The old “go to school, graduate with flying colors, and get hired in a job that you will do until you retire” is not a realistic prescription for millennials anymore.
Increasingly jaded by soul-crushing work environments and broken promises their parents have endured, today’s youth have the desire to ditch the 9 to 5 work routine. More and more millennials want to live their dream and be their own boss.
In fact, millennials have been called “the most entrepreneurial generation.” According to a Deloitte poll, 70% of millennials say they would reject an office job to work independently. In another study, 1 out of 5 millennials wanted to quit their jobs and start their own projects. Half to two-thirds of millennials expressed an interest in entrepreneurship, according to the Bureau of Labor Statistics.
But in this dream, there is no fixed annual salary.
So are you ready to be your own boss? Or more importantly, how and where should you invest your hard-earned money?
The Challenge for Business-Minded Millennials
Young business people often lack the tools necessary to run a successful start-up. They lack experience in the business world and have a small network of support to lend guidance. Millennials, especially those who have been part of the workforce for only a few years, are not familiar with business systems and programs.
Franchising: The Best Investment for the Generation Y
Franchising may be the answer.
1. Ready-Made Business Model
A franchise investment will give you a pre-packaged business model, along with training and support. In addition, many franchise opportunities have business models and programs that appeal to Millennials. For instance, Marilyn Monroe Spas Franchise offers full training and support to franchisees, including business and technical education. The program already includes lease negotiation and site selection services with the help of Newmark Grubb Knight Frank (NGKF), one of the world’s top real estate firms.
Franchisees no longer have to worry about the design and construction, as the franchising program already includes architectural specifications, site layouts and plans, and equipment packages.
There are franchise consultants as well who provide advice, while the marketing and creative team take care of driving customer traffic and creating brand awareness.
2. Increasingly Lucrative Investment
According to the International Franchise Association (IFA), the track record for franchising as investment has been strong in the recent years. Franchise businesses are growing exponentially compared to non-franchise so far in 2016.
For the past half a decade, the average yearly job growth in the franchise sector was 2.6%, which is significantly higher than other sectors.
3. Piggyback in Brand Recognition
One of the problems a young business owner is being inexperienced, untested, and untrusted. If you invest in a well-established franchise, you inherit some of the trust already associated with the franchise brand. Alongside the brand recognition, you also enjoy the opportunity of a certain level of independence.
With proper research, dedication, and a franchising opportunity, more and more millennials like you can make your entrepreneurial dream a reality. In fact, with franchising, you’ll find it easier to achieve the kind of success you want compared to other options for business ownership.