I have recently been made redundant and would really like to use my redundancy package to set myself up in business. At least that way I can take control of my own success rather than relying on my employer to stay afloat. However, I am concerned that now might not be the best time to be going it alone. Could you recommend any types of business that are more guaranteed to succeed?

answer

According to the British Franchise Association franchising is a more secure, proven business investment. We talked to Hannah Banfield, head of marketing at ServiceMaster Ltd, one of the leading franchisors with over 400 businesses operating across the UK. The company helps UK entrepreneurs from all walks of life to start up and run their own businesses. Hannah says 'Starting up you own business is never easy, if it was everyone would be doing it, it takes hard work and commitment. Having said that franchising is a great way to take some of the stress out of becoming your own boss and can help people avoid many of the risks usually associated with start ups. It has a much higher success rate for new businesses so you do have some peace of mind that your investment is relatively secure. A franchise provides entrepreneurs with the best of both worlds; it offers the security of a proven business model as well as the support and guidance of the franchisor but also gives the business owner the room to run their own business along with all the benefits that has to offer.'

ServiceMaster runs several franchises including Merry Maids domestic cleaning, TruGreen professional lawn care, Furniture Medic furniture repair and restoration and ServiceMaster Clean carpet and upholstery cleaning. To find out more about franchising or enquire about opportunities with ServiceMaster in your area, call 0116 275 9000 or visit www.servicemaster.co.uk.

For more information about franchising in general and details of the many different types of franchises available, visit The British Franchise Association website www.thebfa.org.

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Is a franchise a good way to start my own business?