Take a minute and think about the typical franchise owner. Chances are, you’re imaging a middle-aged corporate professional looking for a change and wanting to be their own boss. Many successful and satisfied franchise owners do fit this mold, but the fact is the profile for franchise ownership is expanding, and fast.
A diverse group of individuals and families at various stages of life are beginning to understand and enjoy the benefits of franchise ownership. For example, we’re seeing more women and minority franchise owners than ever before. I recently spoke about the changing faces of franchise ownership with the Atlanta Small Business Network.
Below are just a few examples along with the drivers behind these positive changes:
1. Millennial Owners
Young franchise owners have become more and more common for many reasons. First, Millennials have an extremely entrepreneurial spirit. A survey found that 66% of all Millennials would like to operate their own business.
Second, they welcome variety in their career choices – half of all Millennials have at least one side hustle. This desire to grind lends itself well to business ownership, whether it’s your full-time focus or a side hustle itself. In terms of lifestyle, Millennials are having children at a record-low rate. This freedom allows them to take risks and spend time owning and operating a franchise beyond the typical family-friendly 9 to 5 job.
Finally, with a focus on socially conscious business ownership, younger generations are finding profitable franchise opportunities that also allow them to invest in the causes closest to their hearts. There are plenty of advantages to becoming a franchise owner much earlier in life.
2. Multi-Generation Teams
Multi-generational owners make a great team. Young adults in their 20’s and 30’s have a strong desire to create a profitable and meaningful career and enjoy say-so about their hours and lifestyle too. Each member of the partnership brings something unique to the table. The parents have the wisdom, experience and resources to help their children establish a successful career and/or side income stream while creating a post-corporate retirement career for themselves. Read about how one suburban Atlanta family bonded together to overcome tragedy and launch their first family franchise.
I’m highly familiar with this concept, in partnership with my Dad. Read my insights on multi-generational franchise ownership in my chapter in More Than Just French Fries.
3. Semi-Passive Investor Owners
Semi-passive franchise opportunities involve hiring staff to handle daily on-site operations from the inception of the business, allowing the owner to maintain a corporate job or other businesses. Options can be found in a diverse span of industries such as fitness, home services, storage, hair care, and rental real estate to name a few.
Typical employment tenures are now only two to three years, causing stress and insecurity for those needing consistency in earnings and retirement savings. Starting and growing a business on the side gives you the opportunity to develop a dependable income stream for the long haul while maintaining current earnings and lifestyle. As your business grows you can elect to invest more in your franchises and expand, turning your passive income into your full-time gig. This can also afford you the opportunity to exit the corporate world on your own terms if you so desire.
Whether you’re exploring business ownership as a side gig, opportunity to work with family, or as a full-time new adventure, owning a franchise could be the big opportunity that you’re looking for. When you ready to explore a path to more freedom and control, take our free Entrepreneur Readiness Profile at FranNet.com.
Your perfect franchise opportunity is only a conversation away. To chat with us, all you have to do is give us a call at 502-530-0143.
Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and owner of FranNet in Atlanta; a locally owned and operated franchise consulting firm. Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process.
Leslie is a guest lecturer for the MBA and EMBA programs at Emory University and Kennesaw State University and a founding member of the Georgia State University Franchise Entrepreneurship Advisory Board.