Do you want to take charge, but don’t want to follow a traditional graduate management path? Self-employment, franchising or branch management could be for you.

Working for yourself

Self-employment is continuing to increase as more and more people decide to take up the challenge and strike out on their own.

Self-employment is demanding and risky. You don’t have paid holidays or sick leave to fall back on, and you have to be prepared for slow periods and isolation. But it can be satisfying too. You’re your own boss and the rewards for your hard work go into your own pocket.

Skills you’ll need include:

• self-motivation and self-reliance
• a good business idea and continuing creativity
• good communication skills
• responsibility and the ability to make decisions
• attention to detail
• the ability to handle several tasks at once
• common sense and realism
• basic financial ability
• courage.

Franchising

Franchisees pay to use an established trade name and business idea. Most fast-food chains and sub-post offices are franchises.

Franchisers have a brand to protect and so want to be sure that their franchisees are talented, dedicated and will work hard to make a success of their business. Failure rates for franchises are far lower than for totally new businesses.

Branch management

If you are looking to manage a team and have a real impact on the way things are done, but would also like to form part of a bigger picture, branch management is an attractive graduate-career option.

With an entrepreneurial approach, you can make a difference in even the largest of international companies.

At Enterprise Rent-A-Car, for instance, there are opportunities at hundreds of small, local businesses that you can get involved in. Starting as a management trainee, you’ll be assigned to a branch office for hands-on business training. In as little as two years you could be running your own business, recruiting your own teams, and receiving your share of the profits.

’Being a manager at Enterprise is like running your own business,’ says James Ware, Group Daily Rental Manager, Enterprise Rent-A-Car UK. ’While I receive guidance and support, fundamentally the employees, company growth, profitability and customer satisfaction scores of my region are my responsibility. It’s a real challenge but it means I have genuine ownership of my success and can help and nurture it in others too.’

Getting started

You need capital to set up a business. Most students graduate from university in debt, and have no capital to invest in a business and probably no assets to offer as security. Under these circumstances, banks are unlikely to agree a loan, although if you have a well-developed business plan it’s worth approaching them.

The following organisations are useful sources of support:

• National Federation of Enterprise Agencies, which offers an entrepreneur scholarship and start-up funding of up to £1,500
• Business Link, a Government site offering advice and support for businesses
• Prince’s Trust, which offers young entrepreneurs low-interest loans of up to £5,000, plus grants
• Shell LiveWIRE, which helps people aged 16 to 30 to set up and develop their own businesses.

You can economise by working from home if the premises are suitable. But don’t try and cut corners on professional services. You will need a good accountant (although you can do the book-keeping yourself) and possibly a solicitor too.

Be realistic when making financial forecasts, and don’t forget that you will need enough money to cover your living costs while you get your business off the ground.