Millennials now compose a larger percentage of the U.S. population than any other generation, and increasingly, they are a dominant force not only on the consumer side of the market, but also on the entrepreneurial side. Over two-thirds of Millennials, according to recent surveys, prefer to be engaged in building a business than to work a typical 9-to-5 office job.
But if Millennials have a desire to pave their own way in the business world, they also usually have financial inhibitors holding them back. The 2008 economic downturn changed the playing field and made new startups (and jobs in general) relatively scarce, and though the economy has recovered to a degree, it is still far from bullish. This has left many Millennials, now in their 30s and out of college, on the lookout for new opportunities, cautious about financial matters, loaded down with student loan debt, and short on funds.
Millennials Are Turning to Franchising
One industry that has been consistently outgrowing most other areas of the economy, in bad times and in good, has been the food franchising sector. This has not gone unnoticed by Millennials, who like the stability of proven franchise brands with established customer bases and also like the idea of being their own bosses. The help franchises provide with training, marketing, location selection, and day-to-day operations also complements Millennials, who have less experience at management than older generations.
Financing is often the trouble spot. Many banks are more willing to approve loans for a franchise than equivalent small business loans, but there are capital and a minimum net worth requirements. Another option is to get funding through specialized franchise financing companies, which either lend the money themselves or set up franchisees with a lender who will.
When this fails, Millennials often find financing through multigenerational partnerships, with their parents or with a Baby Boomer friend or business associate whom they know and trust. These “behind-the-curtain” deals are often the best franchise investments because the two generations involved complement each other. Baby Boomers have capital and want to fulfill a dream of running their own business. Millennials lack funds but want to spread their entrepreneurial wings and do something they are passionate about.
Identifying the Best Franchise Investments
But it’s not enough to want to franchise, obtain financing, and maybe form a partnership. Millennials also need to identify the best franchise investments. In the United States and worldwide, Global Franchise Group (GFG) franchises rank among the fastest growing and most enduring on the market. GFG has over 1,000 locations and dozens of brands, and Millennials frequently choose to invest in a GFG franchise.
One of the most outstanding GFG franchises in recent years has been Marble Slab Creameries. Millennials are a perfect fit for this brand for multiple reasons, including its health and environmental consciousness, and they don’t even need restaurant experience to get started.
With Marble Slab, the total investment to open one location is usually between $370,000 and $475,000, and Marble Slab often helps new franchisees secure the necessary financing. Marble Slab also provides full management training for its new franchisees at GFG University in Atlanta, GA, along with additional on-site training and continued support going forward.
Choosing a Franchise that Matches Your Interests
Increasingly, Millennials are finding ways to finance franchising investments and are often choosing Marble Slab Creamery and other GFG franchises. To learn more about franchising with Marble Slab, fill out the online form or call us at 877-639-2361.