5 Advantages of Franchising for Young People
Many people are put off starting their own business because they believe they donít have enough experience. Thatís where the franchise model comes in. Here are the top five advantages of franchising for young people.
According to research, 83 percent of 18-24 year olds aspire to be self-employed in the future. This is a huge group of people, but many are put off running their own business because they believe they donít have the right skills yet.
The good news is: many young adults already have lots of the attributes to be a successful entrepreneur. And by joining a franchise, they can benefit from the tutoring and support of an established business owner. More and more young entrepreneurs are finding their place in the franchise industry. In fact, 18 percent of franchisees are under the age of 30.
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5 advantages of franchising for young people
Starting a franchise as a young entrepreneur can be a great career move Ė there are many reasons why the model is particularly well-suited to those with limited experience. Letís take a look at some of the biggest ones.
1. Youíre motivated and aspirational
You only need to look at the proportion of young people who dream of being self-employed to see the level of ambition among those just entering the workplace. Often, this demographic is eager to learn and get involved in training programmes. Someone who is prepared to put in the work to boost their knowledge and share innovative ideas is a franchisorís perfect business partner.
Also, many would-be franchisees feel daunted by the amount of training you need to undertake as a franchise investor. Although the business model allows you to set up a business with limited experience, you still need to put the work in to gain the right expertise once youíve joined. Many new graduates find this prospect less daunting than their older counterparts, as theyíve just left higher education and will be keen to keep growing professionally.
2. Youíre not set in your ways
The older the franchisee, the more likely it is theyíll have their own perspectives and ways of doing things. Some seasoned business owners might feel they know better than their franchisor, and want to go against the franchise guidelines. For instance, they might be tempted to approach different suppliers or launch their own exciting marketing campaign.
However, franchisees need to be able to follow strict rules if the franchise as a whole is to be successful. Consistency is at the core of the franchise model, and if one franchisee deviates from the businessís strategies, the reputation of the entire brand is at stake. Joining the business with a fresh pair of eyes, young franchisees often find it easier to follow the franchisorís guidance.
3. Franchises offer a quick learning experience
Building up business management skills and industry expertise through personal experience takes years Ė maybe even decades. Franchising offers a shortcut to successful entrepreneurship, with comprehensive training schemes and high levels of business support. This is ideal for young entrepreneurs who may not have all the skills they need to set up a business on their own.
When you join a franchise, you also benefit from its proven business model, existing customer base and credibility. In short, youíll get all the tools you need to launch a thriving business in record time.
Franchising is a good way into business for young people because you have an established brand and can use your enthusiasm and energy to sell it. You also get help from the franchisor and other franchisees, who have longer experience in business than you. Ė Ben Witcomb, 26, Managing Director of Metro Rod Newport, Hereford and Gloucester
4. You have fewer personal responsibilities
One of the biggest advantages of franchising for young people is the lack of other commitments. Many older entrepreneurs have young children or elderly parents to look after, dogs to walk and other family commitments to navigate. If you launch your franchise unit before these responsibilities take up some of your time, you can put in the hours to get your business off the ground while youíre free from distractions.
Whether you opt to start a franchise unit as a full- or part-time venture, there are options for you. From home-based franchises where you can operate during several hours a week to restaurant or office businesses demanding long working hours, thereís huge variety in the franchising world. But, most importantly, the flexibility is there when you want it, so, if you choose to start a family later on, you can.
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5. You probably have a strong support network
Generally, young people have a network of family and friends who can provide advice, support and, in some cases, money. Whether your connections have run their own business or not, theyíll be able to provide emotional support during difficult times. And if they do have business management experience, they may even be in a position to help you find a solution to your problem or offer reassurance.
Either way, when youíre feeling stressed, anxious or frustrated, turning to loved ones can help.
How to start a franchise unit with little experience
Cast away your preconceptions about starting a business Ė this could be your ticket to success. The franchise industry is a fantastic place for young entrepreneurs, offering the chance to take on a proven business model and benefit from ongoing guidance. Hopefully, our rundown of the advantages of franchising for young people has given you the confidence you need to get the ball rolling.
We want to spread the message about franchising to more young people in education and in business. Ė Pip Wilkins, BFA Chief Executive
If youíre ready to launch your own business, find out what steps young people can take to start their franchise unit.
Alice Tuffery, Point Franchise ©
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