Think you're ready to run your own business?

Career Advice
23 May 2018 | Career Advice | Guest Author

Stepping out of uni and straight into a management role sounds too good to be true, but it’s an exciting reality for many young people discovering the world of franchising.

Running a franchise means that you call the shots, owning your own business and nurturing your entrepreneurial spirit while benefitting from the support of an established brand with a proven business model.

According to a recent study by the British Franchise Association and NatWest, a fifth of franchisees launching a new business are under 30, with a record 97% of franchisee-owned units reporting profitability between 2013 and 2015.[1]

Franchising spans almost every industry you can think of, from food and drink to fitness; property to printing; landscaping to language schools. Plenty of well-known businesses (McDonald’s, Fitness Space, ActionCoach) have proved that franchising can be a very effective business model.

Follow in the footsteps of…

Joseph Folwell was only 27 by the time he had established himself as a successful franchisee with Tutor Doctor, part of the £6billion UK private tutoring market with 500 offices in 16 countries. The brand appealed to Joseph as it gave him the opportunity to accelerate into the business world far quicker than his peers climbing the traditional career ladder.

He also benefited from Tutor Doctor’s scholarship programme, which acknowledges that the biggest hurdle for a young franchisee is often raising the funds for the initial investment.

The programme is offered to potential franchisees between 21 and 28 years old. Candidates complete an assessment, including a personality analysis, and their attributes are compared with those of the system’s top-performing franchisees.

Joseph passed the test and secured his place on the programme.

“If you display certain entrepreneurial attitudes in the test, the company may even go as far as to fund your territory for you,” he says.

While franchisees that receive aid are expected to pay Tutor Doctor back later on, this extra financial help at the beginning makes the entire process more affordable and therefore more accessible to candidates.[2]

Is franchising right for you?

If you’re keen to be your own boss sooner rather than later, a good place to start would be to visit The Northern Franchise Exhibition at EventCity in Manchester on 22 & 23 June. Explore the range of opportunities franchising offers, safe in the knowledge that all the brands exhibiting have been accredited by the British Franchise Association (bfa). It’s a fantastic platform to find out more about the industry by meeting the brands, taking advantage of free presentations and workshops, and getting one-on-one advice from experts.

Many graduates struggle to find a role that challenges them and gives them space to develop key skills, finding themselves over-qualified for many entry-level positions. Franchising offers an enticing alternative, propelling you to management and giving you the freedom and flexibility to work for yourself, not by yourself.

Find out more about upcoming franchise exhibitions and claim free tickets here.

[1] bfa NatWest Franchising survey 2015

[2] Business Franchise magazine, May 2018

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