New research shows that being self-employed can make a significant difference to an individual’s general level of happiness.

According to the latest survey from the British Franchise Association (bfa) in consultation with the Dean of the University of East Anglia’s Business School, people running their own business are almost twice as happy with working life than people who are employed.

Yet the majority of respondents to the survey are not disposed to running their own business as 76% have never or seldom considered starting their own business.

Those taking part in the poll were asked what they felt the main barriers to starting their own business were. Interestingly, the survey showed that the main obstacle to self-employment does not reflect a lack of interest but more a lack of means as 52% of respondents said that finance was an issue for them.

“Our research highlighted that 46% of those who run their own business are very happy at work, as opposed to only 26% of those who are employed. Despite this, there are a number of barriers to self-employment which could have very worrying implications for the SME sector and consequently, UK economy,” comments Dan Archer, Head of Marketing at the bfa.

He continues, “It is clear however that the primary concerns for self-employment are the financial investment involved and risk of business failure. It is here that franchising could play a vital role in boosting the confidence and economy of the UK. The nature of franchising is such that the risk of failure is significantly reduced as prospective franchisees operate a tried and tested system. This is reinforced by statistics from the NatWest/bfa survey which highlighted that over 90% of franchisees are profitable.

“When you consider the success rates associated with franchising, this can also lead to banks lending up to 70% of the total capital requirements, eliminating another start-up anxiety.”

Franchising offers the opportunity to own and run your own business, backed by the security of a proven business model and the guidance of a franchisor support team.

Professor Nikolaos Tzokas, Dean of Norwich Business School, University of East Anglia, comments, "Interestingly the research shows that 'different strokes for different regions' may be required to overcome barriers to starting a business. For example in the Midlands, as compared to other regions, it seems that prospective entrepreneurs are more scared/have no confidence and worried about failure rates. Building confidence and disseminating lessons from national and international successes and failures, among other things, should pay dividends in the Midlands. In London one should address, among other things, the considerable concern people have about the investment required for starting their own business and the fact they do not know where/how to start up a business.”

To learn more about the advantages of franchising and the opportunities out there, visit www.thebfa.org