Article featured in Franchising World Magazine

Big plans! That’s what defines Gen Z as they launch themselves into the world around them. With social media and COVID-19 shaping their childhood, Gen Z are encountering a job market in flux where nothing seems permanent, as they become adults. This shared experience has given young people a strong need to rely only on themselves, which has brought out their entrepreneurial spirit earlier than in previous generations.

How Entrepreneurship and Franchising Come Together

 When a person gets that entrepreneurship bug, it usually comes with a lot of big goals. But when you back away from your goals to look at the bigger picture, things can be overwhelming. From compiling a business plan and getting your finances together, it can be difficult to know where to start. However, the pull of being your own boss can be strong, particularly with Gen Z.

Home service franchises tick many of the positive boxes of being an entrepreneur as they provide safeguards not available for independent businesses. When a person buys into an existing franchise system, they immediately inherit that business plan and the advanced knowledge of what has been successful for others. 

Advantages of Franchising Gen Z Can Enjoy

Franchising brings together business owners from all walks of life to coalesce around a singular idea and brand. From executives looking to escape the corporate life to retirees looking for a second act in their career, home service franchises provide the thrill of both opportunity and security. 

As franchisees, owners experience the rush of opening a new business, connecting with a customer base and building a thriving operation. The systems in place for an established home service franchise platform frees them to pursue personal and financial goals. 

• Ongoing training with a proven business model: One of the biggest reasons for a young entrepreneur to join a home service franchise platform is the proven business model they receive. Overall, franchise locations are more likely to survive their initial years than their individually-owned counterparts because the franchise has developed strategies that have garnered success across the platform. Part of that proven model is the ongoing training a young entrepreneur receives upon joining a franchise. With no experience needed to join most franchises, the platform can get the young franchise owner up to speed through various trainings. For a home service franchise platform, the system is structured to boost success while lessening the usual risks encountered by independent business owners.

• Access to marketing resources and vendor partnerships to reduce overhead costs: One of the biggest expenses encountered by entrepreneurs is the marketing of their new business. If no one knows you’re open, then you can’t grow. The targeted marketing resources provided by a home service franchise platform offer proven messaging produced on a large scale for all of their locations. Plus, the home service franchise platform may also negotiate costs with vendors shared across their organization. This can result in savings for new franchise owners. Gen Z has an interest in value, which means pre-existing vendor partnerships can be an attractive addition that are not a luxury for independent businesses.

• Established brand reputation to improve ROI: Opening a new location of an established brand can provide a reliable ROI. When you open an independent business, what it does not have is an established brand reputation. With the history behind a franchise brand name, you can research its reputation before buying. A strong home service franchise brand with a positive image is a boon to your bottom line. 

Achieving Goals at Speed

Gen Z entrepreneurs want autonomy and flexibility for a work-life balance that can be fulfilled more easily if they control their own destinies. Their business ideas generally allow them to focus on their passions and giving back to their communities. As they move into later adulthood, financial stability and a legacy are added to those initial goals. 

Becoming a franchise owner can fulfill a young entrepreneur’s passion for business ownership. With the wide variety of available home service franchise options, there is something for every individual. The stability of a well-established and respected franchise brand can help you achieve financial and legacy goals. 

All that’s left to do is choose the home service franchise that works for you.

Colt Florence is senior vice president of franchise development for Five Star Franchising, an innovative, growing platform of home service brands, including Five Star Bath Solutions, Gotcha Covered, Bio-One, 1-800-Packouts, Card My Yard, and Mosquito Shield. He has more than a decade of experience in franchise development and sales, including leadership positions with successful franchise brand platforms.