Franchising is growing by leaps and bounds around the world, but it’s not for everyone. When deciding whether to buy into a franchise or run your own business, it helps to look at both sides of the story, especially if you’re part of the millennial generation. The following lists some pros and cons of franchising for millennials, so you can make an informed decision about what works best for you.

Benefits of a Franchise

I’m sure we can all agree that there is a ton of pressure when starting your own business, especially in today’s society. There are so many costs and legal hurdles to jump through just to get your business off the ground. As such, many individuals opt for going into business with someone else under a franchise contract. Below are three benefits to going into business under a franchise system.

Risks of a Franchise

People like to dream big, but sometimes it’s important to keep your expectations grounded in reality. Although franchising seems like a great opportunity for young entrepreneurs, there are some risks you should consider before signing on with an established brand. Here are three major risks associated with franchising

Alternative Options To Starting A Business

Alternative option #1 – Corporate America: It’s a bit tricky to break into big business, but there are options. The first is to work your way up through an established company. If you start in a small office at a place like McDonald’s, you can always move up to bigger offices at bigger companies over time.

Reasons Why Franchising Isn’t For Everyone

  1. Some entrepreneurs simply don’t want to follow in someone else’s footsteps. They want to be free from restraints.
  2. You must have a business mindset, not just an entrepreneurial one.
  3. Franchising requires a lot of capital up front, which isn’t a problem for some young people but may be for others.