Franchises Benefit As Economy Falters
With daily forecasts of further job losses, what appears to be bad news for employees could turn out to be good news for franchising.
Interest in franchising increases during a downturn as more people find themselves out of work but with a cash lump sum, says Richard Holden, head of franchising at Lloyds TSB.
‘At this month’s British Franchise Association exhibition in Birmingham, people were approaching exhibitors with redundancy payments they wanted to invest.’
But would-be franchisees should avoid ploughing everything they have into the new venture. And at the moment more established names may be the safest bet.
‘We would not recommend anyone to rush into making a decision, perhaps out of a fear of unemployment,’ says Holden.
Alan Gribben was an HGV driver for Safeway for six years before being made redundant in 2006 after the supermarket merged with rival Morrisons.
In October last year he used his £11,000 redundancy cheque plus savings to start a Dent-Technique car dent removal franchise in Warrington, Cheshire.
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