Combat redundancy with a franchise

With 6,000 jobs already lost in the financial sector over the last 18 months, and Larry Broaderick of the Irish Bank Officials Association (IBOA) predicting that a further 4,000 jobs will be lost in the next six months, many of those employed in finance are facing a very uncertain future.

For most people being made redundant is devastating, especially during an economic downturn where finding a new job is much more difficult than during times of stability. Although in the first instance the future can look bleak, being made redundant can however, prove to be the catalyst needed to take time out and re-evaluate your options, for example by re-training, going back into education to get higher qualifications or by becoming self-employed.

Although self-employment takes away the security of a regular paycheck, it does have the benefits of providing greater independence, flexibility and job satisfaction. For those who feel that owning their own business is the right route for them then serious consideration should be given to franchising.

Statistically more business start-ups survive their first few years of trading under a franchise than independent start-ups. This is not only due to the fact you are using a tried and tested business model and trading under an established brand that customers recognise and trust, but you also receive full training and support from the franchisor.

Although many entrepreneurs are often put off the thought of franchising because they feel they will have no say in how the business is run and will be treated more like an employee than a business owner, many franchisors are, in fact, willing to listen to ideas from their franchise owners and view it as a two-way partnership rather than a business dictatorship.

Most franchisors are looking for franchise owner candidates who have specific skills, experiences and qualifications that will ensure they are capable of owning and operating the franchise successfully. A lot of the skills that franchisors look for are ones that are easily transferable from working in the finance sector, such as good communication skills, organisation skills, and the commitment needed to run a successful business.

Written by Derin Ibrahim