OCTOBER 2016
Nearly four million Brits have left their jobs to become entrepreneurs
n More than one in 10 British workers have been inspired by a hobby or passion to quit their jobs and become entrepreneurs, according to new research carried out by Samsung Electronics UK. The study of 511 microbusinesses, in association with the Centre for Economics and Business Research (CEBR) and YouGov, revealed the rise of the ‘funtrepreneur’, someone who pursues a career they are passionate about. The majority of these entrepreneurs expect to make an average of £22,594 in their fi rst year, with this set to rise by 50 per cent to £33,845 within the fi rst fi ve years.
Comment
What considerations do I need to make when investing in a franchise?
There are many considerations to make when choosing to join a franchise. Obviously, the investment level is the fi rst thing you will think about. It is important to ensure that you have the funds in place. There are other factors, however, which are important when choosing a franchise. One of the main things is having the assurance that once you are on board you’re not left to get on
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BusinessFranchise.com | October 2016
with it by yourself, as this is a recipe for failure.
Support from your franchisor is so important as it forms an integral piece for the success of your new business. Many franchisors have an unrivalled network support team that provides full training at the start, and then ongoing training, a contract sales team to support the growth, and accounts to provide invoicing and cash collecting. You should
The benefi ts are not just related to
fi nance, however – 84 per cent of those who “turned their passions into pay cheques” are expected to have increased job satisfaction. Almost a third (32 per cent) of those who left their job to pursue their own business did so because they wanted a change of lifestyle, with 14 per cent saying they liked the idea of being their own boss. Two in fi ve workers said they did not like the working culture at their old company. In terms of the most popular industries for new entrepreneurs, technology, retail and blogging ranked the highest. The research also found that more
women than men have turned their passion into an everyday reality (13 per cent against 11 per cent). The most likely age group to make the change is 18- to 34-year-olds (24 per cent), while just two per cent of workers aged 55 and over are preparing to do the same. Across the UK, a larger proportion of people in London (15 per cent) have pursued their passion than anywhere else in the country, with workers in Yorkshire the least likely to do so (eight per cent). Alasdair Cavalla, senior economist at the CEBR, commented: “We were fascinated to fi nd that a clear majority of microbusinesses were set up by people passionate about their sector or product. Many small, dynamic businesses may never have been set up were it not for people taking this risk to pursue work that they care about. “Compared to whole-economy averages, we found clear evidence of fewer sick days, higher productivity and greater job satisfaction among people following their passion.”
Carol Stewart-Gill is the founder of Dublcheck, a management franchise that provides commercial cleaning services
therefore investigate if a franchise has these support mechanisms in place before deciding to make an investment.
Also consider what your own
strengths and weaknesses are before buying a franchise. If you are not confi dent with sales then why not look to take advantage of a franchise that provides this particular service for you.
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