Why Gen Z and Millennials Are Not Too Young to Be First-Time Franchise Owners
Daniel Hayes
Given that the median age of all franchise owners is between the ages of 45 and 54, many younger people are left wondering, “Am I too young to be a franchise owner?”
Contrary to popular belief, becoming a franchise owner at a young age has distinct benefits. Most millennials and Gen Zers (aka, zoomers) don’t have business ownership or networking experience, making it hard for them to strike out on their own.
Owning a franchise can provide support in these areas, already packaged with policies, processes, and networks that young investors might otherwise lack. In addition, franchises have lower startup costs, making them an investment with the potential to serve franchisees for years to come.
And the number of younger franchisees is growing! A 2024 survey found that while Gen-Xers represent 47% of current franchise owners, millennials account for 18%, compared to 12% in 2023.
If you’re a young person who’s always dreamed of becoming your own boss and owning a business, your franchise opportunities are endless. Millennials and zoomers who aspire to own a franchise have a greater chance at success than they realize, and here’s a deeper look at why.
Why Is Franchising Great for Millennials and Gen Z?
Millennials currently comprise a larger percentage of the workforce than any other generation. And more than prior generations, millennials value having the ability to work for themselves and be their own boss, with 30% of millennials already having their own business or side hustle. Although many young people have the ambition to become entrepreneurs, most millennials lack the experience, know-how, and social network necessary for the best success in the business world.
The franchise industry can compensate for gaps in knowledge, finances, and networking expertise. Franchises come with a tried-and-true operation system due to the franchisors who have already standardized their business processes.
In addition, startup costs for a franchise can be as low as $20,000. Franchises typically have a higher chance of success and are often less expensive to start than building a business from scratch.
Compared to the roughly 20% first-year failure rate for
independent startups, many franchise businesses, especially well-established brands, report failure rates below 5%, offering a more secure path to entrepreneurship.
Perhaps you’re a millennial or a zoomer who wants to consider becoming a first-time franchise owner but feels unsure where to begin. This is where a franchise consultant comes in. A
franchise consultant can leverage their extensive knowledge and social connections to help you choose the right franchise opportunity (more on that later).
How Can an Early Franchise Investment Benefit You?
Anyone who is even vaguely familiar with the nature of investing knows that the best time to invest is always today. But there is a stigma associated with owning a franchise at a young age.
Many millennials and zoomers eager to become first-time franchise owners are told that they should wait until they’re older and more experienced or that spending all their savings to start a new venture is a risky decision.
However, investing in a franchise opportunity at a young age has distinct advantages, including:
1: Young people have the energy and drive to succeed. Most millennials and zoomers are still at the age where they’re willing to learn and excited to embark on the adventure of taking on a new training program. Younger people are less “set in their ways” than their elders. In translation, they’re more open to learning alternative ways of conducting business and have the youthful energy to drive such a business to success.
2: Franchises allow you to learn quickly. Developing your business management skills through second-hand learning or failed startup attempts can take decades. Owning a franchise is a quick way to circumvent those “learning mistakes” and build your skills as an entrepreneur while enjoying the support and safety net of having a franchisor.
3: Young entrepreneurs have fewer competing responsibilities. Although most young people aren’t aware of it, their greatest asset is their lack of obligations, particularly Gen Z. As people age, they accrue responsibilities, such as caring for children, pets, or elderly family members. Young people generally don’t have as many distractions to dilute their focus and keep them from obtaining their goals.
Still not convinced? Hear what Adam Cozzolini, the 25-year-old owner of a Smoothie King franchise, had to say about his franchising journey:
“Franchising has allowed me to own my own business and have a little added support and guidance at the same time,” Adam said. “I didn’t need the decades of experience—all I needed was a proven concept to get behind and my entrepreneurial drive.”
Expelling Some Myths for First-Time Franchise Owners
Millennials and Zoomers are often dissuaded from franchising due to a couple of unfortunate myths. Let’s discredit some of those now.
- Myth #1: You need at least 10+ years of experience. This is simply not true for most franchise opportunities. Thanks to comprehensive training and ongoing support from the franchisor, prior experience is usually not necessary.
- Myth #2: You need a substantial amount of money to get started. While a few franchises demand higher franchise fees for startups, most are reasonably priced and marketed towards first-time franchise owners. There are also multiple lending agencies available to help franchisees get started as well (occasionally from the franchisors themselves).
- 8 youMyth #3: You won’t be able to manage your own time. Depending on how much or little time you want to invest in your business, some franchise models, like semi-absentee models, allow you the freedom to balance your role with other responsibilities or endeavors.
Buying a Franchise Business With a Consultant Like Hundred Acre Consulting
If you’re a millennial or zoomer (or any generation) interested in taking the next steps to invest in a franchise, begin while time is on your side.
At Hundred Acre Consulting, we have over 25 years of experience in the franchising industry and can help you
step out in the right direction. Our inside knowledge and long-standing industry connections can guide you throughout your franchising journey.
It’s easy to get started. To learn more about our services, just contact our team today!
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