3 Steps to Being a Successful Franchise Owner Under 30

Due to the fact that the median age of franchise owners is between the ages of 45 and 54, younger people might wonder if they're too young to start their own business. However, that is far from the truth. 

In fact, for the first time in history, 2021 saw more Millennials seeking franchise ownership than Baby Boomers. While Generation X (ages 41-56 in 2021) has shown the greatest share of franchise interest for some years, that share peaked in 2020 at 48.2%, based on year-to-date data in 2021 through June.

Being a young franchise owner even has its perks. For example, Hundred Acre Consulting, LLC points out that many young people have the energy and drive to succeed, and are more open to learning alternative ways of doing business compared to the generations before them. 

So, for those under the age of 30 looking to run a successful franchise, there are several steps that can be taken to ensure success. 

Do Your Research

Doing your homework is key to any new business endeavor. Before investing in a franchise, it is important to have a thorough understanding of the franchise model and how it works. This includes researching the franchise company, its history and its current status in the market. It also means understanding the terms of the franchise agreement and the level of support you can expect to receive from the franchisor.

Prospective owners can also learn a lot by talking to current franchisees. They can provide valuable information and insights that can help young franchisees make an informed decision, such as what day-to-day operations are like and financial information. 

Invest and Maintain Focus on Revenue

Entrepreneur notes that young franchise owners should abandon the "I bought myself a job" mindset. Instead, continue to invest more in the beginning to gain more in the long run. Paying employees extra to stay open longer, for example, could be a necessity. 

Additionally, instead of being hyper-focused on areas such as inventory or cost reductions, focus on generating as much revenue as possible. It is less important to cut corners and save than it is to seize opportunities. 

Take Advantage of Support and Training

As a young franchisee, it is important to be open to learning and to take advantage of the support and training provided by the franchisor. This includes attending training sessions, workshops and networking events. 

Being a successful franchisee under 30 requires plenty of focus and dedication. For this age group and all others, this means being committed to the business and continuously looking for ways to improve and grow.