Join our Waitlist for Expert Advice!

Millennials Casting for Careers Should Consider Franchises Franchises are a quick route to an established business. Energetic millennials are good candidates for business ownership but only if the fit is right

By Paul Segreto Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Franchising is not often considered by the 86 million MIllenials surging into the U.S. workforce but, with so many qualified and eager people looking to start their careers, every job option merits consideration. Here some important considerations for Millennials open to this path to business ownership.

Related: Millennials Are Snubbing the Corporate World for Entrepreneurship

Affordability. Most people between the ages of 18 and 28 cannot afford $800,000 for a brick-and-mortar business but a home-based business might cost between $40,000 and $60,000. There are a vast variety of franchises. Millennials can find one that fits their budget as well as their ideal income, lifestyle, wealth and equity.

Digital Minds. Millennials are digital natives who can capitalize on the Internet to grow their business. Every type of franchise can benefit from someone proficient in the cyber realm, whether that be growing an at-home business in pajamas, creating a digital work force or driving business with a creative social media campaign.

Some franchises have a web presence that is systemized from the top. If that's the case, a Millennial needs to decide if controlling the social presence is important to them or not, then choose a franchise accordingly.

Related: Why Millennials Are Immature, Entitled and the Best Hire

Do Good. Many young people are as concerned their life work be meaningful and socially responsible as they are with money. A franchise allows Millennials the opportunity to "do good" while being being their own boss. Franchises exist for dog sitting, tutoring and healthy food, among countless options available for those looking align livelihood with their social mission.

Difficulties. Millennials like their own voice on social media, their own marketing plan and are generally excited to execute their next big idea. Franchisors offer a replicable model so customers know what to expect. A Millennial who decides to become a franchisee must be sure they completely support the system they choose.

Related: For Social Entrepreneurs, What Comes First: Business or Mission?

Paul Segreto

Entrepreneur, 30-year Franchise Industry Professional

Paul Segreto is the CEO of Franchise Foundry, a franchise-consulting company specializing in working with emerging brands, and host of the weekly internet radio show Franchise Today. For more than three decades, he has exclusively served the franchise industry as a senior-level corporate executive, consultant and coach, advocate, multi-unit franchisee, area developer and franchisor.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Starbucks Is Ditching Olive Oil Coffee From Its 'Overly Complex' Menu

The move is part of an effort to turn around lagging sales.

Leadership

5 Foolproof Strategies to Help You Step Back and Let Your Team Have More Control

These five approaches will revolutionize your team and your leadership.

Leadership

Why Great Leaders Embrace Broad Thinking — and How It Transforms Organizations

What leaders think they know can cause narrowed thinking, limiting the ability to solve complex problems.

Business News

Reddit Is Profitable for the First Time in Nearly Two Decades

Reddit hit an all-time high in its number of daily users, too.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.