4 Reasons to Start a Business in Your 20s
Your 20s are a time when you’re making decisions about what you want to do with your life. Why not consider starting a business? Starting a business in your 20s is becoming increasingly popular. In fact, in the U.S. there are 5.9 million entrepreneurs under the age of 35.
Starting a business young offers many advantages, including being your own boss and working in an industry you're passionate about. Plus, by starting a business at a young age, you have more time to grow your business long-term and achieve your ideal lifestyle.
1. You Can Make Decisions for Yourself
One of the main reasons that people start a business is to be their own boss. When you own your own business, you get to make decisions for yourself and have control over how things are done. In many ways, gaining this control over your career at a young age is ideal.
When you are in your 20s, you are less likely to have heavy financial responsibilities or a family to support. This gives you the freedom to build a career that meets your specific goals and passions, as well as create your ideal work environment and build towards flexibility in your schedule.
2. You Have Energy to Put Towards Your Business
Another top reason to start a business in your 20s is that you have the energy and drive it takes to be successful. You may also be more willing to take risks and have plenty of time to devote to the business without feeling weighed down.
These are all significant advantages over business owners in their 40s and 50s, who may not have the same energy or time that a younger entrepreneur does. While it is possible to start a business at any age, by starting young you can more easily maximize your potential.
3. You Can Build a Long-Term ROI
Owning a business is a long-term project, one that can take years to grow. For this reason, starting a business in your 20s allows you to build that long-term return on investment (ROI) early and become debt-free at a young age. This will allow you to grow with your business, developing your expertise as a business owner while creating a stable, profitable income early in life. The opportunities that can follow from this early success can be invaluable for those who want to achieve financial security.
4. You Have Time and Can Adapt as Needed
While the first industry you choose may become your lifelong passion, all investment involves risk. Part of that risk is the chance of discovering that your first choice of business isn't the one you want as a career. This is another reason why starting a business in your 20s is ideal.
Not all startups are a success, and should your business not make it or should you change your mind, you have time to pivot into a new business. Having the flexibility to take on different ventures without financial pressures or family obligations makes starting a business in your 20s an attractive option.
Why You Should Consider Owning a Franchise
For young entrepreneurs, franchising is an excellent way to get started in business. Buying a franchise in your 20s gives you the advantage of starting your own business with the support of a larger company. This can help you minimize risk while offering the chance to succeed on your own terms. Additionally, franchising offers a range of valuable benefits, including:
- A pre-tested business model
- Brand name recognition
- Financing assistance
- Ongoing training and support
For all these reasons, it just makes sense to consider investing in a franchise to begin your business ownership journey.
Are you ready to get started? Neighborly® offers several franchise opportunities all focused on the home services space. Find out which Neighborly franchise is right for you by taking our quiz that can help match a franchise to your interests, or contact us directly today to speak to one of our franchise representatives who would be happy to answer any questions you have.