As Mosquito Joe expands and continues to sell franchises across the country, we always keep our eyes on trends in the franchising world to help us better understand our target market, and more importantly, our potential franchisees. Over the past few years, it has become apparent that millennials are increasingly interested in owning their own businesses, steering away from a traditional job path. According to the U.S. Chamber of Commerce Foundation’s Millennial Generation Report, two-thirds of millennials are interested in entrepreneurship, and 27% are already self-employed.
There are a variety of reasons this generation is interested in the road to business ownership. Millennials were affected by the 2008 Recession, watching as their families and friends were forced out of work after years of service. They are accustomed to making their own way, no longer able to rely on the promise of a pension or Social Security income after 35 years at one company. Millennials are also seeking alternatives to higher education and the potential debt associated with it. And they have watched as cohorts such as Mark Zuckerberg (Facebook, 26 years old) and Felix Kjelberg (YouTube, 26 years old, 46 million subscribers) change the world with a simple idea.
But starting a business from scratch is very difficult, especially for a Millennial (someone 18-35 years old in 2015). Many searching for an entrepreneurial opportunity cite financing as the number one obstacle. Banks and loan companies are hesitant to offer money to someone so young without much of a credit history or already burdened by student loan debt. And once the financial obstacles are overcome, millennials are still faced with a lack of education about how to run a business. Although work-arounds to these problems exist such as crowdfunding and new entrepreneurship programs in higher education, the franchise industry could be the perfect solution for thousands of millennials.
Franchising offers a compelling work environment to all business seekers, especially millennials. The desire to be your own boss with a flexible schedule that allows for work-life integration can be fulfilled. The worry about starting from square one on your own is diminished with strong support from a corporate office and proven systems in place to garner success. And the growth potential that comes from investing in a franchise system offers millennials the ability to fully support their lifestyle and work towards a meaningful goal.
Some of our franchisees can attest to franchising as a millennial. Cole Watts, Owner of Mosquito Joe of Abilene, says:
“One of the biggest reasons I chose the franchise model over starting a business from scratch is the operational support and experience. I can use my knowledge and skill set while leveraging the years of experience from the corporate team, and I don’t have to reinvent the wheel. I really get the best of both worlds. I am my own boss, and know my paycheck is based on how much I put into the business, but at the same time, I have a team of professionals with skills that complement mine that I can draw from. Franchising is an awesome representation of how the end result can be much greater than the sum of its parts.“
Josh Lien, Owner of Mosquito Joe of Greater Austin, adds:
“I’ve always wanted to be compensated based on what I accomplish instead of how much time I spent accomplishing it, which basically left me with two options; sales or business ownership. I went with franchising because it affords me more opportunities. I get the flexibility to work when I want, I’m able to hand-pick my employees and shape the general attitude and culture of my company, and I’m hoping that I can either someday sell to another aspiring entrepreneur or turn over to a full-time manager and collect residual income. It was a big risk to jump into something like this having never before run my own business, but I felt that I was young enough to accept a higher level of risk without adversely affecting my long-term financial future. Fortunately, the risk paid off, and I’m proud to be growing my Mosquito Joe franchise into a robust business that’s quickly becoming a household name in my market.”
And Matthew McReynolds, Mosquito Joe of Garland-Rockwall, says:
“Being a millennial in franchising has been a great experience so far. It gives me the opportunity to have ownership over what I am doing on a day to day basis while still building the ground work for what will provide for my family years from now. Whatever I put into the business is what I can expect to get back from it. I’m not working to build the lifestyle of some corporate person I can’t even see. I get to work with my family and for my family.”