In our blog post on October 2, we examined the advantages of franchising for seniors who wish to continue working and face new, exciting challenges, instead of subjecting themselves to mandatory retirement or employment uncertainties.
But did you know that many younger entrepreneurs are choosing to enter the world of business ownership through the franchise model as well? Ambitious examples, such as Chelsea Sloan, winner of the 2012 Global Student Entrepreneur Award for her Utah-based Uptown Cheapskate franchise, provide a powerful incentive for those who wish to get a head start on success.
An increasing number of franchises are recognizing that younger entrepreneurs can summon an astonishing drive to succeed, and they want to capitalize on that raw energy by bringing these youngsters into the fold.
Logic dictates that the sooner people start making money, the more years they'll have to build and direct their wealth. Getting started with a franchise opportunity usually involves comprehensive training and support to ensure that franchisees follow that franchise's business model and start enjoying success more quickly. This “entrepreneur boot camp,” coupled with the real-world experience right out of the gate, can give younger franchisees the education they need in in place of, or as a compliment to, a four-year degree from a business college.
On the other hand, the investment needed to buy into a franchise opportunity can prove especially burdensome for young entrepreneurs.
If the franchisees have had no chance to build any personal income yet, they will likely have to take on a large bank or family loan in addition to whatever student loans they may have already taken out.
Additionally, if they have had little or no experience in the business world, they could easily find themselves committed to a franchise that turns out to be a bad fit for their interests. Prospective younger franchisees may be better off spending a few months or even a full year working at a franchise to test the waters before selecting a franchise opportunity for them.
Start Young While Playing It Smart
Are you a young entrepreneur looking at franchise opportunities? Many young entrepreneurs have found success with franchises that combine a reasonably modest initial investment with strong growth potential. But, if you're thinking of franchising as a quick leap into big money, you may have to think again. The same amount of effort and dedication required for an independent business will also be required for success in franchising.
Check out the many options available to you – your dream career may be out there right now, just waiting to be discovered!