Millennial Entrepreneurs are on the Rise: Here's How to Become Your Own Boss

Millennials are flocking to entrepreneurship, and you could be next in line. Let's explore why entrepreneurship is gaining popularity among people born between 1981 and 1996, and how franchising opportunities can help you achieve your dreams of becoming a millennial entrepreneur.

The Rise of Millennial Entrepreneurs

The millennial generation is tech-savvy, adaptable, and not afraid to challenge the status quo. They’ve witnessed rapid technological advancements and understand the power of leveraging technology in business. Their ability to quickly adapt to change and embrace the latest ideas makes them well-equipped to navigate the dynamic landscape of entrepreneurship. The generation’s collaborative approach and open-mindedness foster inclusive workplaces and creative problem-solving. And their strong social media skills and understanding of modern marketing strategies give them an edge in connecting with and expanding their customer base.

Current events play a key role in the career trajectory of many millennials. Most millennials entered the job market during or just after the 2008 global financial crisis when more than15 million Americans were unemployed. The economic downturn affected their early career development and long-term financial stability. Plus, the increasing cost of higher education and the resulting student loan debt also impacted millennials' career choices, financial priorities, and timelines for major life events like buying a home or starting a family.

Economic headwinds, lack of job security, and stagnant wages are leaving many millennial workers feeling battered and bruised. A desire for greater work-life balance, flexibility, and the pursuit of passion-driven careers is prompting them to turn to entrepreneurship. The pandemic outbreak in 2020 brought about significant changes in the global job market, accelerating trends like remote work, digital transformation, and the gig economy. It also led to job losses in certain sectors but created new opportunities in others, such as technology and e-commerce.

Millennials want to be the architects of their destiny, not just cogs in a corporate machine. Carving out a niche as an entrepreneur is becoming an appealing option. At least 39% of Americans believe “being my own boss” will enable them to achieve the American dream, and around 19% of working-age adults are actively starting or operating a new business. Nearly 13% of all business owners are millennials.

Why Franchising is a Smart Choice

If you're a millennial looking to start your own business, franchising offers a compelling path. A study fromGuidant Financial reveals franchisees make up 46% of all small businesses. Franchising combines the independence of running your own business with the support and structure of an established brand. Franchising with a company like Premium Service Brands (PSB) provides access to proven business models, comprehensive training, and ongoing support, reducing the risks typically associated with starting a business from scratch.

The home services industry presents abundant opportunities. As homeowners seek reliable, high-quality services, from painting and cleaning to home repairs and organization, franchises in this sector are thriving.

Building Your Empire with PSB

PSB offers a range of home service franchises that cater to diverse needs and interests and stand out as one of the best franchises for millennials. Our portfolio of service franchises includes 360° Painting, Maid Right, Window Gang, and ProLift Garage Doors, each offering an opportunity to build a successful business in the home services industry. Our focus on innovation, customer service, and community impact aligns with the values and aspirations of millennial entrepreneurs.

PSB can provide a structured, supportive environment to launch your business, especially if you're new to entrepreneurship. With an initial investment of $45,075 to $148,600, you get a turnkey business with ongoing guidance and support to help you succeed. As your business grows, our focus on brand stacking allows you to leverage your existing customer base by offering additional services.

Learn More About PSB

As you consider your path to becoming your own boss, remember that with the right mindset, resources, and a partner like PSB, you can build a fulfilling business that reflects your values and ambitions. Get started to learn how you can reshape your future as an entrepreneur.