You’re Never Too Young To Become Your Own Boss
In 2018, it was reported that more than half of UK graduates were planning on becoming self-employed. Graduate schemes, it seems, are slowly being perceived as archaic. Millennials are instead ignoring the traditional career path and embracing a market that rewards new employees and self-employed workers more so than long-serving staff.
Consequently, the franchising talent pool has never been so fruitful. The opportunity for millennials to work for themselves with a growth structure in place is unrivalled. Young generations easily recognise the benefit of treading a path well-trodden with a possibility for freedom of work.
But this isn’t restricted to graduates; there’s no limit on when’s best to join a franchise business. In this article, we discuss how you can succeed in franchising no matter your age.
The changing face of franchisees
According to the bfa and NatWest Franchise Survey, 18% of all franchisees are under 30 – this has increased significantly since 2015. With a new generation comes unique approaches to working, strategies for networking and means of marketing. Younger leaders are more familiar with social media, which as a result has become the third most popular means of recruitment amongst franchises.
Where 10 years ago most franchisees were recruited through the methods of magazine advertising or website visits, now the industry is expanding to attract outsiders hoping to break into the sector. Now more than ever, young people are broadening the talent pool and demonstrating their skill in a field that previously only encouraged people from similar backgrounds.
Outdated methods of business
The practice of staying at a business for decades where the amount of time-served equalled loyalty has died a death. Young people change jobs much quicker than generations before them; in 2017, new typical working patterns had brought the average down to five years. This statistic represents that the demands of younger workers have shifted. People want flexibility, benefits and a more desirable work/life balance.
Being your own boss suits the younger workers today by offering that. It provides young people with the freedom to choose how they want to work and the measurements they set themselves. Franchising creates an environment where these millennial entrepreneurs are able to flourish alongside a tried-and-tested method, and can start building up their own empire.
Unlike graduate schemes, franchises often have more experience-based prerequisites as opposed to competitive grade requirements. Young people are always competing for entry-level positions – jobs at the bottom of the ladder which limit their responsibilities and restrict their growth for a number of years. In franchising, from the very moment you take the opportunity to become a franchisee, you have the full backing and support of your franchisor to develop and expand.
At Rainbow, for example, we simply ask that candidates have some previous experience in business, an aptitude for networking, and general skill in driving awareness and interest in our services. These are talents not limited to age, but instead to ability. For many workers today, that is a fairer evaluation of suitability for a leader, let alone a role.
We’re seeing waves of younger generations break from outdated working patterns to work for themselves. More and more young professionals are seeking our franchises for sale to start their business owner journey. If you’d like to build your own future, request a callback today.