Let’s be honest. Entrepreneurship isn’t for everyone. In fact, if you asked most entrepreneurs if they had a dream of owning their business, many would probably say “no.” Running a business takes a lot of hard work, but, what many modern entrepreneurs are learning is that the the pros of entrepreneurship outweigh the cons. Owning your own business allows for one thing that traditional employment doesn’t: control of how you choose to live your life.
Challenges of Traditional Employment
Working in a traditional job setting regardless of your experience can come with meaningful benefits – and not just those that the company advertises when they are hiring. Working within an already established system allows you, as the employee, to focus on accomplishing your job tasks every day as well as count on a stable income. Whether you are working for a traditional corporation such as a large manufacturer, a major technology company, a national restaurant chain, or a retail giant, there is one thing these employees likely share in their struggles with their job:
- There is a lack of respect for their time outside of work
- They are unable to manage their own schedule.
- The emotional toll of working under a rigid corporate structure.
The reality is that no matter what type of industry you work in, or the amount of your paycheck, employees within a traditional job system find that they are at the whims of the leadership and system around them. Working extra hours when you are a salaried employee may be part of the culture and therefore expected. Or if a manager needs to adjust shifts week to week with little notice to you, it makes it impossible to promise your son you’ll be at his next soccer game. For many individuals, these attributes can wear thin, especially as younger generations’ priorities have shifted.
Entrepreneurship for the Modern Age
Generations in the Workplace
Right now, nearly every generation from The Silent Generation (individuals in their 80’s and older) to Gen A (individuals who are turning 15 and 16) are in the workplace. However, it’s the middle of the pack that is changing the workplace environment based on their desires and needs. Previously, we saw Gen X and Baby Boomers value the stability and financial security that large corporations and existing systems provided. That has shifted with younger generations. Millennials (approaching middle age) and Gen Z (in their 20’s and early 30’s) are leading the charge on prioritizing a work-life balance which often means getting out of the corporate grind. The opportunities that franchising provides have drawn many younger individuals than previously seen because of the freedom these models provide. Franchising empowers entrepreneurs in three key areas:
- Freedom: The ability to set their own work hours and manage their schedule to fit their personal lives
- Choice: Working when it’s convenient for both the client and the franchisee
- Independence: Building a business on their terms. In other words, controlling their destiny!
Although a major draw, it’s not just the freedom and flexibility for individuals to choose when they work and build a business around their personal goals, but it’s also the ability to build a legacy. Owning a business is not just for one person: it can become a catalyst for long-term wealth and building a legacy for future generations.
Building a Legacy: Family
Entrepreneurship, but franchising specifically, creates a pathway for generational wealth and stability. While some entrepreneurial paths are consulting-based, leaning on the talent and experience of a specific person in a specific industry is a limited model for growth. However, franchising is a tested system that provides services that are – at their core – meant to be replicated. This allows younger generations including children and grandchildren to understand the business at a young age and to see for themselves the long-term benefits of entrepreneurship.
Building a Legacy: Community
For most small and medium-sized towns in the U.S., there isn’t a large “corporation” that supports all of its citizens. Instead, there is a network of individually owned small businesses and franchises that keep the community running. From your local dry cleaners to the Planet Fitness that opened up last year, each of these businesses that you patronize is owned by entrepreneurs who value their time and personal goals above all. They set their own hours, they build flexibility into their schedule so they can spend time with their families, and they grow their business to any size they desire.
These businesses also employ their neighbors; therefore, keeping the economic growth and support of their city or town within the community where they live. Master Franchise owners, especially at Mint Condition, are not doing the day-to-day tasks of providing services directly to clients (such as cleaning offices). Instead, they empower their neighbors through unit franchisee ownership who can then grow their generational wealth as well. It’s a win-win-win for you, the network of entrepreneurs you help create, and your community.
A Proven Path
The world of franchising continues to exceed growth expectations according to the latest data from IFA. Many would-be entrepreneurs are lured by a proven revenue-generation process. Franchises like Mint Condition can deliver consistent results if the individual running the franchise has the drive to work hard within the proven system. What we often say to our franchisees is, “This road is not cheap or fast, but it works.”
While there are hundreds if not thousands of opportunities for any one individual to become an entrepreneur, we have seen that the proven processes and long-term sustainable growth of a franchise model support most entrepreneurs in their desire to build autonomy and independent wealth. If you are someone who is struggling with your current traditional job, it’s not hard to imagine all the ways you would run a business differently, not to mention all the ways you would treat your employees better. Don’t just dream it – do it. The first step is right in front of you.