We were delighted to host our concluding DE&I Insight session on 22nd February 2024, sponsored by McDonald’s Restaurants. This session centred on the vital theme of equality and inclusion for young people within UK business. Hosted by the BFA CEO Pip Wilkins QFP, our panel of young franchisees included Jonny Nassau, of McDonald’s, and Ellena Morgan, from Little Voices. We were also joined by Jane James, the founder and franchisor of Little Voices, along with Emily Price QFP, the BFA COO, adding valuable insights to the discussion.
Overall, the discussion highlighted the importance of creating pathways for young entrepreneurs to enter and succeed in franchising, addressing barriers, and promoting diversity and inclusion within the industry.
Visibility and Access
There’s a consensus that many young people, especially from disadvantaged backgrounds, may not be aware of the opportunities available in franchising and business ownership. Enhancing visibility and access to information about franchising from an early age is crucial.
Perception Barriers
Young entrepreneurs often face scepticism or dismissiveness based on their age. The conversation emphasised the need to shift the narrative and recognise that success in business is determined by skills, passion, and drive, not age.
Mentorship and Support
Mentorship programmes and support networks play a vital role in helping young entrepreneurs navigate challenges and build confidence. Leaders should actively mentor and support young talent within their organisations.
Financial Barriers
Access to finance can be a significant barrier for young entrepreneurs. However, there’s a recognition that innovative solutions, such as payment plans or shared investment schemes, can help overcome financial hurdles and make franchising more accessible.
Education and Outreach
It’s essential to integrate information about franchising and entrepreneurship into school curriculums and educational programmes. Additionally, engaging with young people through talks, workshops, and outreach programmes can inspire them to consider franchising as a viable career option.
Diversity and Inclusion
Creating diverse and inclusive environments within the franchising industry is crucial for fostering innovation and growth. Leaders should actively promote diversity and inclusion through their actions and policies.
Networking and Communication
Building strong networks and fostering open dialogue with young entrepreneurs is key to supporting their growth and success. Encouraging young people to ask questions, seek mentorship, and actively pursue opportunities can help them thrive in the franchising industry.