Career change: women want to set up own business alongside normal work

A survey by Workingmums.co.uk has revealed many women are budding entrepreneurs and would like to start their own business or run a franchise.  But they are also cautious and would continue with their normal work while setting up any new venture.

A survey by Workingmums.co.uk has revealed many women are budding entrepreneurs and would like to start their own business or run a franchise.  But they are also cautious and would continue with their normal work while setting up any new venture.

Our survey said
We asked ”If you’re looking for a career change in the New Year, would you like to run your own business/franchise from home?”  Nearly one fifth (18%) said they were looking into the possibility of a franchise while a quarter said they had already thought of their own idea for a business.
However, our poll revealed a sizeable number of women were not yet ready to give up their current jobs to take the leap into the world of franchising or establishing their own business – one third said if they took up a franchise or business idea they would still keep their current job going to protect themselves if the career change failed to take off.
Nearly one tenth (9%) said they wouldn’t take the risk of setting up shop on their own while 8% said the idea of a franchise or business would not be suitable for them.

Why do women want to stop working for others?
Several of the working women who took part in our survey cited the wish to change career because their efforts in the workplace were simply making money for their employers, not themselves.  Stephanie Fallon told our poll: ”I am sick of making money for other people and being held at ransom when I need a break.”
Family commitments was another factor mentioned by women who are desperate to get a better work-life balance.  Abigail Toney said: ”I would love to set up my own home-based business, so I can have more flexibility around my family.  I have always worked for someone else, and wouldn’t know where to start.  Also very dubious about being conned.”
Tom Endean, marketing manager of the British Franchise Association (bfa), told Workingmums.co.uk: ”Quite a number of people have seen franchising as a very effective way of regaining control of their work-life balance and their own employment.  With numerous redundancies and the threat of redundancies, many franchisors have seen many new approaches from people looking to take this new direction.”

What’s good about franchising?
In general, franchising has out-performed other start-up businesses, points out Endean.  The number of women in franchising has steadily increased for a number of years – 28% of all franchisees are female compared to 24% five years ago.  The rate at which women are taking up franchising has also increased over recent years, with last year’s figures showing that 39% of all franchisees who had started in the last two years were female.
”Gone are the days when you can safely leave an employer and be hopefully confident that they will not only keep your job open, but offer you employment for the rest of your working career,” says Prof Roy Seaman, managing director of Franchise Development Services Ltd. ”Even with the legislation requirements, ways are found to not re-engage many people.”

What are the risks?
Several of the women who took part in our poll voiced concerns about putting forward savings for a franchise.  One said: ”I am sick of working for other people.  I’m looking for a franchise business to run.  The only obstacle seems to be money.  Most of the franchises I see want large amounts of capital.  I only have a few thousand to spare and do not want to get conned.”
Make the necessary checks with  www.thebfa.org.uk and www.theukfranchisedirectory.net.
Worries about losing savings are stopping some women from taking the plunge.  But the success of franchises has not been affected unduly by the current economic climate.  Prof Seaman said: ”Despite the recession, all of the banks are lending at the same rate that they were prior to the recession.  In fact, some banks such as NatWest franchise department are lending even more to owners of successful businesses expanding by franchising as well as to many more women looking to own and operate a franchise.”

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• Women in business Work life balance Franchising