Unlocking the doors to entrepreneurial dreams doesn't always require a corner office in a bustling city or a sleek storefront on Main Street. Enter the realm of home-based small business franchises – a game-changer for millennial go-getters ready to leave the broken promises of traditional employment in the past.
In a world where the traditional white picket fence may be giving way to a dynamic blend of work and life, it's time to reimagine the American dream. In fact, there is ample evidence that this shift is already underway.
According to one recent study, 61 percent of Millennials said they believed that the best job security comes from owning a business. And many have already left traditional employment behind in favor of investing in home-based franchises. Let’s take a closer look at why owning a franchise could be your best career move, as well as hear from successful millennial entrepreneurs who’ve already flipped the script on their careers to create a more successful future.
Why Should You Buy a Home-Based Franchise as a Millennial?
For decades, the “office” has been the cornerstone of the American workplace. But that world of stable careers and mutual loyalty between employer and employee is, in most cases, now a thing of the past. In a world where flexibility is currency, and certainty all but vanished, home-based franchise businesses offer entrepreneurs a passport to independence and financial opportunity. Making this option even more viable is the availability of new technologies, instant connectivity, and virtual operations.
This confluence of affordances has drawn an increasing number of Millennials to the path of business ownership. But what makes home-based franchises a compelling opportunity? Here are some of the most important reasons to consider:
1. Adapting to Remote Work Trends:
The millennial generation, influenced by pandemic-induced changes, continues to express a strong interest in flexible work environments, including the ability to work from anywhere. In fact, the pandemic years showed us all that remote work is not only possible, it can be an ideal situation for many who want better work-life balance. According to some estimates, 32.6 million Americans will work remotely by 2025, signifying lasting changes about attitude toward work and employment.
2. Growth Potential for Lifestyle and Goals:
Home-based franchises provide millennials and others with growth potential, often far more than more traditional career paths. In fact, owning a business is one of the best ways to align business endeavors with personal lifestyle choices. Running a home-based franchise business lets you work towards meaningful personal and professional goals, something often lacking in other jobs.
3. Home-Centric Business Opportunities:
It’s one of the best-kept secrets about the home services industry: most franchise businesses can be run right from home or even on the go! Without the need for a traditional storefront, office space, or overhead, a successful home-based business operation can thrive from the comfort of one’s home. This advantage offers far more convenience and flexibility than other jobs.
4. Desirable Work Environment:
If you are a Millennial, chances are that you prefer a work environment that reflects your personality and values. A home-based franchise business provides the opportunity to create a customized work environment tailored to your individual preferences.
Working from home can contribute to a reduced environmental footprint. Eliminating daily commutes translates to lower carbon emissions, aligning with the eco-conscious values that many millennials prioritize. Choosing a home-based franchise allows entrepreneurs to play a role in promoting a greener and more sustainable way of conducting business.
5. Lower Start Up Costs:
One of the barriers many Millennials face when considering starting a business is the costs involved. But unlike other franchise businesses, a home-based franchise can often be started with a smaller initial investment and lower ongoing overhead costs. This makes such businesses an attractive option for entrepreneurs on a budget, or those who are seeking cost-efficient business models.
In fact, the International Franchise Association (IFA) states that, “Home-based franchises offer lower initial investments and tend to be easier to launch and operate than typical storefront businesses. There’s limited inventory to stock or store, and staffing is minimal, especially at the beginning.” What this means is that a home-based business can offer ideal flexibility, allowing you to expertly scale your business as needed without storefront costs slowing you down.
Home-Based Franchise Testimonials from Millennial Entrepreneurs
All these amazing advantages aside, perhaps the best and most persuasive evidence of the power of home-based franchise businesses to transform lives comes from Millennial franchise owners themselves.
“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.” Cole Watts, Owner of Mosquito Joe® of Abilene, said. “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.”
“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.” Josh Lien, Owner of Mosquito Joe® of Greater Austin, added.
“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,” Lien said.
Explore the World of Home-Based Franchises
So, how about you? Are you ready to break free from the conventional and embrace a business venture that aligns with your lifestyle and goals?
Join the millennial entrepreneurs reshaping the traditional business landscape from the comfort of their homes. Start your journey to franchise ownership today by downloading the Neighborly® Franchise Ownership Guide!
