One of the reasons franchising is so popular is because it’s a doable, profitable option for everyone. Because of the recognizability and strong support system it offers, you don’t need a background in entrepreneurship to become a successful franchisee.
These days, more millennials than ever are turning to franchising. As noted in a Franchisee 500 article young entrepreneurs — although less experienced than their counterparts — are ambitious, hard-working and ready to make it big.
Franchising: The Perfect Opportunity for Millenials
Nearly 45 million Americans over the age of 24 have some college but no degree, and most of them are in their 20s. Recent statistics show that millennials are dropping out of college at a higher rate than any other generation, and as of 2020, fewer than one-third of 29-year-olds had a bachelor’s degree.
When it comes to growing their careers, millennials are willing to put in the work. That’s why so many are starting businesses. Although they may not be as experienced, signing on with a reputable franchise means that they don’t need to figure out all the logistics, legal and financial aspects on their own.
Choosing to open a franchise rather than starting an independent business from scratch provides them with an already solid business model that they can build off of, comprehensive training to learn the ins and outs of running their business and ongoing support to set them up for success.
Why Young Entrepreneurs Are Investing in Resale Franchises
Other than the benefits of franchising, millennials are also looking to invest in sustainable businesses. This is not only true in their careers, but also their personal lives. Millennials make up the biggest portion of the population, and their wants and needs are driving brands to focus more on their social impact.
Nielsen recently reported that 75% of millennials have changed their buying habits to support more eco-friendly products and brands. Now more than ever, millennials are educated on how actions they take every day affect the world around us. They are doing what they can to reduce their environmental impact by practicing the three Rs: reducing, reusing and recycling.
Winmark – the Resale Company® has been ahead of this sustainability trend for over 30 years. Our resale franchises are built around the idea that rather than ending up in landfills, items can and should be repurposed. From sports equipment at Play It Again Sports® to musical instruments and equipment at Music Go Round® and clothing and accessories at Plato’s Closet®, Once Upon A Child® and Style Encore®, our brands are just as environmentally friendly as they are affordable.
Using Technology to Drive Sales
If there’s one thing that’s important to millennials, it’s technology. This is the generation that has already seen so much technological innovation in their lifetime, from digital cameras to iPods, smartphones, social media and streaming platforms.
They expect technology to play just as important of a role in their business as it does in their personal life. Luckily, Winmark’s point-of-sale system is fully integrated, allowing franchisees to view and manage everything from their inventory to sales stats on one platform.
Millennials also experienced the emergence of ecommerce platforms like eBay and Amazon and for most, they are now a part of their regular shopping routine. In addition to the back-end processes, Winmark has invested in an easy-to-use ecommerce platform, providing an additional revenue stream and allowing them to serve more customers near and far.
How You Can Follow Your Entrepreneurial Dream
There’s never been a better time to join the resale industry, which is projected to surpass $53 billion. The booming market, combined with the relatively lower initial investment than other franchises, sets you up for a comfortable and profitable future.
Our comprehensive training program will help you develop a solid business plan, choose a location, build out your store and learn how to use our systems, market your new business and manage your day-to-day operations.
Our strong support system has enabled dozens of franchisees — even those without retail or entrepreneurial experience — to expand their portfolios and become multi-unit owners with our established resale brands.
Are you looking to join a resale franchise that will set you up for success, has a positive environmental impact and uses technology to make running your business as efficient as possible? Click here to learn more about opening a store with Winmark – the Resale Company®.