Young college graduates are facing into one of the most unfriendly job markets in recent memory. For business-minded students looking for an edge on their classmates, the franchise industry continues to offer a fast-track into profitable and proven modes of business.
That said, there are vital tips that college graduates should take stock of as they consider their leap into entrepreneurship, as the Wall Street Journal recently explained. Time is money, as the saying goes.
First of all, the positives: Millenials are noted for their technology skills, their rawness and their energy for new thinking. It is lost on no financers that the most revolutionary (and profitable) business concepts of this decade have come from college students. So Gen Y-ers will be assured of an audience if their concept is innovative and well-thought out.
That said there are other intangibles that can get a young entrpreneur up and running.
Targeted loans: there are loans out there that are designed for young entrepreneurs. Seek those out first.
A lawyer: As the article says, “You can try to negotiate fees or find someone to do the work pro bono, but don't try to start a business without an attorney. You need one to help you patent your ideas, incorporate your business and protect your interests when dealing with investors.”
Any young aspiring franchisees intrigued by this WSJ story should also take note of Franchise Direct’s Business Insights video series, in which Franchise Direct CEO goes into many of these issues in much more detail.