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As BHS goes into liquidation, here are 4 ways to take back control after being made redundant

June 2nd, 2016 by Brittany Lamb in Franchise Sales and Development in the UK
 

vintage-music-closed-shop-largeBritish department store BHS is to go into liquidation with up to 11,000 jobs lost. The store went into administration in April but failed to find a suitable offer to buy.

Big name brands going into administration and then liquidation is not uncommon and many of us have watched the British High Street disappear. Only recently Austin Reed also announced they would be closing all stores by the end of June 2016.

With so many set to be made redundant, the question now is what to do next?

Redundancy is a turbulent time for anyone and can have far-reaching effects. Many people who face redundancy may feel a sense of uncertainty of where to look for the next step in their career. However the situation may be an opportunity to take back control of your life and career.

Here are 4 ways to take back control after being made redundant:

  1. Overhaul your CV

Before your start applying for a new job, take a good hard look at your CV. If you haven’t applied for a new job in a few years, it may be time to modernise your CV to bring it up to date. Be sure to focus on your skills, achievements and education. The information should be concise and to the point so recruiters can quickly relay information. Your CV should also have a clean, easy-to-read format. The best way for your CV to attract attention is for it to be clear, focused and include information relevant to the job you’re after.

  1. Network effectively

As the old saying goes, “It’s not what you know, it’s who you know”. Job fairs, exhibitions, and networking events are great opportunities to meet the right people and make a good impression. It is important to connect with these people over LinkedIn, Twitter and email and to make sure you follow up any conversations you have with them. Having a diverse network is more effective than having a large one. Attending events for your chosen professional, and events focused solely on making introductions is a great way to get to know the right people.

  1. Invest in yourself

If you’re looking for a career change, investing in your skills and education may be a key part of taking back control. Learning the latest tech, going along to seminars and watching free webinars are great ways of educating yourself on new skills. A new career will always bring more education. Bring more to the table by teaching yourself and immersing yourself in the skills you require.

  1. Be the boss

The risk of redundancy may put many off returning to the work force. People looking to start afresh may turn to starting their own business. With this comes the huge hurdle of success rates among new businesses with the majority not lasting more than 5 years. Franchising is a way of running your own business with the backing of a proven business model that you are thoroughly trained on with ongoing support from your franchisor. With a proven business model in place, banks tend to view franchising as a safer, more attractive investment than a start-up. And in the last BFA/NatWest Survey, 97% of franchisee-owned units reported profitability.

If you think franchising could be the way forward for you, why not try our 2-Minute Matching Service?

For more information on franchising, visit the British Franchise Association website.

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Weathering the Storm: Starting a franchise business could be a route to calmer seas

July 9th, 2012 by Joel Caws in Franchise Sales and Development in the UK
 

Joel Caws – Technical Director, Select Your Franchise

With a rainfall that was double the average, June 2012 was the wettest in the UK since weather reports began over 100 years ago according to the news. With the slow economic recovery still blighting the employment market it might seem like the unusually wet weather just about sums up the current British outlook!

The recently released franchise survey, commissioned by the bfa & NatWest paints a markedly different picture for the franchising industry. Despite the downturn, franchise business in 2011 weathered the economy better than you might expect and in fact the number of surveyed UK franchisees reporting a profit exceeded 90% for the first time since 2007. Overall network turnover figures were seen to increase also which is encouraging news to anyone who might be considering starting up a franchise but is unsure because of the current economic stormy waters of  recent years.

If you have never previously considering franchising, then the franchise survey is just one signpost that starting a franchise business still remains a solid, proven route into self employment. Of course there are risks with any business investment, but choosing a proven franchise system helps to minimise those risks, especially those of starting up a brand news business with no track record, existing branding or support to help you through those crucial early years of getting established.

If you want to know more about franchising, then you can read our series of 10 Franchise Tips or, if you are already in the know, go straight to our franchise directory and browse from a wide range of franchise business options.

 

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UK Unemployment: A franchise business could provide hope for many

June 20th, 2012 by Joel Caws in Franchise Industry Views
 

Joel Caws – Technical Director, Select Your Franchise

In a recent BBC report, official unemployment figures have shown a fall of 51,000 in the three months to April 2012. This will be encouraging news to many that are still struggling to find work in an economy that is still battling to keep its head above water.

Many people have been looking to starting their own business after experiencing a job market which averages 23 applicants for every job available. With this kind of competition its no surprise that many are frustrated and are considering other avenues such as self employment and starting their own business. But starting you own business from scratch in difficult economic conditions can be quite a challenge.

Franchising might provide some hope for those stuck in the unemployment trap and looking for a way out. At the launch of Big Society Capital in April 2012, the PM, David Cameron, commended the work of FranchisingWorks, an innovative social enterprise that tackles unemployment by helping create new businesses and jobs through franchising. This kind of acknowledgement from the figureheads in the government along initiates such as the recently announced young peoples business start up loan scheme and with the governments commitment to supporting franchising as a route back into work, is great news for franchising as a whole.

If you would like to know more about starting a franchise, read our 10 Franchise Tips series and then begin by researching from over 100 franchises we currently have a available from our franchise directory.

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