However, last season the club climbed to eighth and have been boosted further by the arrival of new multi-millionaire owner Derek Richardson in April.
Powerful Tongan duo William Helu and Taione Vea have already been brought in, while Australian centre Ben Jacobs, who left the club in 2011 after a successful two-year period, has been re-signed.
But Young wants to make sure any success this season must be the beginning of a long-term project rather than a flash in the pan.
"Everybody wants to qualify for Europe and the top six and we're no different," said Young, whose Wasps side start their campaign against Harlequins at Twickenham on September 7. "If we can get things right we feel we can be a top six team.
"Everybody in this league feels the need to stay up, that's the first tick in the box.
"If we are lucky enough to get top six next season, the big thing for us then is being there again the season after. Not just in there for one season.
"We're working on things on and off the pitch that are going to provide us with the things we need to stay in that top six for a long period."
As well as an improvement in playing staff, Irish businessman Richardson is exploring the possibility of moving closer to the club's traditional base in West London.
Wasps have ground-shared Adams Park in Buckinghamshire with Wycombe Wanderers since 2002 and the new owner has already sounded out a potential new stadium in partnership with Brentford.
And Young revealed a lot is happening behind the scenes to ensure his side find a new home sooner rather than later.
"I think it's been well documented that Derek feels that Wasps need a new stadium," Young added.
"There has been a lot of work going into finding a venue and so on and we're bringing some real quality people in to move us forward.
"It is exciting and if you want to have a quality environment you have to have quality people involved.
"As you can imagine it's been busy more so off the field than on the field, as in trying to make sure that the club is both sustainable and moving forward so we can compete with the big boys.
"It's not just going to happen on the field, it has to happen off the field as well, so there have been lots of things going on in the summer."
London Wasps return to Aviva Premiership Rugby action against Harlequins at the London Double Header at Twickenham on September 7 - click here to buy your tickets.