Owning a coffee business is an intriguing idea for so many entrepreneurs — for various reasons. Whether they are simply attracted to the ability to turn a profit or have a passion for building community, the coffee industry provides an opportunity for both.
In recent years, there has been a generational shift in entrepreneurship as millennials have taken hold of the entrepreneurship trends. In fact, studies show that millennials are the fastest-growing segment of small business owners today.
Many of them find the coffee business as a perfect avenue into business ownership. Here’s why owning a coffee shop — a franchise coffee shop in particular — presents such an enticing opportunity for millennials.
There is no shortage of studies on what millennials want in life and in a career. From entering the workforce during or shortly after the “great recession” of 2008 and 2009, the generation is full of entrepreneurial-minded people who want to take their careers into their own hands while limiting the risks of riding economic waves.
A study of millennial business owners shows that while franchising is still a relatively untapped opportunity for millennials in entrepreneurship, many of their desires are actually well-suited for franchising because of their desire to limit risks and boost profits despite their limited time in the business world.
Food and drink businesses — or restaurants in general — are among the top three industries millennial entrepreneurs choose. Coffee has long been one of the most intriguing products in the food and drink industry — for many of the same reasons that make it appeal to millennials.
It’s often hard for those outside the coffee industry to understand that the business is still expanding. Much of that is due to millennials themselves, and if there is one thing millennials understand more than others, it’s how to appeal to their generation. Now between the ages of roughly 25 to 40 years old, millennials are drinking coffee at higher rates than any other age group, accounting for 44 percent of United States coffee consumption. They also began drinking coffee younger than any age group before them, explaining why so many new trends in coffee become popular through millennials.
What’s holding millennials back from business ownership is simply the lack of capital. Millennials are becoming small-business owners earlier than Generation X, and because of that, they have not had as much time in the workforce to build up the assets and cash flow to confidently start their business. That makes the failure rates of independent small businesses something worth thinking about. Since they truly cannot afford to lose their investment when they get the opportunity to start a business, they’re even more reliant on proven business models. Franchising offers a way to go into business for yourself, but not by yourself.
While it may not fit the stereotypes and preconceived ideas that older generations have about millennials, they are actually more cautious than given credit for. Their rationality in decision-making comes partly from the fact that most millennials grew up with readily available information and have higher expectations of knowing what lies ahead. It’s essential to understand the full picture before making a decision as big as business ownership.
Franchising offers not only the support and security millennials crave but also information about the model to provide a clear vision of the path to profit.
You may think of a franchise as being limiting because you are buying into a proven system. That’s only partially true. Depending on the franchise you join, there may be many opportunities to innovate. In the best of circumstances, the franchise itself is already innovative.
Scooter’s Coffee is one of the fastest-growing coffee brands because of its creativity in the market. Its small drive-thru kiosks have perfectly positioned its owners to ride the rising wave of coffee demand by providing quality products that meet new trends and meet the needs of consumers on the go.
A franchise coffee shop perfectly blends both the products millennial consumers continue to demand; and the business ownership opportunities millennials are now ready to grasp. Scooter’s Coffee provides a full picture of the path to success, complete with franchisee testimonials so that interested entrepreneurs can hear from those who have been in their shoes.
As you embark on your dream of owning a franchise coffee shop, contact us to learn more about the amazing opportunities available with Scooter’s Coffee.