A Chem-Dry Franchise Is a Good Option for Millennial Entrepreneurs
Starting a business used to follow college, but now it’s happening alongside coursework, or even in place of pursuing a degree, due to the soaring costs in higher education
A college diploma has long been seen as a ticket to success in business, and many Chem-Dry cleaning franchise owners have a degree. Many in the millennial generation, however, are looking at hundreds of thousands of dollars in debt to get that degree, and they are weighing their options to see what else might be out there.
“We used to hear from people who were looking to start a second business to earn some extra income, or who were looking to become their own bosses,” says Dan Tarantin, President and CEO. “We do still talk to those people, and they make up the majority of our franchise owners, but we’re also getting a lot of inquiries from millennials. They are an entrepreneurial generation, and they see the ROI a Chem-Dry cleaning franchise can provide.”
Independence is highly prized
A recent poll showed that 70 percent of millennials say they’d reject an office job to work independently. Another study noted that one in five said they wanted to quit their current jobs and start their own projects. According to the Bureau of Labor Statistics, half to two-thirds of millennials expressed an interest in entrepreneurship; 27 percent already are self-employed.
But while the thought of owning a business is alluring, millennials face challenges that their gen-X or baby boomer predecessors didn’t.
“Those people have had decades to build their financial portfolio, networks and skill sets,” Dan says. “Millennials want to be their own boss, but they’re challenged by a lack of experience. That’s why owning a Chem-Dry cleaning franchise works so well for so many — they receive training, and they build multiple skill sets over time.”
The many Chem-Dry advantages
As millennials begin to explore business ownership, the many types of franchises can be confusing. Many require a lot of startup capital, not to mention renting storefront real estate and setting up inventory. “A Chem-Dry cleaning franchise has low entry costs, predictable expenses and is a home-based business, so it begins turning a profit much faster. And that,” Dan says, “is the goal for these self-starters.
“We provide brand recognition, a proven model of success and the marketing strategies of a big business with very low overhead expense,” he adds. “In addition, Chem-Dry offers flexibility in the work because we’re a mobile business. It’s the perfect way for someone who wants to begin learning how to operate their own company to get started, because it’s a scalable opportunity. As they grow and become more confident, the business grows right alongside them. I think we’re going to see many millennial owners using their Chem-Dry cleaning franchise to fund their higher-education goals, and keep operating the business long after they’ve graduated.”