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?”
But contrary to popular belief, becoming a franchise owner at a young age has distinct benefits. Most millennials don’t have experience running a business or a robust network of entrepreneurial social connections, 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 you for years to come.
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 who aspire to own a franchise have a greater chance at success than they realize, and here’s why.
Why Franchises Are Great for Millennials
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 boss, with 30% of millennials already having their own business or side hustle. But although many young people have the ambition to become entrepreneurs, most millennials lack the experience, know-how, and social network to flourish in the business world.
The franchise industry can fill in these gaps in knowledge, finances, and networking. Franchises come with a tried-and-true operation system and franchisors who can help educate you about their business processes. Furthermore, startup costs for a franchise can be as low as $20,000. Building a business is often much more expensive and less likely to succeed than a franchise.
Perhaps you’re a millennial or young person who wants to invest in franchising but feels unsure where to begin. In that case, consider contacting a franchise consultant! A franchise consultant can leverage their extensive knowledge and social connections to help you choose the right franchise opportunity.
How an Early Investment Can 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 eager to become franchisees 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 has distinct advantages, including:
- Young people have the energy and drive to succeed. Most millennials 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.
- 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 skill as an entrepreneur while enjoying the support and safety net of having a franchisor.
- Young entrepreneurs have fewer competing responsibilities. Although most young people aren’t aware of it, their greatest asset is their lack of obligations. As people get older, they accrue responsibilities like children, pets, or caring for elderly family members. Young people generally don’t have as many distractions to dilute their focus and keep them from obtaining their goals.
“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.”
Hundred Acre Consulting
If you’re a millennial interested in taking the next step and investing 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 start 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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