You can be on Entrepreneur’s cover!

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

entrepreneur daily

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.

Editor's Pick

Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business Solutions

Grab Microsoft Project Professional 2021 for $20 During This Flash Sale

This small investment is well worth the time it will save your team in organizing and monitoring project work.

Business News

Microsoft's New AI Can Make Photographs Sing and Talk — and It Already Has the Mona Lisa Lip-Syncing

The VASA-1 AI model was not trained on the Mona Lisa but could animate it anyway.

Data & Recovery

This File Backup Tool Subscription Is $25 for Life for One Week Only

AOEMI Backupper Professional is designed to protect, store, and transfer user's files for them.