Generation X...Primetime to Own Franchises
October 11, 2016
by Leslie Kuban
It seems a day doesn’t pass without headlines about the needs, personality and predictions for the Baby Boomer and Millennial generations with Gen Y and
Gen Z not far behind. But what about those of us who are Generation X? What’s going on in the lives and careers of those of us now
in our mid-thirties and forties? Many of us are thinking seriously about starting a business...and the high growth world of franchise
opportunities is eagerly recruiting us!
Gen X’ers, born 1965-1980, were characterized by a Pew Research Center as “America’s neglected middle child.”
Growing up in dual working families, we were the original latchkey kids and we loved our MTV. A resourceful and resilient generation, X’ers know how
to adapt to change; we’ve had to. We bounced back after being the first to be laid off in the 2007-08 job market crisis as corporate “restructuring”
became a national pastime.
According to a 2016 Bank of America Small Business Owners report, “Gen X employees were preferred by 47% of small business owners.” Why? Because we possess a coveted mix of experience, developed skills and work ethic, which is the same recipe for success in starting and building
"It’s no wonder franchise opportunities are actively seeking more franchise owners from within our ranks!"
Kile Lewis, co-CEO of oXYGen Financial and a proud member of Gen X agrees
100%. “We live in the information age, not the knowledge age”, says Lewis about the unique opportunities and challenges faced by Gen X. Atlanta based oXYGen
is focused on offering busy families and business owners the right level of financial education and guidance. “I’ve observed today’s 40 somethings are
much more open and financially ready for business ownership because they know they can’t rely on pensions like their parents, so they’re eager to gain
the knowledge necessary to take control of their own destiny.”
Gen X...5 reasons you are primetime for succeeding in franchise ownership:
- You have the skills and work ethic. You’ve been in the workforce 10+ years now and have gained valuable business experience that can
now be translated into successfully launching and scaling your own business. You probably earned your own money in high school working in a job
at the neighborhood dry cleaner, as a lifeguard or at the local ice cream shop. All the while, you kept your grades up and got into college while
playing a sport or participating in extracurricular activities. Juggling multiple priorities is second nature to you; that’s exactly what a business
owner does every day. There’s an abundance of franchise opportunities where your resume will fit hand in glove.
- You relate well to older and younger generations. You entered young adulthood during the technological boom and caught up to your
digitally savvy younger siblings. But growing up, there was no Twitter or Snapchat; you honed your interpersonal communication skills in person
and speaking (not texting) over the (cordless) phone, as your Boomer parents did. When it comes to starting your own business, you are in the unique
position of relating well to four generations of potential employees and customers.
- You’ve build a nest egg. Buying a franchise requires some capital - and you now have some. You’ve been earning and saving money for
~20 years. With no expectation of relying on a corporate pension, you’ve been contributing to your 401-k plan and you own your own home. Plus,
you likely have a working spouse, which means you have the financial stability to handle the startup phase of a new business and qualify for a
small business loan. When it comes to options for funding your ideal franchise opportunity, you’ll be in good shape.
- You’re risk averse. Because you’ve worked hard in your career to achieve a level of security in the midst of job market volatility,
you won’t easily risk it on an unproven idea. Established brands, business models, systems and processes offered by franchising provide a confidence
level you need when considering starting your own business. Franchising is a risk-reduction strategy for new business owners because the guardrails are there to make sure you don’t fall off the edge.
- You’re sick of working for the man. Like our heroes in the movie Office Space,
you’re fed up with pointless meetings, miserable commutes, TPS reports, and bosses, righhhht? Titles and the ivory tower are becoming decreasingly
meaningful. You’re yearning to enjoy your working hours, make the business decisions you know are the
right ones, and retain more financial benefit from your talent and output. Having more control and flexibility with your time and schedule is also
critical so you can attend your kids’ soccer games and enjoy date night with your spouse. Launching any business, even the top franchise opportunities,
is very hard work in the beginning. With strong franchise systems, that pathway to profit and a great lifestyle is shorter and more predictable
than going it alone. There are many success stories to motivate and educate you before
and after you’ve chosen your ideal franchise.
I’m proud to be an example of entrepreneurial and franchising success for Generation X. If you’re ready to determine if now is primetime for you
to become your own boss,contact me today for a quick starter conversation.
Call me at 770-579-3726 or email me at firstname.lastname@example.org.
Within 90 days, you may be able to say oh well, whatever, never mind to your Lumbergh.
Kuban is the Owner and CEO of FranNet of Georgia; an Atlanta based Franchise Consulting Firm. Leslie has a proven track record of helping over
350 people successfully transition from corporate life to business ownership. Leslie and her team offer over 59 years combined expertise and her
personal experience as a franchise owner gives her a unique perspective to help her clients assess their real opportunities, risks, and timing
to make sound decisions.
To stay connected to a wealth of information on becoming your own boss, follow Leslie on LinkedIn, Facebook and @lesliekuban on Twitter.
Thinking of Starting a Business? FranNet Can Help