With the current climate seeing a fifteen year high in the number of unemployed 16 – 24 year olds, starting your own business could seem like an appealing option for some.
However, the majority of entrepreneurially-minded young people are likely to encounter a number of hurdles that can halt many new business start-ups. For example, do they have the relevant experience or the know-how required to run a successful start-up business and will they have an adequate finance option open to them to start up their business in the first instance?
For those who do choose to start a business the risks are high, with the majority failing in the first few years. For many people however franchising is the option. Franchising can provide the perfect route for people who are keen to set up their own business. Choosing a reputable franchise will enable budding and enterprising people to follow a tried and tested formula with the backing and support of a well established brand. This provides dramatically higher levels of success.
So is franchising the route for these many young people now looking to spread their business wings? It is definitely the right environment, but franchising will still require a level of finance and the ability to demonstrate the skills and character required. There are a number of young people able to provide this level of finance and demonstration of skill, which means they can be very well set up for the future in franchising, but others may not be able to gather the required investment or have enough history to show they have the right aptitude. This is where franchising can offer another platform; one which is open to many people coming straight out of school, college or university – the chance to learn.
Tom Endean, Marketing Manager of the British Franchise Association, explains: “A franchise relies on having people with the right attitude and skills owning and running the individual businesses; and finding these people can sometimes be difficult. However, one area that we do see a number of successful franchise businesses sourcing new franchisees is amongst the employees of the network – whether that be a burger restaurant, retail outlet, or business service provider.
“For the thousands of young people currently unable to find their ideal job or start their own business any employment opportunity with a franchise could be a huge opportunity in waiting. By looking to work for a business, which is a franchise it could be their opportunity to learn the business and raise the funds to possibly own their own operation in the near future. We have seen many successful examples of this in the past and I urge people to have this in mind when job hunting. What may seem like a simple job to tide you over, could end up as a doorway to owning your own business.”
Visit the bfa’s website at www.thebfa.org for objective advice and access to numerous educational and advisory resources on the opportunities around franchising.