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Is franchising the key for young entrepreneurs in South Africa?
Fifty-two point six percent of South Africa’s youth are unemployed. That’s according to statistics from Good Governance Africa (GGA).
The challenges that young South African’s face in accessing jobs are huge. For starters, South Africa’s lacklustre growth and strict labour laws are not conducive to job creation.
What’s more, inexperience makes it harder for young people to get their foot in the door.
It goes without saying that being young and unemployed increases the risk of social exclusion, a loss of motivation and mental health problems.
Fortunately, it’s not all doom and gloom. As a young South African looking to make your mark in the world all you need are these three ingredients: the right advice from an expert; marketable skills; and inspiration and passion for a better future.
Young entrepreneurs creating jobs for a better future
Think you’re too young to start a business? Think again! Many young people are doing it for themselves and they’re excelling.
Take 22-year old Ludwick Marishane – he’s the CEO of ‘HeadBoy Industries’ and an inventor of DryBath, the world’s first bath-substituting solution.
Then there’s Rupert Bryan, now the chief operating officer at Web Africa. Rupert Bryan ran a web development company from the age of 14!
These young entrepreneurs had a vision to change the world and they didn’t stop there:
- They turned their vision into reality;
- Their passion and determination propelled them to beat the odds; and
- They’re now successful leaders who all entrepreneurs can aspire to.
While these young entrepreneurs and many others prove you’re never too young to start a business, the fact remains: Business is tough.
A number of new ventures fail within the first year. This is why franchising could potentially provide solutions:
- Owning a franchise allows you to be your own boss;
- You don’t start the business from scratch which is a risky proposition;
- You get support from an experienced franchisor; and
- You’re provided with a strong brand – a good franchise brand tends to be more resilient in tougher economic times.
The franchising sector is a driver of job creation
A recent franchise industry survey by the Franchise Association of South Africa (FASA) shows that South Africa has more than 660 franchised systems and that the franchising sector employs about 300 000 people.
What does this mean for you as a young entrepreneur?
It simply means, there are a lot of different franchises to choose from and lots of room for young entrepreneurs like yourself to flourish. And there’s a cherry on top.
Buying into a franchise does not necessarily require a huge initial investment.
- There are many low-cost franchises that typically require an investment of less than R200 000 with low ongoing operating costs.
- A low initial investment amount does not necessarily mean a low returns.
Have a look at the wide range of low-cost franchises on which franchise and speak to our experts about those franchise opportunities that favour young franchisees.
Funding the franchise dream
When you’re fresh out of school or university, even a lower cost franchise can seem unattainable. And there are times when it will seem like everyone around you is shutting you out and saying “you just don’t have the right experience” to get into franchising.
Despite all of this, remember that your window of opportunity awaits you and keep these three tips in mind:
- Time waits for no-one and it is your most precious resource and your time is now.
- Setting obtainable financial goals and working towards achieving them is the key to business success.
- A partnership is a great way to get your foot in the door of the franchising sector and share the load.
To find out if you’re a good fit for franchising take our franchisee self- evaluation test. For funding opportunities, check out the franchise funding opportunities provided by the Nedbankor speak to our franchise funding expert for more information.
With slow economic growth and stuttering unemployment rate, can you afford to sit back and wait for a job? Begin planning to become a franchisee today.
This article was first published on WhichFranchise with the headline South Africa Needs Young Entrepreneurs. It was republished with the author’s permission. Image by Heisenberg Media via Flickr.
