Franchise Options for the Younger Generation
They are young, active and ambitious risk-takers. They want work-life balance, pursue jobs aligned with their passion and are well-equipped to assume leadership roles even early in their careers. These traits and preferences make millennials suited for profitable and exciting franchising ventures. Virtually everything millennials need to make a franchise work is at their disposal: technology, education, and energy. All it takes is finding the best franchise that will suit their desired lifestyle.
Franchise suggestions for millennials
Millennials love to “do good”, according to Entrepreneur.com. They want their work to be meaningful and are apt to align their livelihood with their ideals. Those seeking to fulfill their sense of social responsibility while being their own boss may consider franchise such as those involving tutoring, pet care and healthy food etc.
Millennials are a fan of convenience. They want things fast and smooth. They don’t like to cook; instead, they prefer fast food and prepare foods from grocery and convenience stores. This is why many find kiosks, food trucks, and other automated and mobile franchises highly appealing.
Millennials are not so interested in owning things. They may not be so inclined to manage huge inventories so they would rather offer services or subscription rather than actually storing and selling things. They’re likely to prefer offering rides or detailing services than marketing actual cars, and they would rather choose to stream media services, instead of managing a CD or DVD store.
But they’re not yet ripe, financially
It’s true that most people (except those from truly well-off families) aged 18-28 don’t have hundreds and thousands of dollars in their pocket yet, but as per Entrepreneur.com, a small home-based franchise can go for as low as $40,000 to $60,000. Additionally, there are countless franchise brands from different industries whose startup costs vary widely. With the help of reliable franchise matching companies, millennials can easily find the best franchise that fits their budget, income and equity, as well as their dream lifestyle.
A brief note on flexibility
Millennials like to share their ideas about things. Those who have the tendency to drown out the opinions of others in favor of their own strong views may not stay on good terms with their franchisor for long. In franchising, everything is set and replicated to ensure the brand image consistency. This is why it is highly advisable for a millennial to research his or her own options carefully and choose the system and policies they completely agree with.
More tips are available in Entrepreneur.com and LinkedIn.com.
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