Trends in Franchising

Gen Y and Business Ownership – The Entrepreneur’s Source Reviews 5 Reasons Millennials fit Franchising

Gen Y and Business Ownership – The Entrepreneur’s Source Reviews 5 Reasons Millennials fit Franchising   

Most Millennials have heard the adage, “If you get a good education, you will find a good job and be financially secure.”  But in today’s New Career Economy, that is often just not the case.

Entrepreneur’s Source Coach Susan Mell knows from experience.

“I have a client that earned an MBA from Yale—and it cost him a lot of time and money.  But despite his fabulous skill sets, even he’s having trouble finding a job. I’m sure he didn’t go to Yale thinking that was going to be a problem for him,” said Mell.

Mell says the demographic of today’s franchise candidate is changing, and that business ownership is becoming an especially appealing option for Generation Y.

“We are in an entrepreneurial economy—whether working in corporate America or not, individuals need to have an entrepreneurial mindset in order to stand out in a very competitive work force and business environment.”

Generation Y and Business Ownership

The New Career Economy has not only created a change in the job market, but also in the way people are reacting to it. A 2011 Kaufman Foundation found 54 percent of the nation’s Millennials either want to start a business or already have started one.

Generation Y is recognizing that business ownership is the key to thriving in the current economy.

According to an article from Inc., “owner” is the fifth most popular job title listed on Facebook among those aged 18 to 29.

However, the decision to pursue business ownership is not an easy one. Millennials are faced with several options when it comes to investing in their professional futures, including obtaining an advanced degree.

What if Susan’s client had taken those years and dollars and invested in a business? No one can obviously say for certain—but it’s possible he could currently be running a successful business, instead of beginning his entrepreneurship journey now.

5 reasons Gen Y should consider franchising:

1. Opportunity to create a life balance: Lifestyle is the new wealth. According to a 2012 survey, a majority of Generation Y workers have a desire to make their own hours and eventually be their own boss—and 50 percent of Millennial workers would rather be unemployed than work at a job they hate. Franchise ownership allows for both the being your own boss and setting your own hours, but mostly importantly, the opportunity to build a business that allows a work-life balance often unobtainable in corporate America.
2. Apply what you know: Many Millennials have obtained a degree, some even an advanced degree. They’ve held internships and part-time jobs, and many have a combination of real-world and classroom knowledge.  Franchising allows you to take all the skills you’ve learned working for somebody else and use them in your own business. Even if you decide to invest in a franchise industry outside of your specific work experience, the franchise will provide you the initial and ongoing training to help you make that shift.
3. Find loyalty and support: In corporate America, even if you do a great job and earn accolades and awards, at the end of the day, a company can get acquired, private equity can change direction and a job can be lost.  You have no control or guarantee that your loyalty will be rewarded. It’s not all monetary—it’s the way people feel about their time and self-worth. In a franchise, you a lot of support financially vested in you being successful. In a franchise, you’re in business for yourself, but not by yourself. There are many people within the system there to support you in being successful.
4. Unlimited income potential: In corporate America, people often reach a financial peak. Some individuals feel they are no longer employable because they have been so well compensated in the past, that other companies aren’t willing to match or exceed that compensation.  Business ownership allows for the opportunity for unlimited earning—through your own control.
5. Lower Investment Cost: A majority of Millennials graduate college carrying student loan debt and do not have the deep pockets needed to start a brick-and-mortar type of business. There are many possibilities when it comes to franchise business ownership, including home-based and lower investment business opportunities. Millennials can find one that fits their budget as well as their ideal income, lifestyle, wealth and equity.

Take the First Step:

For those wanting to take the next step in the journey to business ownership, an E-Source Coach is a great resource to help you define your I.L.W.E.™Goals and begin to explore business opportunities.

Also, check out 5 Things You Didn’t Know a Business Coach can do for You.