The Top 6 Franchise Ideas for Millennials age
The franchise business environment presents a competitive advantage for the millennial. In this business, capital is often not a barrier to expansion. The entrepreneur can often use the franchisor’s resources, eliminating a lot of the cost of equity or risk of debt. Also, most unit managers are owners of the business. Such motivated management works for profits, not salaries.
Most franchises experience low staff leverage. They are easy to supervise. Plus, a franchise can penetrate lucrative markets where the big players dominate. Given this, here are six franchise ideas that the millennial can invest in.
1. TutorDoctor
Ranked #164 at the Franchise 500, Tutor Doctor offers custom tutorials and courses for students from kindergarten to college. It assists students in improving their grades by using innovative tools, approachable tutors, and a comfortable pace.
Tutors have one-on-one sessions with students. Often, they collaborate with the student’s teachers for a holistic learning approach.
Anyone interested in the franchise must undergo 5 hours of the job training and 39 hours of classroom training. This home tutoring business has no inventory or lease. Instead, the tutors can start earning right away while working on flexible schedules.
2. Oxi Fresh Carpet Cleaning
Are you keen on running a business that observes eco-friendly business practices? The Oxi Fresh Carpet Cleaning franchise offers a low-cost, futuristic carpet cleaning alternative. Its revolutionary approach includes:
- Using eco-friendly cleaning products.
- Achieving shorter dry times.
- Operating a flexible schedule that is convenient to the customers.
The Oxi Fresh Carpet Cleaning pioneer approaches have seen it expand to 320 units across the United States. It also boasts of competitive rankings in the cleaning industry. In 2017, it was one of the franchises appearing on the Franchise Gator’s Fastest-Growing Franchises list.
3. GoTelecare
The GoTelecare franchise is a business opportunity that facilitates virtual doctors’ visits. A private physician can attend to more patients with the same quality health care standards, optimizing patient numbers. On the other hand, patients pay less for doctor’s visits, making access to healthcare more affordable.
Other services include remote patient monitoring, affordable and efficient medical billing services, and telemedicine. This win-win healthcare solution formula attracts top board-certified physicians and allied professionals across all top specialties.
When running the GoTelecare franchise, the owner has no employees. In turn, the business is exempt from paying the mandatory ObamaCare Health Insurance. Also, there is free access to dedicated account managers, a telemedicine remote patient monitoring system, and regular customized reports. The focus of the business shall be client acquisition, which is faster through the current 100s of client references. Telehealth services are even more popular now.
4. Pinkberry
The Pinkberry restaurant franchise specializes in selling frozen yogurt and ice cream products. Started in Los Angeles in 2005, the franchise boasts 100 stores worldwide. They deliver world-class hospitality for a personalized customer experience.
To be a successful Pinkberry franchise owner, the entrepreneur should have some prior experience in the hospitality industry. Since location is a decisive factor, a market feasibility study is essential before establishing the franchise.
Like most restaurant businesses, the entrepreneur needs a financial plan that factors in the cost of real estate, equipment, signage, licenses and permits, insurance, and employee compensation plans.
5. HouseMaster
Home inspection services are an essential segment of the real estate industry. Through it, potential home buyers get a fair assessment of the property value, safeguarding their interests. Likewise, sellers can identify areas that need repairs and maintenance to increase their value and have a shorter listing period. The HouseMaster home inspection franchise aims to achieve just that.
HouseMaster franchise owners focus on providing home inspection services without tying up their resources in property investments. Here, maintaining a high reputation through excellent customer service guarantees success. The entrepreneurs can ride on HomeMaster’s established reputation as a leading home inspection brand. Its Net Promoter Score stands at 92, beating other big players like Netflix (64), Ritz Carlton (72), Nordstrom (80), and Jet Blue (67).
6. i9 Sports
i9 Sports franchise is a low-cost business opportunity that does kids’ sports and fun experience. The business offers age-appropriate games instructions through their classes and leagues. In turn, it encourages more kids to get into sports at a much younger age.
An i9 Sports franchise owner uses proprietary software that makes it convenient to register and accept payment for the programs, prepares team rosters, schedules games, and oversees tournaments at multiple locations. This business model is ideal for young parents, current pro-athletes, and anyone who wants to make a living through youth sports.
Conclusion
If the 2016 BNP Paribas Global Entrepreneur Report is anything to go by, then, unlike the previous generations, more millennials prefer getting into business much earlier in their careers.
For example, the BFA/Natwest Franchise Report 2018 indicates at least 18% of all franchises in the UK are run by persons aged below 30 years. This growing trend in franchising businesses suits Generation Y risk-taking lifestyles, entrepreneurial spirit, and work ethics.
