Franchising is not just a venture for the experienced or the rich. A growing number of young adults aged 18-24 are diving into the world of business service franchising—and for good reasons. In this blog, we’ll explore why this age group is showing significant interest in this industry, and what actionable steps they can take to get started.
Quick Stats: The Data Speaks
Recent analytics from our website reveal some eye-opening trends. The 18-24 age group spends an impressive average of 6 minutes and 45 seconds browsing through our Business Services franchise pages. This is the highest time spent among all age groups! Furthermore, they exhibit a bounce rate of 58.82%, indicating a strong interest in the content and opportunities.
Gen Z Business Statistics
- Nearly 3 in 4 Gen Z business owners (72%) believe their generation has had fewer economic opportunities than previous ones, yet 39% report wanting to earn enough money to start another business or side hustle.
- Gen Z entrepreneurs are using their own savings to start their business, with nearly half (45%) doing so, including 53% of women compared to 38% of men.
- While 80% of young entrepreneurs started their business online or had a mobile component, another 46% launched their business with a physical location for omnichannel operations.
Why the Interest?
Scalable Opportunities
Business services franchising offers scalable opportunities that can be tailored to your personal and financial goals. The best part? These opportunities are often less capital-intensive, making them accessible for younger people who may not have accumulated significant savings yet.
Room for Innovation
The industry allows for technological innovation and modern solutions, traits that resonate well with a tech-savvy and adaptable generation. From digitized customer service to automated workflows, the possibilities are endless.
Flexibility
One aspect that appeals to this age group is the flexibility that comes with business service franchising. Unlike traditional 9-5 jobs, you have the freedom to set your own schedule, allowing you to balance work, study, and leisure.
Actionable Advice: Your Next Steps
Conduct Market Research
Start by diving into market trends and consumer demands in your target area. Identify gaps in the market and think of how you can fill them with your franchise.
Seek Strong Training Programs
Look for franchises that offer robust training programs and mentorship. These resources can be invaluable, especially if you’re new to the industry and looking to learn the ropes quickly.
Network
Use social media platforms and networking events to connect with current franchisees. Their insights can provide you with a clearer picture of what to expect and how to prepare for challenges.
Evaluate Franchise Costs
While business service franchises are generally less capital-intensive, it’s essential to have a clear understanding of all costs involved, including franchise fees, royalty fees, and startup expenses.
Franchise Opportunity
Spherion Staffing & Recruiting offers a robust training program and extensive support network, making it an ideal choice for young adults aged 18-24 looking to enter the business services industry. With its focus on both traditional staffing and innovative workforce solutions, it provides a versatile platform for tech-savvy individuals keen on making a meaningful impact in the job market.
Conclusion
Business service franchising presents a promising avenue for young adults aged 18-24. Whether it’s the scalable opportunities, room for innovation, or the allure of being your own boss, the benefits are clear. If you’re looking to make your mark in this industry, now is the perfect time to start your journey. Don’t just be a spectator; take action and be a part of this exciting world.