Why be a franchisee in a world of full employment?
If we look at certain aspects of employment at the moment life is great – so why be a franchisee in a world of full employment? Job security, a tight labour market meaning you can move from one role to another as you wish (almost!) and the ability to control your pay terms and conditions in negotiation with your employer. It feels like a throwback to the golden age of the late 60’s and early 70’s – when, apparently, the world was wonderful.
Well what happened after that?
For those who are reasonably up to speed with modern history there was an intense period of economic turbulence. What is to say to won’t happen again?
At the moment we have supply chain issues, energy issues, shortages of skilled people in key positions – but, of course, all of those things will come back into balance in the fullness of time. So, I would like to suggest that in 2022 you take a slightly longer view about the way the world is going and give franchising a serious look.
Could there be a better time to start a business and get some ‘mileage’ under your belt – probably not? If you think that there could be some sort of economic set back coming up in the next couple of years, then look for a franchised business that is resilient – in terms of its customer base and in terms of the service and proposition.
The pandemic has given so many the opportunity to rethink their careers, and question the pressures of commuting and time away from the family.
Right now, the food and beverage sector has had even more success – not necessarily with the straightforward restaurant dine in element, but certainly with takeaway / casual dine / delivery. Dark kitchens are emerging – those, too, will have sustainable attraction it is thought by many in that sector.
Though many of us work from home we still seem to be time poor – so services to the consumer or home owner remain resilient.
It is more difficult now to seek out a number of different services that we normally use which have been delivered recently in a different way, so the idea would be to look at a business that has adapted and is showing an ability to be fleet-footed in the face of changing circumstances.
Being a franchisee means being in control of your destiny, with the ability to determine where and when you work (within the terms of the franchisee legal agreement). Franchisors have adapted considerably in the last 2 years to reflect the way the world has changed which means that many of them now present a different business model to the one that they did before with flexibility the watchword.
Being a franchisee also means that you have job satisfaction because you are in command of your destiny. If you are working currently in a business sector where heavy demands are made on staff because of staff shortages, and the inevitable Covid related absenteeism – then you may well be feeling pressurised and stressed and looking for a change.
We have all learned in the last couple of years that money itself is less important because we have adapted our lifestyles. People do not perhaps socialise so much or purchase so many goods as they had done in the past – but we remain keen to live an enjoyable life with family and friends and there will be many franchise businesses that offer a solution for you, and for their customer. Be happy!
We have really come to appreciate the value of our time .. Acting as a franchisee and being in charge of your own business enable you to consider those things and structure your life accordingly.
So, in summary, 2022 is a year in which franchisors will welcome you with open arms. Explore the potential and look beyond the short-term stresses of the economy.
There are many articles elsewhere in this magazine and online that will tell you the sort of questions that you should ask a potential franchisor, but I will leave you with one thought – be very clear to know that the financial models and revenue illustrations being put in front of you are based on current trading, rather than pre Covid conditions.
Wishing you a happy and productive year of franchising!
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