and build my own business and to be now giving job opportunities to other men and women who may have been made redundant or need a new career path.”