Parents who want to help their children make a success of their lives are increasingly looking to the franchise industry to provide exciting opportunities. For many, a new business is a more prudent investment in their child’s future than a university education, because it provides an instant career with great prospects.
A key reason why franchising is such a popular choice is that it offers a complete package for young owners who have a strong work ethic and ambition, but lack many of the skills needed to launch and run a business. A good franchise offers a tried-and-tested formula, training, marketing, branding and on-going support – all crucial to those new to business.
etyres has welcomed many young Franchise Owners who have benefited from the financial support of their parents to its network.
Josh Wilkinson is a perfect example. At just 21 he asked his parents to help him buy the thriving etyres Ipswich franchise and they were happy to turn their sons dream of running his own business into reality.
“We are really delighted that we have been able to help Josh start his own business,” Phil explained. “Right from the start he impressed us with his approach to finding the right opportunity and we have every confidence in his commitment and ability to make it a success.”
Speaking candidly about why they were happy to loan their son the money to help him start his new venture, Phil, a stockbroker, said: “Josh left college with three A levels and a desire to work hard. He has always been a practical, hands-on lad and decided not to go down the university route, instead he went off to work in Australia for a year, where he earned a lot more than he could have in the UK.
“When he returned he got a job working long hours on a local farm and he also set up an internet business to help raise some money to buy himself a good set of wheels – every lads priority!
“But we have always instilled in our three children the fact that you have to work for most of your life, so choose something you enjoy and this was always on Josh’s mind. So when he said he wanted to run his own business, his mum and I encouraged him and thought he was making the right decision to buy the etyres Ipswich franchise.
“It was a resale and it had a good customer base and a strong reputation in the area. Josh recognised it is a sound industry to invest in, because people will always need new tyres and the branch offered a great opportunity with lots of potential for growth.
“Financially, it would have been out of his reach without our help, but we were happy to support him, just in the same way as we had supported our other two children through the university route.”
The previous owner of etyres Ipswich had built the branch up from scratch and after achieving the goals he had set for his five year plan, he had was set to start a new challenge.
Speaking about his responsibility towards his business and his parents, Josh said: “The challenge I face is to continue building brand awareness and increase the orders so that I can get a second van on the road as soon as possible.”
As well as the financial support, Josh has benefits from his mum Alison’s help with the administration side of the business and they share the accounts and marketing duties.
But it is clear this is very much Josh’s business and he is determined to invest all his hard-work, initiative and determination into making it a big success. “I know how lucky I am to have my parents support and the best way I can pay them back is by making a big success of etyres Ipswich – as well as clearing the loan of course!”
His parents are equally confident their son has the right attitude to succeed. “The last few months since Josh started operating his branch have been busy and he has learned a lot, but he seems to have really turned a corner now,” Phil said. “He was really chuffed last month, because after the usual initial lean times you experience when you set up a new business, he was able to start “paying back his old dad’s loan”
“Obviously there will be challenging times ahead and running your own business is tough, but after all the hard work since leaving school he said he was now earning more in a day being his own boss than being told what to do by somebody else in a week”
“And for Alison and I as parents, this is what it’s all about – him feeling good about his achievements and us being happy because we are helping our son make his way in life.”