Here are a few good reasons why investing in a franchise is a good decision for Millenials seeking a first business investment. (From a March 21st article at Franchise Gator)
More and more millennials are turning to franchises as a way to successfully launch their first business venture. Franchises provide first-time entrepreneurs an easier, more cost-effective, and lower risk investment than new business models, providing fresh college grads an excellent avenue for putting their business degrees to the test. Here are just a few reasons investing in a franchise is a good option for millennials:
1.Lower-risk investments. With the economic ups and downs characteristic of our recent economy, franchising offers investments they can trust. Franchises provide a sound business plan with a proven track record, offering less risk and with a higher success rate.
2.Work-life balance. The millennial generation is known for their creativity, passion, and idealism. Franchises are a great investment because much of the work has already been done in advance. It spares new business owners the ordeal of creating their own business plans, marketing tactics, and product development, and instead provides them the platform to manage a preexisting business model with a proven success record. This gives them more downtime to devote to hobbies, family, and friends.
3.High return on investment. Since franchises have provable track records in the industry, they may offer higher returns for the lowest investments enabling new business owners to thoroughly evaluate the risk versus return prior to investing in the business.
4.Lower initial investment costs.
After finishing grad school, millennials are often encumbered with college debt, car loans, and pending mortgage payments. They want to establish return before digging themselves further into debt. That’s why seeking out franchises with low upfront investment costs
, can enable them to start earning money immediately, without acquiring massive debts in the process.
After working hard to obtain their degrees, many millennials like the idea of going into business for themselves. They seek franchises so they can apply what they learned
in college and enhance their experience in the field.
6. Millennials are tech-savvy and seek business models that integrate modern technologies into their business. The millennial generation is technologically obsessed and always eager to download the hottest new app or invest in time-saving gadgets. As such, they are more likely to buy a franchise that remains on the forefront of technological innovation.
7.Millennials desire creativity. Millennials are often known for their originality and boundless inspiration. They seek franchises that are unique and modernized and will enable them to put their creativity to the test. They steer clear of monotonous business ventures or the ordinary 9-to-5, and instead opt for jobs that cater to their unique interests and passions.
After earning their degrees, millennials are eager to leap into the workforce and apply what they know. When they buy a franchise, they look for something that provides a healthy balance between work and play, so they don’t get burned out with the job. They desire low startup costs, ample returns on investment, and a job that sparks their creativity