Think franchising is just for those with vast business experience and large bank accounts? Think again! Franchise opportunities for various individuals abound. Whether you meet the criteria just described, or you’re young and fresh out of college, franchising could be ideal for you. Read on to learn about how franchising can be ideal for young entrepreneurs who are motivated and ready to be their own boss.
No Experience Necessary
One of the advantages of buying a franchise is that the system has been tested and proven. All systems will be in place, from marketing to product development. Support via full training, system manuals, and a home office that’s typically just a phone call away, can allow someone with little or no business ownership experience the opportunity to own and run a business. Franchises are often more successful than start-up businesses for this very reason. Additionally, the benefit of a developed brand can put you ahead of your competition before you leave the starting gate. Therefore, many franchises are ideal for young people.
Looking For a Better Life
Jason Sorrells was a typical 27-year old. He was working in the sales/underwriting department of a company. He didn’t enjoy his job and he wanted to control his own destiny…He wanted to be his own boss. With limited business experience but lots of determination, Jason decided it was time to open his own business. With his father’s financial assistance, he bought a Maui Wowi kiosk.
"My goal is to have 10 carts at fixed locations and at events. I’d like to eventually manage the managers, while moving into other ventures," explained Sorrells.
For Sorrells, the support he needed came from family and from Maui Wowi’s home office, "They gave me all the training and support I needed. Whenever I asked for assistance, they would give it to me. I was never left needing anything," he commented.
Would Sorrells choose to buy a business at such a young age again if given the choice? He said, "If I could choose to do this over again, the only change I would have made is that I would have bought a Maui Wowi franchise sooner. I wish I had bought a business right after college instead of waiting until I was 27! Maui Wowi is a great company and I love being my own boss."
Lower Investment Opportunities
If you’re young and just starting out, money might not be plentiful. If you’re lucky enough to have strong credit and can get financing from a bank, or you have family and friends who are willing to act as either silent partners or as equal partners, you might have enough cash to invest in a high-level investment. With an increase in the level of the initial investment comes an increase in the risk you will be taking. Remember that there are business and franchise opportunities that require fairly low-level investments. From children’s dance programs to mobile oil change businesses, you’ll most probably find a business that meets your interests and needs as well as the demand in your market.
Use YOUNG MONEY Franchise Center’s Franchise Finder to quickly and easily search by investment amount and find opportunities available in your desired investment level. For example, search for opportunities under $10,000 and you’ll find a wide array of businesses to choose from!
Here are just a few examples of business and franchise opportunities with investments of under $10,000:
- Coverall Cleaning Concepts
- The Homesteader
- Lincoln Log Homes
- Nitro Fitness
- SeaMaster Cruises
Organizations Helping Young Entrepreneurs Succeed
Organizations across the country and around the world are helping young people achieve their goals and succeed as business owners. For more information, guidance, and support, check out YOUNG MONEY’s student entrepreneur resources as well as the following web resources geared towards young entrepreneurs:
- Young & Successful
- YoungBiz Teen
- The Young Entrepreneurs Association (Canada)
- The Small Business Administration offers many invaluable tools and resources.
If you have the drive and ambition to succeed as a business owner, don’t let age or experience get in the way of your dreams. Reach for your goals, find a business that’s right for your interests, level of investment, and goals, and you’ll be on your way!