While many people dream of becoming their own boss, it's no secret that leaving the security of full-time employment and setting up a business from scratch is not for the faint-hearted.

However, as SSIAs mature and property investments pay off, an increasing number of employees are accumulating a lump sum large enough to start their own business by going down the franchising route.

While more than 70 per cent of stand-alone enterprises fail in the first five years, 98 per cent of franchises are still in business after that period, according to John Green, chairman of the Irish Franchise Association.

The franchise industry in Ireland is estimated to be worth €1.6 billion and employs 22,000 people, Bank of Ireland figures show. The lender predicts there will be more than 20,000 new business start-ups this year alone.

Green says the industry has been growing at an average of 12 per cent per annum for at least six years and that there are now as many as 250 different franchise businesses operating in Ireland.

"There is a greater awareness of franchising now, especially since people are realising that there is no such thing any more as a job for life and that if you want security, you have to do it for yourself," said Green, who is also the master franchisee in Ireland for carpet cleaners Chem-Dry and was last year named Franchise Person Of The Year.

Green expects at least 7,500 people to attend the two-day Irish Franchise Exhibition, which starts in the RDS today. Free seminars will run throughout both days of the show.

The exhibition will feature hundreds of proven business ideas, from more established franchises such as O'Briens Sandwich Bars to the Kids Party Club, a small company set up this year to hold puppet shows and discos at home for young children.

The Irish Franchise Association will be on hand at the exhibition to help visitors decide which franchise to choose, while advice will also be available from major high street banks, leading accountancy firms and independent franchising advisers.

The exhibition will also incorporate the Growing Your Own Business Showcase and Conference, which aims to provide advice on all aspects of business from securing finance and strategic planning to sales and marketing, and how to motivate staff.

Karl Mulligan is one of thousands of Irish people who have made a living as a franchisee. He became interested in the concept when his wife was working as an agent in Naas for Remax, one of world's largest real estate companies, and now has five Remax outlets.

"We had exposure to the brand because Lorraine was working there and I knew all the personalities involved from social events and conventions," Mulligan said. "So I studied for the IPAV (Institute of Professional Auctioneers & Valuers) at night as I believe some level of qualification works well when getting into a franchise."

"We also got access to their property technology, trademark logos and branding."

Unlike new ventures, franchises offer a ready-made business with an existing and generally successful brand, training and support, an allocated trade area, market intelligence from the franchisor, and more readily available finance.

"While lenders are going to look at each individual based on their own merits, all the major banks are willing to lend to people who want to start in franchising," Green said.

"However, if you take a couple who have SSIAs maturing in January or February and they had been contributing the maximum amount, they would have a combined €80,000, which would go a long way towards a decent franchise. At Chem-Dry, the cost is just under €30,000, though you would need working capital and a vehicle as well."

BB's Coffee & Muffins, which operates some 160 stores in Ireland and Britain, will be exhibiting at the fair in the RDS as part of its strategy to open up its Irish operation to franchisees for the first time as it seeks to benefit from a growing cafe culture in smaller urban areas.

David O'Connor, general manager of BB's Coffee & Muffins in Ireland, said franchisees can often expect to make a return on their investment in two to four years. "If someone puts in that much money into a franchise and they are committed to it, it won't be a failure," he said.

For further information, log on to www.franinfo.ie.

Tickets for the event cost €7 in advance, €10 on the door.