If you’ve just graduated from university, chances are you’re feeling a little overwhelmed by the prospect of the journey ahead of you. Job hunting, filling out endless applications and attending nerve-wracking interviews can be emotionally and physically draining - but you have the opportunity to take a different path. Let’s talk about how new grads can start a franchise unit and become a business owner with a wealth of excellent support.
Leaving university can be daunting and stressful. You have the skills, but there aren’t necessarily enough job vacancies to offer all graduates employment. In 2018-19, over 2.3 million students studied at higher education institutions across the UK (HESA).
In 2018, the graduate employment rate sat at 87.7 percent, but just 73.9 percent of degree-holders were able to secure a professional-level role. The retail sector attracts a large proportion of graduates, welcoming 12.8 percent, but only about a third of these employees have a professional-level role (Prospects).
There are longstanding and persistent concerns about skills mismatch and underutilisation of many graduates who aren't getting the opportunity to use their talent effectively. - Charlie Ball, Head of Higher Education Intelligence at Prospects
As you can see, many would-be employees have the skills and ambition to start a glittering career, but are let down by the lack of opportunities available. That’s where franchising comes in. If you have the drive to run a profitable business, why not cut out the job hunt and dive straight into entrepreneurship?
By choosing to start a franchise unit, you can set up a business under a recognisable brand name and rely on the support of an experienced franchisor. Point Franchise is bursting with glowing testimonials from franchisees who have seen success after taking the plunge. But here, we take a closer look at how you can put your degree to good use.
Franchise opportunities requiring university degrees
If you want to make the most of your university degree, there are several franchises looking exclusively for graduates to help expand their businesses. One area to focus your search is the education sector, as most tutoring franchises only hire investors who are educated to degree level. Don’t worry - you don’t need to have studied a particular subject, as franchisors are usually open to graduates from all fields.
To start your search, take a look at Kumon, First Class Learning and Satchel Learning. They give investors the chance to help shape the future of school pupils by supporting them through their educational journey. You’ll find their profile pages right here on Point Franchise.
>> Read more:
Use a degree to get a headstart in franchising
Many franchises accept applicants who don’t have a degree, but as a graduate, you can use your education to get ahead. With a wealth of industry-specific knowledge behind you, you’ll be able to impress franchisors who are looking for candidates with a passion for the business and its sector.
Did you know? Just 73.9 percent of graduates hold a professional-level job after university.
When you apply to start a franchise unit, you usually don’t need any business experience. Instead, franchisors look for individuals with dedication, enthusiasm and a willingness to learn. They’ll often provide an in-depth training scheme, but your degree demonstrates your thirst for knowledge and ability to focus on reaching an end goal.
When you fill out an application form or talk to a franchisor, think about what skills your degree has given you. How might they come in handy when you launch a business?
Changed your mind after graduation? Use your transferable skills
It’s more common than you might think; you submit your final piece of work, celebrate graduation and then realise the field you’ve chosen isn’t quite right for you. Whether you realise you’re not suited to the jobs available or you’re disappointed by a lack of opportunities, there are other options for you.
Your educational background will have given you a huge number of skills relevant to business ownership - some of which you may not even realise you have. The trick is to discover the transferable skills you’ve gained and use them in your franchise search and application.
If you took the chance to get involved in the opportunities available to you as part of your degree, you’ll have probably already practised leadership, teamwork and time management. It’s likely you’ll also be proficient when it comes to research, analysis and IT. And you’re probably fairly self-motivated too. All these skills will be incredibly attractive to franchisors - and you may have even more on top of the ones we’ve listed.
Skip uni and take advantage of franchise training schemes
If you haven’t graduated yet, or even considered which degree you might like to take, it’s worth doing a bit of research into the franchise world. When you know you’re interested in running your own business, you can get going straight out of school. As long as you have ambition and a bit of business know-how, you should be able to start a franchise unit with the help of an experienced franchisor.
When you join a franchise, you’re usually enrolled on a comprehensive training programme teaching you all the skills and knowledge you need to launch a profitable business. Most franchises also offer regular coaching workshops and ongoing support in areas like sales and marketing.
So, no matter your educational background, there should be a franchise opportunity to suit you. And the best bit? There are franchises offering investment opportunities in all the major sectors, from fitness to cleaning, engineering to property. You can even set up your own shop or restaurant under a big brand name.
You don’t necessarily need a lot of money
Let’s face it; most people don’t have a huge stash of money in savings when they graduate from university - but don’t be put off starting a business. When you join a franchise, you can get funding from banks and other lenders. In fact, many institutions are happy to finance up to 70 percent of your franchise investment.
Why? Because lenders know franchises are more reliable than other businesses when it comes to turning a profit. So, if you can gather enough funds to cover part of your investment, you should be able to borrow the rest and pay back your loan as you generate returns.
>> Read more:
- Franchising 101: The Complete Guide to Franchise Costs in the UK
- Franchising 101: 6 Top Contributors of Franchise Failure
- Franchising 101: How to Buy a Franchise Business in 10 Steps
- Franchising 101: The Official Franchise Start Up Checklist (Part 1)
- Franchising 101: Top 5 Qualities of a Franchisee
- Franchising 101: 6 Tips for Building Customer Loyalty Through Marketing
- Franchising 101: The Pros and Cons of Franchising Your Business
Joining a franchise
We have hundreds of handy articles covering all aspects of starting a franchise unit. Browse our article catalogue to see recent publications or use the search bar to find information on specific topics.
If you’d like to learn more about funding a franchise unit as a recent graduate, take a look at the articles below:
- Trying to Finance a Franchise Without Money? Here Are Some Funding Options to Consider
- Top 8 Tips for Securing Finance For Your Franchise
Alice Tuffery, Point Franchise ©