With austerity looking set to grind on until 2018 at the very least, the effects of continued cuts have become evident in many facets of British life, not least of all the endemic problem that is youth unemployment. A recent survey laid bare the reality of this issue for all to see; youth unemployment has approached 1 million across the UK according to The Telegraph, being expected to exceed that intimidating figure next year.
While the obvious reasons for this are entwined with the current financial meltdown, the genesis of the problem predates the present recession. In the early 2000’s, the employment emphasis shifted from the young to single mothers and those from disadvantaged backgrounds. As a consequence, youth unemployment in Britain has been creeping up ever since, with the global economic slowdown serving to tip it over the edge. If not arrested, the consequences of this could be dire, denying young people the skills, competencies and confidence needed to acquire jobs long term and build the economy of the future.
A myriad of different solutions to this concerning trend have been proposed. It is important to remember in the midst of this divisive debate the role franchising can play in reducing youth unemployment. The mean age (49, according to the 2012 NatWest survey) of the average British franchisee would suggest that franchising for the moment remains an option venerated mostly by a more mature menagerie of self-employed business people, but even still, its propensity and potential to benefit their more youthful counterparts should not be disregarded.
Entrepreneurial spirit is rampant amongst Britain’s youth; as many as 41% claim they want to start their own business, according to research conducted by RBS. This constitutes a vast market of potential franchisees to be tapped into. Also to be considered is the high degree of educational attainment prevalent amongst the young Britons of today, ensuring that they can bring a sleuth of skills and competencies to the franchising table, constituting a table upon which to build their practical working skills under the guidance of an experienced franchisor.
Because of this, franchising can provide a safer avenue for aspiring entrepreneurs lacking extensive business experience as the coaching and support facilitated by a franchisor could give them a firm grounding in the practicalities of operating their own business, embellishing their academic knowledge and existing experience with the range of real world capabilities needed to run an enterprise. If purchasing a franchise outright is a financial step too far for a young graduate, working for a franchise can still be great way to learn the intricacies of the business from within, making them an attractive potential franchisee for the future. Coupled with the plethora of potential franchising options available in today’s diverse and vibrant market, a franchise could comprise an ideal enterprise for an entrepreneur seeking to make their first ventures into the realm of business.