Millennials and Franchising: Becoming a First Time Franchise Owner After Uni
Just finished university and donít know what to do next? Read on to see how franchising could be the answer for you.
Finishing university can leave you with a mixture of emotions, and one of the most overwhelming is the feeling of uncertainty. Graduates across the UK ask themselves ĎWhat am I supposed to do next?í. And this is a question that canít be answered easily. It can be difficult to secure a job that has the salary you are looking for when you donít have much experience in the working world. This often results in many graduates settling for lower paid jobs after university while waiting for the perfect opportunity to come their way.
Franchises are a great choice for graduates who want to earn a good income while also enjoying flexible hours. There are many opportunities out there for graduates to become first time franchise owners. In this article we consider why franchising for millennials is such an attractive business proposition. Then, we look at two exciting opportunities where graduates can run their own franchise.
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How easy is it for graduates to get jobs after university?
This year, 74.3 percent of graduates were in employment six months after they finished university, according to the What do graduates do? 2018/2019 survey. 5.1 percent were unemployed, which was the lowest rate since the survey in 1979. But while employment in graduates was on the rise this year, this could be because more individuals are having to settle for low paid jobs just to get some money coming in.
This is supported by the fact that 31 percent of graduates are overeducated for the job they do (The Office for National Statistics). We can interpret Ďovereducatedí as when a person possesses more education than required for the job and they have skills and knowledge that arenít being used. This was unfortunately the case with Chemical Engineering graduate Elizabeth. After completing her degree at the University of Manchester she was unable to find a degree-level job and moved from one minimum wage job to the next.
If you want to steer clear from minimum wage jobs, franchising is a great option.
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Why should graduates consider becoming first time franchise owners?
For starters, the value of the franchising industry is at an all time high. There are currently almost 50,000 franchise business operating in the UK. Collectively, they contribute 710,000 jobs and over £17 billion to the UK economy (The British Franchise Association/NatWest Franchise Survey).
Franchising gives millennials the chance to own their own business, while receiving training and support from the franchisor. First time franchise owners donít have to worry about going through the business ownership process alone. They will have the franchisor and a network of franchisees to turn to if they need any advice.
Also, opposed to starting a business from scratch, graduates can look forward to operating under an established brand that is already well known and has an existing customer base. For this reason, franchising is also considered much less risky.
How popular is franchising with millennials?
Much of this growth in the franchise sector can be attributed to a record 18 percent of all franchisees being under 30. In the last two years, over one-quarter of franchisees starting their own business were aged 30 or under when it launched. The chief of the BFA, Pip Wilkins says:
ďthe sharp increase in under-30s starting their own business is thanks to the franchise model bridging the gap between experience and ambition. Iím delighted to see so many younger people realising they have a choice between going it alone or being employed.Ē
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Which franchises are looking for graduates to join their network?
We now take a look at two opportunities to become a first time franchise owner after university that welcome graduates with open arms. Unlike most jobs after university, graduates donít need to have any previous experience to be accepted onto these opportunities.
Graduates can enter a new sector they never would have considered, and use the skills acquired on their degree to make their business a success.
World Options is a courier and delivery services provider that operates across the globe. It offers a range of carriers that suit a wide range of businesses and its simple process saves customers both time and money.
Who is this opportunity right for?
If you want to start a business with a huge earning potential and low overheads (no office needed), then yes, it is! There are flexible hours so you can fit the business around your personal life and never miss the moments that matter to you most.
If accounts arenít your thing, donít fret. At World Options there is a dedicated team on hand to process your invoices, as well as customer service support for customers.
World Options encourages graduates to apply as it offers an opportunity that can fit round their further studies, help save for the future, or simply to enter the business world head on. No experience is required either as it provides all the training and support needed for your business to succeed.
Mathew Mansfield is a franchisee in Liverpool and he supports the viability of the opportunity for graduates:
ďI was a university graduate who didnít want to do the typical thing of starting a 9-5 job working for someone else with little reward. I had some experience in sales and realised I'd like the opportunity to build my own business. But being young and new to working life I didnít have huge amounts of money to start something from scratch.Ē
ďI decided to start a business by becoming part of the World Options franchise with my business partner. In just 4 years weíve turned this franchise opportunity into a really successful business. Our profit margins are reaching new levels and we are earning sums which we could never have imagined. Itís been a really good learning experience and I've loved the journey. It helps when you can see your hard work paying off. The training and support we receive from World Options has been first class.Ē
When you become a ChipsAway franchise owner youíre guaranteed to receive a minimum of £80,000 worth of customer enquiries in your first year. Sounds impressive right? But what exactly does ChipsAway do?
Originators of the SMART (Small to Medium Area Repair Technology), ChipsAway is the first port of call for customers when they need high quality, good value everyday car damage repairs. This includes paintwork scratches, minor dents and bumper scruffs.
ChipsAway has been in the business for over 20 years and is now the largest network of car repair specialists nationwide. When you become a franchisee, youíll visit customers in your mobile workshop, and some franchisees even go on to develop their own Car Care Centre. This can further the number of number of repairs and the average repair value.
Is this opportunity open to graduates?
Yes! ChipsAway encourages graduates to become first time franchise owners with the brand. Itís a great choice as no experience is necessary. Comprehensive training is carried out at its bespoke IMI accredited facilities. As most of its franchisees donít have any previous experience, it has developed a full proof training and support package. It will cost around £30,000 to invest in this market-leading franchise.
One man who decided to beat the job hunt blues and invest in a ChipsAway franchise is geography graduate Stuart Yorston. He fell into a similar position to most students and thought that after his degree he would find employment in a career that related to his degree. But he quickly learned that it was incredibly difficult to secure a job that he wanted without any experience. This was when he investigated franchising.
ďIím a practical, hands-on person and definitely didnít want an office based nine-to-five sort of a business,Ē
So he was delighted when he found ChipsAwayÖ
ďI am more than happy with my decision, particularly as the jobs market in the recent climate has become tougher than ever. The recession hasnít touched my business at all. If anything Iím seeing a positive effect as customers decide to spend money on their existing cars rather than buying a new one Ö I get great job satisfaction and have plenty of money in my pocket.Ē
Stuart encourages franchising for millennials:
ďAlthough franchising is not an option many graduates consider, I would recommend it to anyone looking to take control of their career and build their own successful business. I couldnít be happier with my decision to become a ChipsAway franchisee Ė I get great job satisfaction and even earn more than my university mates!Ē
Are you a recent graduate considering becoming a first time franchise owner?
If reading this article has enlightened you to how franchising can transform your life and be the answer to ĎĎWhat am I supposed to do next?í you can browse our franchise directory for more opportunities. If youíre still unsure of whether itís the right move for you, see another one of our articles to help clear things up. It covers 50 questions you need to ask yourself before you buy a franchise.
Becky Martin, Point Franchise ©
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