FBDS is the pioneer franchise consulting company in Nigeria, the country representative of World Franchise Associates (WFA) and a supplier member of International Franchise Association (IFA).
We all have that family member or friend that promised to provide a nice job with a big paycheck immediately you conclude NYSC but not everyone keeps that promise. The feeling that comes with being unemployed after NYSC can be somewhat frustrating but the emergence of franchising in Nigeria has proven to create more employment opportunities in the country. Below is a dairy of a young Nigerian graduate and we hope this inspires more Nigerians to tackle and reduce the unemployment rate in the country.
What’s next after NYSC? DIARY OF A NIGERIAN GRADUATE THAT CREATED AN INCOME STREAM FOR HERSELF
“My name is Evelyn, a graduate of Business Administration from a prestigious University. I proceeded to serve my fatherland in Oyo State. While I was in the state, I heard about a very popular Amala Spot. I have heard a lot of amazing things about the taste of the food and I just knew I had to try it out. I decided to visit the Amala Buka to see if its worth the hype. When I got there, I met a really long queue of hungry and anxious customers waiting to buy their food. I got a little discouraged but decided to stay a while, after a long wait I finally bought the food and believe me it was worth way more than the hype. Then i realized why people really love this Amala Spot, asides the amazing food,the ambiance and setting of the Amala Buka is not the regular local Buka. It was like a standard restaurant, the services and hospitality there will make you feel like you are eating in Eko Hotel, on a lesser bill of course.
Then it dawned on me that what makes the Buka so successful is way more than the food. The place became a regular eating spot for my friends and I throughout our service year. On one of my visits, I had the opportunity to meet the owner of the business, from our conversations I found out she has 3 successful outlets and always get people asking her when she’s coming to Lagos State, Ogun State, especially Abuja,etc.
My service year ended and I moved back Abuja but kept in contact with the owner. I started applying to companies for a job but all my effort proved futile. I reached out to my friends and they told me they are in the same predicament. At this point, it dawned on me that I had to look for alternative means to get gainfully employed. Therefore, thoughts about how I could venture into entrepreneurship.
However, I had a number of questions that worried me on how I could succeed like Do I have sufficient funds?, Can I succeed with no experience at all in running a business from scratch, Can I succeed with no guidance, Will I be able to cope tough economy that surrounds starting a new business?,and ultimately, what if i fail?.
What’s next after NYSC?
In one of my numerous research, I came across the Franchise Business Model. Let me start by explaining what Franchise is, A franchise is a type of business that is operated by an individual(s) known as a franchisee using the trademark, branding and business model of a franchisor. In this business model, there is a legal and commercial relationship between the owner of the company (the franchisor) and the individual (the franchisee).
At this point, I recalled my experience with the Amala Spot in Ibadan and i thought it might be a good idea to seek a franchise with them. Franchising with them will take care of the concerns I had about starting a new business like Get support to setup the business, Leverage their popular brand name, Train me on how to successfully manage the business.
This way I had the guarantee I could setup a business of my own within my budget and get the needed support to manage the business successfully and literally enjoy the kind of patronage the Buka Spot experienced.
I reached out to her and explained to her my interest in bringing her brand to Abuja as a Franchisee, she welcomed the idea and it was at this point she subsequently reached out to Franchise Business Development Services in a bid to franchise her business and advised me as an investor on the way to go about investing in a franchise. In attempt to keeping my options open and wider, I found out about other successful businesses that have Franchise within my budget and graduates like me e.g. Habib Yogurt, Orango, House Of Tara Beauty Reps, Best Choices Store etc.
Through franchising, I am on a path to becoming a successful business owner and creating employment opportunities for other youths. I will definitely advice entrepreneurs to buy a franchise as it lowers your risk of business failure”.
We hope Evelyn’s message has inspired you to take the bull by the horn and create employment opportunities for yourself. In simple conclusion, Nigeria is considered a potential franchise market of over one hundred billion dollars in annual revenue across both products and services and a major growth market for U.S. franchise concepts and franchise development services.
In Nigeria, brands and business enterprise owners like Chicken Republic, Eat n Go, etc that have adopted franchising have been able to expand their business and increase their profits at a rate that could have only been achieved through the business-franchising model.