Millennials are typically perceived as narcissistic and self-entitled, but in the world of business, specifically in franchising, the opinions are the opposite. Instead of selfish, they’re seen as more eager to become entrepreneurs, starting their businesses as young as 27 years old. Compared to baby boomers who started their enterprises at 35 on average, millennials are indeed less risk-averse. And it’s not self-entitlement that caused them to be so.
With role models like Mark Zuckerberg, Gerard Adams, David Karp, Michelle Phan, and others just as young and successful, millennials consequently favored startups over traditional office jobs. According to a Deloitte poll, 70% of them will reject an office job to work independently.
If you also want to be your own boss, have you considered franchising? While the business model is far from starting from scratch, it doesn’t make your startup journey any less remarkable. Here are the reasons a franchise business is perfect for a millennial entrepreneur:
1. You’ll Work Alongside an Established Company
As a budding entrepreneur, there’s nothing more honorable than being recognized by a big company. As their franchisee, you’ll gain the opportunity to have a level of independence as them. For example, investing in a franchise restaurant will immediately earn you loyal customers, in addition to a well-known brand name and trusted customer service.
On the contrary, if you opened a restaurant from scratch, you’ll deal with a tough competition, which can break you as an unknown brand. However, a franchise doesn’t automatically guarantee success, either. It just gives you higher chances of it. Hence, whether you own a franchise or an independent brand, work hard to reach the top.
2. You Always Have Fresh Ideas
You may think that owning a franchise will hinder your creativity, but your fresh ideas will benefit a franchise business. All companies have to evolve and move past their competitors, and your imagination can make that happen. The fact that you are more open-minded than your older counterparts means you can propose new ideas and implement solutions relevant to today’s technological age.
3. Franchise Businesses Are Unique
All entrepreneurs seek to be unique, and a franchise can also offer distinct qualities. Aside from restaurants, there are countless more industries to choose from. There’s retail, fitness, wellness, home services, and more.
If you’d instead work from home given the pandemic, there are also home-based franchise models in various industries. That is suitable for those who prefer a flexible work schedule. It’s also for those who dislike being tied down to a brick-and-mortar store.
4. You’re Tech-savvy
Being active on the internet allows you to see marketing opportunities that will be beneficial for your franchise. You can use social media to enhance your customer service, aside from promoting your product or service. Furthermore, social media may help improve your internal franchise network operations. Simply put, as a millennial, you’d know how to use social media to your franchise’s advantage.
5. You’re Not Afraid of Risks
Contrary to popular belief, not all millennials are rebels and reckless. Many of you, especially the business-minded ones, are simply happy to take calculated risks. You can tell if a situation offers a reward that outweighs a risk. Such skill is useful in a franchise, as it means you can take the brand further.
Owning a franchise may not line you up with the most renowned self-made millennials, but you can surely match their success. Plus, your experiences in franchising will be useful in the long-run, when it’s already you who’s opening your own businesses for franchise.