With many people considering their next move after redundancy, starting a business could be a viable option. If this is too daunting a prospect, however, then taking on a franchise may be the perfect solution.
Generally, people who enter into a franchise agreement tend to be more successful in the first few years than those who start a company from scratch.
Frank Sutherland is a franchisee with Autosmart International, a supplier of vehicle cleaning products to the trade. The organisation has over 100 franchises across Ireland and the UK.
“I joined Autosmart because it’s a tried-and-tested business, and has been on the go for 20 years. Aligning with a franchise like this takes the risk out of starting a new business because you already have a successful business model, which gives you more security,†he says.
But how do you know if a franchise is right for you? Anybody considering entering a franchise should, firstly, think about what it is they like and what their interests are. It’s better to opt for a business for which you have enthusiasm. Crucially, you should also look at the size of your budget.