|
|||
Featured Franchises
Advertise Your Franchise Here | ||||||||||
| ||||||||||
|
Young entrepreneurs encouraged by franchise model
|
Posted on: 16/06/2008 The fifth Franchising Middle East (FME) exhibition, which took place in May, has found that more and more young businessmen and women are starting up their own companies in the Middle East by taking on a franchise operation. Franchising has witnessed a 20% increase in the Middle East in the last five years, with local and international brands looking for greater market penetration. Abdul Rehman Falaknaz, President of International Expo Consults (IEC), organisers of FME, said: The franchise model offers unique opportunities to young entrepreneurs looking to establish a business in the Middle East. The UAE Government is taking all steps to encourage young UAE nationals to start and manage a business on their own, thereby playing a major role in the economic development of the country. FME has identified many home-grown talents now looking to export their brands through international franchise agreements, such as Heritage for Henna, which was started in a small tent in Dubai in 2002 and now has 28 henna majlis throughout the UAE. Heritage for Henna was created by Fatiya Ahmed, who was sponsored by the Mohammed bin Rashid Establishment for Young Business Leaders. Ahmed has promoted her business for five consecutive years at the FME show, which has proved instrumental in the expansion of her brand. Falaknaz says that organisation such as Mohammed bin Rashid Establishment for Young Business Leaders are providing guidance for young entrepreneurs, encouraging them to think about how to become successful business people. The Establishment assists young entrepreneurs with funding as well as vetting their business plans. Each year, the FME show brings at least 60 new companies to the market place and about this year, Falkanaz said: '2008 has been the best year for us, so far. For us, every year is a challenge. As organisers, we have to go around and look for more companies that are looking to go in for a franchising model. Each year, a minimum of 60-65 companies participate in the FME exhibition, which means, we are bringing in more products and services, as well as new ideas, into this region. Through the exhibition, new investment opportunities through franchising are being explored by SMEs and entrepreneurs alike.' The biggest area of growth for franchise operators is currently the Food and Beverage market, followed by the Hospitality sector, which requires very expensive capital investment.
|
