Millennial Entrepreneurs
The next generation of franchise business owners
Millennials were the largest generation group in the U.S. in 2019, with an estimated population of 72.1 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years.
Millennials also make up a staggering 29% of entrepreneurs, according to a Pew Research study. Like generations that have come before, today's younger generation is motivated by innovation and growth and looking for ways to progress quickly.
The majority of Millennials own a pet, and during the last six months, they've been spending to pamper these furry family members… Millennials are a generation of pet parents. YPulse's recent survey found that 76% of 20-38-year-olds have a pet, with over half reporting they have dogs and 35% owning cats.
So, who can argue with these facts and trends? I certainly cannot so have chosen to find a path forward and hop on the train to prosperity, independence, and wealth accumulation through securing a franchise business called PetWellClinic.
When you ask most entrepreneurs what is their “Why”, most will say that they want to become their own boss and achieve freedom, satisfaction, and flexibility that only business ownership provides, according to Business Daily News Editor in a February 2020 article. This certainly is not surprising or earth-shattering news, but what cannot be ignored is the rate of growth that Millennials are demonstrating as new business owners.
I personally chose to get in the game by researching what is arguably the most Amazon Resistant, Recession Resistant, and yes, even Pandemic Resistant vertical market – the Pet Industry in general and Veterinary Care in Particular.
A little more about my choice of Franchise to launch my Entrepreneurial Career:
What industry can I commit to and gain confidence and comfort that it will be resilient?
What franchise can I keep my consulting position while growing an asset semi-absentee?
What franchise has high barriers to entry to allow me to have a competitive edge?
What business satisfies a true need versus a want/desire, and is largely price inelastic?
In summary, unlike many baby boomers who often bring years of corporate experience and enviable capital, millennials also bring a different array of talents and energy including, but not limited to, more current technology skills, sometimes a motivating social cause, risk tolerance born out of watching an unstable corporate world, and ultimately an energy and motivation to build an asset to achieve the proper work / life balance.
About The Author
Colin Jones is an Operating Partner at PetWell Clinic in Pennsylvania. To learn more about PetWell Clinic visit, www.petwellclinic.com/wp/franchiseopportunities.