When you picture a franchisee, the first person to come to mind is an older entrepreneur. Not anymore! Times are changing, and millennials are the new face of franchising. They now lead the workforce, representing it by 40 percent, and are interested in business ownership through franchising. We know that millennials make great franchisees, but what are the top franchise opportunities for millennials?
I’ve got a few ideas for the kind of business ventures that best suit a millennial entrepreneur’s unique talents and perspective. Let’s take a look. And if you have questions, feel free to schedule a call with me.
Interest in health and wellness is a significant trait of a millennial, especially when it comes to entrepreneurship. Healthcare claims the top spot on our list of top franchise opportunities for millennials, not just because there is little to no medical experience required to own one but also because the demand for virtual medical and health services continues to skyrocket.
As the baby boomer generation ages, the need for more healthcare options grows. Millennial entrepreneurs have plenty of options in this sector, including telehealth video consultation, medical billing services, and at-home care.
Spa and Massage
Millennials understand the importance of taking time for yourself and practicing self-care, whether that’s taking a walk in the park, eating food from your favorite restaurant, or listening to music. So, it only makes sense that top franchise opportunities for millennials cater to this.
Like health franchises, spa and massage parlors also appeal to a millennial’s interest in health-centric opportunities. Another benefit is this generation enjoys helping others, and running a spa and massage parlor is an excellent way to indulge multiple interests and beliefs.
Auto repair is one of the few branches of franchising that is virtually recession-proof. Consumers will always need their cars fixed. It is considered one of the top franchise opportunities for millennials because it has a low risk of failure, and some auto repair franchises have low-cost entry fees.
For entrepreneurs dreaming of starting a business but have little capital, this may be a relief. Why? Because data has shown that many millennials have student loan and credit card debt, plus less than impressive savings accounts.
According to Forbes, more than 72 percent of millennials want to be their own boss and be in charge of their schedules. Food franchising is, without a doubt, one of the top franchise opportunities for millennials. Having recently worked in the food industry, they are familiar with the daily operations of running a business and bring their passion for teamwork and collaboration into a new role. Such energy can help their franchise location and their employees thrive, and once everything runs like a well-oiled machine, owners can be more hands-off.
One of the most significant advantages millennial entrepreneurs have is that they grew up alongside technology, becoming some of its first users. This played a significant role in why they can surf the web with ease. Technology is their second (or third) language, solidifying this branch as one of the top franchise opportunities for millennials.
Their upbringing also makes them ideal candidates for tech-based franchise opportunities like cellphone repair, home computer services, IT solutions, and wireless accessories, which appeal to their love of tech.
Blackmore Franchise Consulting
Millennials are the future of franchising. As you can see, many franchising opportunities enable a millennial entrepreneur’s talents and perspectives to shine. If you’re a young entrepreneur looking to invest in franchising, let my team and me at Blackmore Franchise Consulting help. We’ll find the perfect franchise for you and get you on the path to success. Best of all, we’re a free resource for you to use along your journey.
Ready to get started? Contact me, and let’s chat!