Owning a franchise in your 20s. Who’s in?
When someone says “franchisee,” the image that comes to mind is usually a middle-aged man or woman and not a recent college grad just entering the workforce. However, several factors have begun turning that perception on its ear – one of the most glaring being the job market. Although marginally improving, the job market has for years been extremely tough on new graduates. Today, the unemployment rate for college graduates isn’t much better than the overall domestic unemployment rate – a reality that has many thinking about starting their own business instead of finding employment.
Twenty-somethings have grown up in a culture of entrepreneurship. They have seen contemporaries turn their ideas into tech start-ups, successful apps, important non-profits and small operations that grow and profit on the strengths of their own ideas and efforts. It’s a very appealing alternative to working hard for the benefit of a large company, whose obligations are first and foremost to their shareholders and executives in the C-suite.
And yet with all of that motivation to run their own businesses, young businesspeople often lack the essential components necessary to run a successful start-up: experience in the business world, familiarity with business systems and programs, and a network of support to lend guidance and knowledge to flatten the learning curve and greatly improve the odds of success. That is why franchising is an attractive option for younger entrepreneurs.
Many franchise opportunities have business models and programs that appeal specifically to Millennials. For example, the Tutor Doctor franchise system offers low-cost entry, a focus on technology, and the ability to get up and running quickly because there is no inventory, no build-out, and no lease, which sets younger entrepreneurs up to begin seeing cash flow almost immediately. In addition, Tutor Doctor offers a “Young Entrepreneur Scholarship” Program that provides up to 100% financing at 0% for qualified applicants.
Oxi Fresh Carpet Cleaning, whose founder Jonathan Barnett started the franchise when he was just 26, is another concept that appeals to Millennials because of its low cost, tech-based model. And its environmentally-friendly cleaning system is attractive to young entrepreneurs who are conscious about being green.
Franchising offers a range of opportunities to fit the interests and skills of Millennials looking to start a business, many being low-cost and home-based businesses that offer both the flexibility and independence they seek.
Advantages of becoming a young franchisee.
– Younger entrepreneurs often don’t have the obligations of family and can devote more time and youthful enthusiasm to starting a business. Even those who have started a family can benefit from the flexibility many franchise opportunities offer to allow you to set your own schedule.
– Your youth can help you better connect with new customers as many franchisors have a younger target market, giving you an advantage over those in their 40s and 50s.
– Your unique and fresh perspective on business and the economy and can be an advantage.
– You’re not alone, making mistakes through trial and error. When you buy into a franchise, the critical infrastructure and training and support systems are already built-in.
Still intrigued with franchising and ready to investigate?
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About the author:Eric has been in franchising for well over a decade, wearing many hats along the way. His original stint was as a franchisee, where his most valuable experience was not as a business owner but rather helping others to buy a franchise of their own. Its that experience that has served him well at Franchise Gator, where he started in 2005.
Eric was appointed as General Manager of Franchise Gator in December 2013. Prior to that, Eric's chief role was as Director of Sales and Service, consulting with franchisors in an effort to help them connect better with those using Franchise Gator to find the perfect opportunity. Eric's expertise in this area was a driving force behind the Gator Dashboard, a platform that assists prospective franchisees during the exploration phase.
When not in the office, tends to his home based franchise, which consists of his wife Stacey and 2 kids, Presley and Spencer. Eric is currently working towards his Certified Franchise Executive (CFE) certification through the International Franchise Association (IFA).