Dan Archer, head of marketing at the British Franchise Association (bfa), said: “For many people who have been made redundant, franchising can be a very realistic option as the next stage in their career. Experienced workers and business people who have been made redundant may have valuable transferable business skills, while the nature of their exit from their previous employment can make the idea of running their own business and being their boss even more attractive.”

Geoff Jennings, 57, had spent 18 years working as an export sales manager in Europe, Africa and The Middle East, selling parts for the fresh water well drilling and pressure pump industry, before being made redundant in February last year.

It was while languishing at home in Dereham, Norfolk that he decided against going back into export sales, and instead pursued the idea of becoming self employed. He began by looking at franchises, and almost immediately discovered TaxAssist.

He said: “I contacted their support centre, and was so impressed with their openness and transparency that I signed up for a TaxAssist discovery day.”

There, he was delighted to find that even though he wasn’t a trained accountant he understood the TaxAssist Accountants concept.

Mr Jennings started a TaxAssist Accountants training course in October, and in March this year, launched his new business, based in a former Post Office premises that had been fully refitted, and is strategically located close to the main town centre.

He said: “Just a few months into my TaxAssist franchise yet I am forging ahead and really enjoying every day.”

Thorough research and understanding of the franchise sector is important for anyone thinking about investing their redundancy package in starting a franchised business.

There are many considerations of suitability, preference and investment but the basis for the business should be proper research.

Dan Archer explained: “Timescales can be more of a consideration for those with redundancy packages as they may have an agenda forced on them by their employer. The temptation to rush a decision when faced with the prospect of natural delays caused, initially by the research process, and then by the training and business setup, should be resisted.”

Some franchised businesses can take longer to start than others, with factors such as property, location and length of training being key considerations.

Issues based around starting a franchised business are covered at regular bfa seminars, with the next bfa workshop for prospective franchisees taking place in London on Thursday, November 23.

For more information contact the bfa on 01491 578 050, or visit www.thebfa.org