Why become a franchisee?

In the midst of an economic downturn, what better way to safeguard your future than to be your own boss, invest in a tried and tested system and grow under the guidance of an experienced franchisor?

Franchising is growing in popularity across Ireland, with the Bank of Ireland's Franchising in Ireland Survey 2004 revealing that there are now 201 franchise systems in operation, generating a combined turnover of 1.2 billion euros - a 24 per cent increase on 2003's figures.

So why are Irish prospective business owners turning to franchising? Mary Dowd operates the Mayo-based Cleaning Doctor franchise and has been in operation for almost five years. She says: 'I decided to invest in a franchise because I was fed up of working hard for someone else's benefit. By investing in Cleaning Doctor, I work for myself but am not by myself. If I ever have any problems I can contact other franchisees or head office and have access to ongoing support and training, which is great. Franchising is a lower risk alternative to starting up a business on your own. '

In the current economic climate, investing in a franchise has several benefits namely the fact that it is a lower risk investment for entrepreneurs keen to start up their own business as they have access to a tried and tested business model, ongoing support and training from the franchisor and the ability to trade under a recognisable brand name with an established reputation.

The franchising industry has a range of investment opportunities that can be run on either a full or part-time basis, from home or a commercial premises with flexible working hours. This makes it a suitable route back into work for women who have taken a career break to have children because as the boss, the female franchisee is able to work around family commitments such as the morning school run or the children's sports day especially if they choose to invest in an opportunity that can be run from home.

Mary explains: 'Since becoming my own boss and operating my franchise I have been able to work flexible hours around my family commitments. In my line of work, it is generally busy all year round and my workload depends on the amount of advertising I do. So if I want to spend more quality time with my kids during the summer months I can.'

Franchise investment opportunities are open to young, middle-aged and even retired entrepreneurs, who are looking to operate their own business, be their own boss and have access to ongoing support and training. In fact while the average age of a franchise owner stands at 47, more young adults under-30 are becoming involved. Two of the main reasons young adults turn to franchising is to take control of their lifestyle and their future with early retirement as a big incentive.

Reported by Jess Sturman