What Franchise Issue 21.1

Every generation brings newenergy – and right now, young entrepreneurs have an incredible opportunity to shape their future through franchising, says Suzie McCafferty. If you dream of being your own boss but feel unsurewhere to start, franchising is for you! Franchising’s young power players ull disclosure, I love franchising. I franchised my own business when I was 23 and built it into a network of 70 outlets across six countries. One of those countries was the Dominican Republic. However, while I still have the sunglasses, they aren’t rose-tinted tinted – there’s a lot I could have done better and a lot I didn’t know at the time. Now, let’s fast-forward to some years later… Having helped sell hundreds of franchises, I’ll try to give you an unbiased view on the opportunities for young people in franchising as I see them. Starting a business from scratch can feel overwhelming. From creating a brand to building systems and figuring out marketing, it’s a lot. Franchising removes so many of those barriers because the hard work of developing the model has already been done. Instead, you step into a business that’s tried, tested and proven, with training, systems and a support network from day one. It’s the best of both worlds: the independence of running your own business combined with the reassurance that you’re not alone. You’re part of a community that wants you to succeed – and that makes a huge difference when you’re starting out. And the news gets better: according to the brilliant 2024 British Franchise Journal written by the BFA and franchise stalwarts NiC Services, 89% of UK franchise units are profitable, with an average annual turnover of £386,000. That kind of performance would be the envy of most start-ups. It’s no wonder the franchise industry now contributes around £19 billion a year to the UK economy. Of course, it’s natural to worry about the challenges. The three I hear most often from young people are lack of funding, lack of experience and lack of confidence.Well, ta-da – with franchising, every single one of these can be overcome. Funding: One of the biggest misconceptions is that you need huge amounts of personal capital to get started. The reality? Many banks actively support franchise businesses because they recognise the lower risk compared to independent start-ups. There are even government-backed schemes designed to help young entrepreneurs that could cover the lion’s share of your total startup costs – depending on what franchises you are looking at of course. Experience: You don’t need years of business management under your belt to thrive in franchising. (In fact, strictly between you and me, some franchisors much prefer it when you don’t – there’s less chance of you having developed bad habits…). A good franchisor will give you comprehensive training – not just at the start, but ongoing. Frommarketing and sales to customer service and financial management, you’ll learn everything you need. Plus, you’ve got the whole network to lean on – people who’ve been where you are and want to share what works. Confidence: This is the big one, and I understand it completely. Taking that first step can feel daunting. But confidence grows with knowledge, and franchising is built on that principle: learn, apply and grow with support. Here’s something you ought to find extremely reassuring – the commercial failure rate for UK franchises is just 0.5%, one of the lowest in business. That safety net matters when you’re starting out. Time and again, I’ve seen young people come into franchising and achieve incredible things – building businesses, becoming employers themselves, and earning the lifestyle they dreamed of. Most would quietly admit that they wouldn’t have achieved the success they have without franchising. Hand on heart, seeing so many lives change for the better – both franchisors and franchisees – is the ultimate reward I get from 17 years of helping people in franchising through PlatinumWave. Franchising is ready for a new generation of leaders. Why shouldn’t that be you? F Suzie McCafferty After starting her own franchise network in her 20s and growing it internationally, Suzie McCafferty has spent nearly two decades helping others succeed in franchising as the Founder and CEO of the multi- award-winning consultancy PlatinumWave – making her uniquely placed to inspire the next generation of franchise leaders. “You’re part of a community that wants you to succeed – and that makes a huge difference when you’re starting out” 9 WHAT-FRANCHISE.COM Opinion