Upon profiling its 2009 franchise start-ups, Mortgage Choice found a diverse collection of owners with widely varied career backgrounds.
Senior corporate affairs manager for Mortgage Choice, Kristy Sheppard said the ‘Franchise Recruitment Index’ uncovers trends through exploring the background and personal attributes of new franchise owners, such as employment history, qualifications, age and gender.
“The analysis discovered only 32% of our new franchisees in 2009 had a lending background. A lack of financial services experience did not stop the remainder from deciding that running a mortgage broking franchise was the right path for them, as the relevant skills are taught during our intensive induction course and ongoing professional development program,” she said.
“There is no particular skill set needed to own a financial services franchise. Of all Mortgage Choice franchise owners starting up in 2009, 47% moved directly across from a role that was unrelated to banking or finance. 68% had experience with sales/customer service and 93% had an education level higher than the HSC.”
In terms of gender spilt, the most recent Franchise Recruitment Index saw a significant drop in new female franchisees, to 14% from 35% in the 2005/2006 Index.
The youngest person Mortgage Choice accepted as a franchisee in 2009 was 25 years of age and the oldest was 65 years, with the average starting age 46 years (the peak it reached in 1999). In 05/06, the average age was 42.5 years, with the youngest aged 26 and the oldest 60. In the first Index, the youngest was 22, the oldest 60 and the average was 38 years.