If you are in your 20?s or 30?s, you still may be trying to figure out a viable career path as an employee working for someone else.? However, many young adults are considering business ownership as a very viable option, especially in our current economic environment where unemployment and underemployment is high.? Many have seen their parents work hard and are willing to do likewise, but prefer to build up wealth and equity in their own business and not be so vulnerable working for a corporation.
For young adults, franchising can make a lot of sense.? A franchise is designed so the business model can be replicated over and over by people of varying ages and backgrounds.? In some respects franchising lays out a road map to follow.? This takes a lot of risk out of owning a business at a younger age and provides the tools and systems necessary for success.
7 key things to consider about business ownership in your 20?s or 30?s, is it a good idea?? You bet, but keep the following in mind.
1.)????????? You are full of energy and ideas ? It may be a surprise to learn that it isn?t necessary to be totally passionate about a business but you definitely need to like what you would be doing on a daily basis AND have the energy to do it! ?As the saying goes, ?success is often more perspiration than inspiration?.
2.)????????? You can afford to take intelligent and educated risks ? In your 20?s or 30?s your personal expenses and external obligations outside of work may be less than later on in life when children are preparing to go off to college as an example.? Even if it takes you longer to attain your business goals you still have plenty of time for further growth or to even change direction all together.
3.)????????? Your age may help you relate to certain types of business customers ? There are many franchises such as college prep tutoring or fast casual food restaurants that cater to a clientele not too far removed from those business owners in their 20?s or 30?s.? A fairly young franchise owner should be able to leverage their ability to relate to a comparable age demographic and establish repeat and loyal customers.
4.)????????? You may not have to unlearn old (unproductive or outdated) habits ?Younger business owners are probably less likely to be set in their ways and very open to following the franchise systems laid out for them.? They may also be more inclined to share their learning and growth experiences with the franchise company helping them further refine (not redefine) the franchise model.
5.)????????? As a Young Entrepreneur you understand social media and know how to utilize it to your advantage ? Older business owners can be confused by social media and marketing because they may not use it extensively on a daily basis like those in their 20?s.? Being able to engage and communicate with a target market of younger consumers is a great competitive advantage.
6.)????????? When considering Businesses to Own, funding can pose a challenge ? Financing sources are available for those who have not yet established strong credit histories or a high net worth if you know where to look.? For instance, funding could come from friends or relatives or perhaps in the form of a ?micro loan? if the business is in an economic development area.? Some franchise companies are also offering incentives such as a reduced or delayed franchise fee and veterans can qualify for a discount.? Several other possibilities exist.
7.)????????? A franchise can help you in areas where you may not have a lot of experience ? Any new business needs to quickly find customers and start generating cash flow.? A new business owner doesn?t have time to figure things out on their own which can be even more difficult for a younger owner without a lot of work experiences to rely on.? However, a franchise company has already figured out what is required and how to attain desired results quickly.
To learn more about owning a business as a young adult (or any age), take the next step.
Students spend a tremendous amount of time and money earning their degree, but still can lack direction and turn to a Career Center for help.? Some are not even sure they want to get a job and become an employee.? Perhaps you are contemplating becoming a business owner, but don?t know how to go about it.
The answer is to work with an experienced adviser who specializes in small business and franchise ownership.? The adviser will be able to help you discover your strengths and weakness and help determine if you should become a small business owner and if so, which business type or franchise would be right for you ? one that is well positioned for you to attain success at an early age!
For more information on how a franchise adviser can help you explore business ownership, Contact us. There is no cost or obligation for our service.
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