By Paul Segreto
Franchising is not often considered by the 86 million Millennials surging into the U.S. workforce but, with so many qualified and eager people looking to start their careers, every job option merits consideration. Here some important considerations for Millennials open to this path to business ownership.
Affordability. Most people between the ages of 18 and 28 cannot afford $800,000 for a brick-and-mortar business but a home-based business might cost between $40,000 and $60,000. There are a vast variety of franchises. Millennials can find one that fits their budget as well as their ideal income, lifestyle, wealth and equity.
Digital Minds. Millennials are digital natives who can capitalize on the Internet to grow their business. Every type of franchise can benefit from someone proficient in the cyber realm, whether that be growing an at-home business in pajamas, creating a digital work force or driving business with a creative social media campaign.
Some franchises have a web presence that is systemized from the top. If that’s the case, a Millennial needs to decide if controlling the social presence is important to them or not, then choose a franchise accordingly.
Do Good. Many young people are as concerned their life work be meaningful and socially responsible as they are with money. A franchise allows Millennials the opportunity to “do good” while being their own boss. Franchises exist for dog sitting, tutoring and healthy food, among countless options available for those looking align livelihood with their social mission.
Difficulties. Millennials like their own voice on social media, their own marketing plan and are generally excited to execute their next big idea. Franchisors offer a replicable model so customers know what to expect. A Millennial who decides to become a franchisee must be sure they completely support the system they choose.