Millennials are the most educated generation in the history of the United States.
According to CNN, 48 percent of Millennials hold college degrees. Even with their extensive education, Millennials are struggling with the reality of unemployment. According to the National Center for Education Statistics, 11.9 percent of 20-24 year olds with a bachelor’s degree or higher are unemployed.
Even when they can find work, many people express dissatisfaction with their job. According to a Gallup survey, 70 percent of Americans are disengaged from their jobs, meaning 52 percent go to work but are “less than thrilled” with their jobs while 18 percent outright hate their jobs.
Part of the problem is that many people are overqualified for their job. Because the workforce is so well educated, competition has increased, which places overqualified people in lower positions and leaves them feeling unfulfilled in their job. According to a study conducted by the Center for College Affordability and Productivity, and as reported by USA Today, nearly 50 percent of the population is overqualified for their job.
Additionally, moving up the ladder in the corporate world does not always offer more job security. Especially during mergers and buyouts, middle and upper level management are some of the first employees to be laid off when companies are trying to consolidate.
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Do you have job security?
However, no matter what your job is, you may feel insecure about how long you will be able to keep your job. As reported by FOX Business, a third of Americans are less secure in their jobs than they were even a year ago, according to a poll conducted by Bankrate.
If you fall into this category of being well-educated, but unfulfilled or insecure in your job, leaving the corporate world to become your own boss as a franchise owner could be a solution to your problems.
As a franchise owner, you are able to put all of your skills to use, which can help you feel more satisfied with your work. With all of the responsibility resting on your shoulders, you will always have opportunities to grow and learn new skills. Additionally, as the owner, you can finally use your creativity and run your business the way you think it ought to be run.
In addition, franchise owners create their own opportunities. Becoming a franchise owner is perfect for Millennials and other unemployed but highly qualified people because they no longer have to wait for the right opportunity—they can simply create their own opportunities. For example, there is always room for growth with franchises because you can acquire another store once you have gained the experience you need from your first store.
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How do you transition from an employee of a Fortune 500 company to a multi-unit franchise owner?
Step One: Research
First, you need to research franchises and determine which one aligns with your personality and skills. It is essential that you find a franchise that aligns with your goals to ensure your franchise’s growth. The most successful franchises are the ones with owners who are passionate about their work.
In addition, honestly evaluate what skills you possess and which ones you don’t. For instance, if you have excellent communication and people skills, then working in the service industry may be a great franchise for you. Or, if you have poor accounting skills, then owning a finance consulting franchise may not be the right career move for you.
While you do need to possess skills in line with your potential franchise, you won’t have every skill you could possibly need. If you find a franchise that you’re passionate about, but there is an obvious gap in your skills, consider finding a partner to fill that gap.
Step Two: Acquire Capital
Second, you need to acquire the capital to purchase your franchise. If you’ve been working in the corporate world for years, you might have this money saved up. However, some of us don’t have the funds lying around and will need to apply for a business loan. Most banks require that you contribute at least 20 percent of the total cost before they will approve your small business loan.
However, even if you’re a Millennial who doesn’t have 20 percent of the capital to invest in a franchise, there are still franchise opportunities out there for you. Many franchisors themselves will offer you a loan and will therefore work with you to find out how much you can feasibly contribute.
Step Three: Time to Buy
Third, purchase your first franchise store and get some experience before taking on multiple stores. You’ll learn more running your first store than you ever will from taking a class on business management.
If you’re frustrated with your job or struggling to find a job after college, invest in a franchise. You’ll finally feel like your job has value and worth. You’ll be able to put your skills to use and use your creativity to solve real world problems in your business. Invest in a franchise if your ambition is ready to be set loose in a challenging and fulfilling career.