Franchises appealing more to mature recruits
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.
For further information from the Franchise UK blog regarding Franchising for the over 50’s click here.