Franchises appealing more to mature recruits
Franchises appealing more to mature recruits
And the increase in this average age can be attributed to the general stability and "growing maturity" of the sector as a whole, said the BFA's head of marketing, Dan Archer.
He told the Express newspaper: "As the number of franchisees in the sector grows, the high success rates associated with franchising mean that the average age of the franchisee increases."
Of course, the biggest barrier to franchise growth is finding suitable franchisees.
But Richard Holden, national franchise manager at Lloyds TSB, pointed out that the government's small firms loans guarantee scheme, coupled with an increasing number of franchisee resales means the market is becoming an increasingly attractive option for older investors.
He said: "These higher investment franchise opportunities are likely to attract more mature candidates, who have the life skills, the experience, and the financial stability to successfully take on an established franchise."
Nevertheless, Mr Brown also points out that the increasing average age of franchisees is not affecting the younger end of the market, as the survey also recorded a four per cent rise in the number of franchisees below the age of 30.
Copyright Adfero 2006
Franchises appealing more to mature recruits - To learn more about this author, visit Diarmuid Kieran's Website.
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The average age of a franchisee has been growing steadily for the last ten years, rising from 40 to 46, according to the 2006 NatWest and British Franchise Association (BFA) franchise survey.
And the increase in this average age can be attributed to the general stability and "growing maturity" of the sector as a whole, said the BFA's head of marketing, Dan Archer.
He told the Express newspaper: "As the number of franchisees in the sector grows, the high success rates associated with franchising mean that the average age of the franchisee increases."
Of course, the biggest barrier to franchise growth is finding suitable franchisees.
But Richard Holden, national franchise manager at Lloyds TSB, pointed out that the government's small firms loans guarantee scheme, coupled with an increasing number of franchisee resales means the market is becoming an increasingly attractive option for older investors.
He said: "These higher investment franchise opportunities are likely to attract more mature candidates, who have the life skills, the experience, and the financial stability to successfully take on an established franchise."
Nevertheless, Mr Brown also points out that the increasing average age of franchisees is not affecting the younger end of the market, as the survey also recorded a four per cent rise in the number of franchisees below the age of 30.
Copyright Adfero 2006
Franchises appealing more to mature recruits - To learn more about this author, visit Diarmuid Kieran's Website.
Like this article? Share it with your friends
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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