Youth unemployment sparks entrepreneurial fever in the beauty sector
A lack of employmentopportunities in the UK has created a wave of entrepreneurial spirit in theyoung, according to the owner of a leading London beauty school.
More than 750,000 peopleaged 16-24 were unemployed between August and October 2014.
But according to thelatest figures, record numbers of young people started businesses last year.
Coral Hadley, who runsThe Beauty Academy, which has branches in London Bridge and Kings Cross, said:“Young people are no longer pinning all their hopes on finding the perfect job,they are taking matters into their own hands and creating a business around askill, a passion or a hobby.
“This is particularlytrue in the beauty industry where you can be your own boss, even if you havevery little in start-up capital.”
More than 60% of beautybusiness SMEs are sole traders and of these 6% are under the age of 25.
This is more than twicethe rate of under-25s owning SMEs more generally at 2.3%.
According to smallbusiness network Enterprise Nation, the under-35 age bracket has seen thesteepest increase in the number of entrepreneurs in all fields.
In 2006 there were145,104 companies founded by young people.
But by 2013 it had jumpedto 247,049.
Researchers have alsofound that more than 55% of young people aged 16 to 25 now want to set up theirown firm – a direct result of the lack of job opportunities that have beenavailable to school-leavers and university graduates since the recession.
Mrs Hadley said:“Interestingly the economic downturn prompted an outbreak of entrepreneur feverand this has grown.
“Now more young peopleare seeing it as a sensible option so are training with a business plan inmind.
“Entrepreneurship andoptimism are closely related and young entrepreneurs are unencumbered by pastfailures so they have greater chance of going on to make a success of theirventure.
“Two of the world’s mostsuccessful companies – Microsoft and Apple – emerged from small beginnings inpast recessions so who knows what is possible for our beauty school graduates.”
The Beauty Academy trained1,136 women and men in London alone during 2014.
Of those 283 received NVQLevel three qualifications, 391 NVQ Level two qualifications and 462 diplomas.
Korin Warner was just 19 when she decided to becomeher own boss.
Ten year later her business – Beautyfull – has dozensof regular clients, a healthy turnover and fits in around her new role as mumto 11-week Zakie.
“It was the best thing I ever did,” she said. “I was18 and fresh out of school and working in Argos.
“Then I had this realisation. I thought ‘this isn’twhat I want to do with the rest of my life’.”
Korin, who lives in Hatfield with her baby and husbandJosh, had always been interested in the beauty industry but had no experienceand no qualifications.
She signed up to an introductory course at the BeautyAcademy and went on to complete modules in gel and acrylic nails, hotstone andIndian head massage, Hopi ear candles and bridal hair.
She then launched her mobile hair and beauty businesswhich has expanded to include a range of different treatments.
She also hosts children and adult beauty-themedparties, carries out office treatments and manages workshops with youthcentres.
The latter, she says, is an opportunity to inspireentrepreneurs of the future.
“I always wanted a career that was flexible and thatwould involve plenty of interaction with other people,” she said. “And that’sexactly what this offers me.
“Youth unemployment is a huge concern these days butthere are ways to make money if you have the drive and determination.
“It does take guts to work for yourself but there isno reward without risk.”