Millennial entrepreneurs are brimming with activity and energy. The Atlantic Council found that the early-stage entrepreneurial activity, which measures the rate of individuals actively involved in business start-ups, is highest in most countries for young entrepreneurs than for older ones.
Millennial small businesses outnumber those run by baby boomers. Additionally, half of millennials have said they plan to start a business within the next three years. More than half have said that, given the right resources, they would quit their job to start their own business in the next six months.
But the key is resources.
In one study, 13 million millennials said they don’t know where to go for help to start a business, and half reported access to capital is the biggest limiting factor to get a company off the ground.
But that hasn’t stopped millennials. Almost half, 43 percent, say they’ve taken on debt to finance their new companies. This debt is in addition to crushing student debt that three in 10 millennial entrepreneurs are also dealing with.
There are plenty of programs designed to help young entrepreneurs overcome these barriers. The South Korean Small and Medium Business Corporation has provided funding and education to over 6,000 manufacturers.
The Student Startup Plan America helps college grads in the United States looking to start a business make their student loan payments manageable.
But despite those, and other, government-backed plans across the world, it doesn’t guarantee that the business will succeed.
While no business plan is ever foolproof, there are some that fare better than others. The franchising model has proven to be one of the safer business plans to invest in because it works off a proven model. There’s a playbook to follow that is very specific in how and when the franchisee will turn a profit.
One out of every 12 small businesses in America is a franchise, and a new franchise opens every eight minutes.
Not only does the franchise model often fare better during economic downturns, but there is a robust support system at your disposal. You’re not walking in blind; rather, you’re following a proven playbook with far more support than traditional new businesses experience.
Mentorship is one of the keys to success for young — and all — entrepreneurs. A survey done by The UPS Store found that 70 percent of mentored businesses survive more than five years, double the rate of businesses that don’t use mentorship.
Further, Harvard Business Review found that of CEOs who have been mentored, 84 percent said they avoided costly mistakes, and 71 percent said company performance improved.
That’s why the program NextGen in Franchising has been launched specifically to educate millennials about franchising, providing education, mentorship, and opportunities.
With franchise opportunities in nearly every industry, it’s important to choose the right franchise for you. You want one with a proven record of success, explosive growth, and strong mentorship programs.
If you’re looking to enter the restaurant business, a good choice would be Wayback Burgers, a burger franchise.
Wayback Burgers is a fast-casual chain, focusing on burgers, sandwiches, milkshakes, and hot dogs. They’ve expanded to over 500 contracted locations across 38 countries, including 166 operating in 31 states in the U.S. Some of that can be contributed in part to keeping their startup costs low.
They’ve grown tremendously in the last decade and continue to do so. In 2019, Wayback grew 14 percent. Growth is one thing but also beyond that, there’s robust company support.
Wayback offers training from the start, with in-restaurant and Wayback University training. More support is offered in the form of a construction coordinator, who helps with design plans and identifying and securing architects, engineers, and contractors.
Once the restaurant opens, franchisees receive in-store support for the first 10 days. Beyond that, there’s on-going coaching and training, and franchisees receive a dedicated local marketing contact to help with advertising, marketing, word of mouth, and sales building programs.
Starting any business is a massive undertaking, one that requires constant support. The franchising model offers a proven model along with long-lasting support, arming you with the tools to experience widespread success.