The appeal of becoming your own boss has never been greater. In fact, 30% of UK adults are considering launching their own business, of which 48% were between the ages of 18 and 24 – equating to more than two million budding entrepreneurs. But it is not solely those who are just beginning their career who are looking to start their own establishment, as 60% of those aged between 45 and 54 years old claimed they would launch their own business alongside existing caring responsibilities1.
Despite the majority of the UK having high business ambitions, 43% of aspiring entrepreneurs across all ages do not believe they will set up their own company2, suggesting business failure is still a huge concern for budding business owners. This is where franchising can offer the ideal solution.
“Considering the risks associated with a start-up company, franchising can offer an array of benefits to those who are looking to embark on their own business journey,” says Victoria Jennings, founder of one of the leading baby development classes in the UK, Bloom Baby Classes. “A franchisee not only has access to a proven business model, but they can also hit the ground running thanks to the franchise’s established brand recognition and a strong customer base – all of which reduces the initial financial outlay and risk associated with a start-up.”
Below, Victoria shares how you can utilise franchising to turn your business dream into reality – and why age really is just a number.
A proactive approach
Bumps in the road are expected for any journey in life, and your new franchise venture will likely be no different. Whilst franchising offers you a certain level of security, you may need to be proactive when things do not go completely according to plan. Whilst deciding the future of your business may seem scary, being positive and logical in your decision-making can ultimately lead to the long-term success of your franchise. In our network, a mother and daughter duo had to adapt when they realised the physical demands of running a Bloom Baby class. Instead of being reactive, they reworked their franchise model so they were both comfortable in their roles.
When it comes to age, having a range of experience levels – both in life and in the workplace – can bring a variety of perspectives and ways of thinking, leading to more innovative and effective solutions, increased collaboration, enhanced learning and development opportunities. And remember, whatever roadblocks you might come across, your franchisor always will encourage and support you – helping you to make your business the best it can be.
Remind yourself of your power
A significant factor which discourages budding entrepreneurs from launching their own business is feeling underqualified. This affects women more than men, with 48% of women who want to set up a business believing they cannot, due to their perceived lack of relevant skills2. Fear about a perceived lack of experience is common for young people, too.
This is where franchising offers a safety net – it gives you the opportunity to utilise any skills you may have from previous lines of work, whilst developing new ones. Did you know that everyone has transferrable skills, no matter their level of experience? Georgia Hellend, despite just turning 26, uses the social skills and ability to adapt that she developed as a cabin crew member to help her in her new franchise venture as a teacher for us.
The sky’s the limit
The ability to seize every opportunity you are given as a franchisee is an important quality to have. If you are entering the franchise industry at a younger age, make sure you do your homework – understanding your local demographic and being savvy with your business plan means your business is more likely to excel and achieve long-term success. In our network, Sophie Nixon, aged 29, took the opportunity to launch the first Bloom Toddler Classes, despite only being with us as a teacher for two years.
Age really is just a number when it comes to franchising. Starting a franchise when you are younger means you bring fresh ideas to the table which you can utilise to seek new opportunities. If you are older, you can bring a wealth of life or career experience to help you grab every opportunity with both hands. Just remember – it is important to be open to learning new concepts or ways of working with a focus on introducing fresh concepts to your approach to make your franchise stand out from the crowd.
1 Enterprise Nation, 2023, An enterprising nation! A third of UK adults are thinking about starting a business in 2023.
2 SME Loans, 2020, 64% of Britain’s Workforce Wants To Set Up Their Own Business.