The franchise business model has solidified its place in the American economy as a stable producer of ownership and employment opportunities. It has the potential to be a lucrative alternative to startups, but who is buying franchises today? You might be surprised to learn how the demographic is changing. It has to do with the entrepreneurially-minded millennials.
For many years the poster-child for business ownership was limited to those in the latter stages of their careers, corporate refugees coming from management positions. Now, some of the fringes are becoming more of the mainstream. From Gen-Xers with dual working spouses. Now younger generations with a different mindset are driving more millennials to consider starting their own gig.
Franchising works particularly well for an individuals or family who have a desire to own a business, but no plan or burning passion for a particular product or service. That’s who you really see thriving in a franchise model, where there is a model developed and a concept formulated so you don’t have to figure it out on your own. Jim Fitzpatrick from ASBN calls it, “instant name recognition and therefore a customer base.”
In the last few years, there’s been an increase in people looking to start a “semi-passive” business on the side while keeping hold of their current employment. Another trend growing in franchising is multi-generational teams, a parent sunsetting their career and a grown child teaming up to start a family business. It’s the best of both worlds providing a semi-retirement career for the parent and an exciting entrepreneurial opportunity for the child.
Leslie Kuban, FranNet Franchise Consultant, talks about how she helps people determine:
A. Is business ownership right for you?
B. Is franchising the best path for you?
C. What franchise opportunities will fit you best?
Reach out to Leslie for an exploratory conversation at lkuban@frannet.com.
Take your no-cost or obligation Franchise Readiness Assessment at https://frannet.com/
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