Franchising - recession proof
With the economic downturn in full swing and people losing their jobs, franchising could get a great boost.
With people becoming jobless and having lump sums of cash in their hands, investing in franchising seems like the best option.
This was evident at the recently held British Franchise Association exhibition, when people approached and showed interest in investing their redundancy payments.
It is a simple case of doing what is best. You would rather maintain your car than buy a new one when things get tight would you not? What needs to be taken care of here is that you do not rush into anything. Take it slow. Invest in the big names and play it safe. Investing out of fear in just any old company could mean a greater loss and hence it is best to think over where exactly you want to get in.
Alan Gribben was made redundant after his employer Safeway merged with Morrison’s and is now doing well after investing his £11,000 redundancy to start a Dent-Technique franchise.
To many people franchises are quick fixes, but as Alan puts it, they require hard work and the earnings do not start the first week - but with constant dedication, you can be sure of success.
The secret is in identifying where to invest. Places like Domino’s and McDonald’s have been doing well as people now prefer cheaper food because of the downturn.
Houses are being renovated rather than sold, which is why Garage Conversion Company is doing so well. Plus, with many job cuts in the construction business, labour is also easily available.