Older entrepreneurs are a significant force behind the creation of new franchise businesses

Older entrepreneurs are a significant force behind the creation of new businesses. The National Endowment for Science, Technology and the Arts (NESTA), stated that 50 - 65 year-olds founded 27% of the successful start-ups between 2001 and 2005. The trend continues and many are turning to franchising.

Llanelli-based Denis Brennan joined Auditel, the cost and purchase management franchise, last year. Although trained as a lawyer, Denis became IT Director for a multi-national manufacturing business. He says: “I had a desire to run my own business on an established model. I wanted to become master of my own destiny rather than working for an organisation.”

Denis chose the Auditel franchise in his search for a new venture. He confirms: “I liked the business model. Before taking redundancy, I was involved in a global telecoms outsourcing arrangement so I feel comfortable in the areas of IT and communications. I liked the people I met in the Company instinctively and trusted them immediately. “

After his initial training at Auditel’s head office, Denis reported: “It was even better than I had anticipated. The training encompassed client acquisition and management, professional marketing and technical training for our areas of operation.”

After many years in the corporate world, Denis found that time management was a major challenge. He reveals: “You must learn to make time, and plan to wear those hats that in a larger company would be worn by different people – MD, Sales, Finance, and Operations etc…!  Both the franchisor and the Auditel network helped enormously in this area. Also with the gap between completing assignments and receiving fees, you have to build your business plan accordingly.”

Asked what advice he would give to someone considering a franchise, Denis replied: “Decide which type of franchise would suit you. Research these sectors. Identify a number of franchisors and ‘interview’ them. Assess style, ethics, and personal chemistry, ie could I fit into their network? Take up references from existing franchisees. Build an honest business plan and then critique it and probably reduce your expectations. How much effort will it require? Can you afford the costs until they begin to reap rewards in income? Talk it through with your accountant, maybe work colleagues and especially your family – get their buy-in.”

Denis has made excellent progress. He reports: “I have twenty-nine clients, which is ahead of plan. Turnover is just about on target, showing that some (too many) of these clients are not good enough! I treat this as a learning curve – must do better next year!”

Future plans -  “To grow significantly and quickly but against set targets, taking into account the ability to manage the growth. Will I need joint ventures with other franchisees and telemarketing? I plan to employ my wife significantly in market research, data-entry and

admin/book-keeping roles. I may consider employing staff. My Auditel franchise allows me to put one more person through training at no extra cost.  On a personal level, as I live in Llanelli, I enjoy following rugby, in particular the Scarlets. When time allows I play golf!”