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Franchise Highlight

Youth should get into franchising, says Rosol

Johor Bahru, 12 Jun 2022,

Youths – including university students – should take the opportunity to venture into franchise businesses which are the best platforms to expand successfully, says Datuk Rosol Wahid.

The Deputy Domestic Trade and Consumer Affairs Minister said that to date, only 20% of university students participated in franchising.

“The participation of university students is still low but we will promote and create awareness of this business because the guidelines are already there,” said Rosol.

“The advantage of a franchise over a normal business is that a franchisee is taught what to do from the first step to the last,” he told a media conference after the 2022 Franchise Bay Tour Programme at the Angsana Johor Bahru Mall here on Saturday (June 11).

He said that the perception that the franchise business is for the wealthy group should also be changed as the ministry was offering programmes such as the Micro Franchise and ‘Mampu Milik’ (affordable) to help the growth of the franchise business with an allocation of RM5 million.

“Earlier on, a large capital of hundreds of thousands of ringgit is needed, but now, those keen to invest in the franchise business only need to come up with a capital of below RM100,000 under the two programmes.

“I am confident many would-be-entrepreneurs especially university graduates will have the opportunity to venture into business on a capital of below RM100,000 and explore avenues as being job providers to other youths,” he said.

Such programmes, he said could also help boost the standard of living especially of the B40 and M40 groups and create jobs for the local communities.

Meanwhile, he said the Franchise Bay Programme was a series of exhibitions involving the participation of franchise companies to promote their businesses to the public keen to become entrepreneurs or venture into businesses under the franchise concept, with the First Series of the Franchise Bay Tour for 2022 starting in Kuching, Sarawak.

“A total of 15 local franchisers were involved (in Sarawak), and as a result of the programme, 59 potential franchisees had received advisory services and had expressed their intention of becoming a franchisee with the value of potential investment expected at RM24 million,” he said.

He said for Franchise Bay at the Johor state level, the ministry targets attracting at least 30 potential new franchisees with a potential investment value of RM7.5 million. – Bernama


Source: The Star
Full Article: https://www.thestar.com.my/news/nation/2022/06/12/youth-should-get-into-franchising-says-rosol