Young and In Charge
America's youngest franchisees prove that experience isn't always necessary to build a successful business.
What does a 22-year-old know about starting and running a business? Enough, says Staci Deal, the 22-year-old owner of a Plato's Closet franchise in Fayetteville, Ark., and everything else she's learning as she goes, networking with older franchisees to gain insight into the industry and entrepreneurship. "Just go for it," Deal says. "Don't let fear keep you away from being a business owner. Build a support system and take advantage of their expertise."
Deal is not alone. Today young entrepreneurs are jumping into self-employment well before checking the "experience" box on their résumés. Just consider the college-aged innovators who started companies like Facebook and My Space. And this new trend is just as true in the franchise community. A glance across the main hall at each year's International Franchise Association convention reveals more and more young women among the seasoned veterans.
PINK talks to now-experienced entrepreneurs who jumped in at an early age but succeeded nonetheless.
MAKE YOUR OWN DECISION
At age 19, Ayiesha Selwanes, daughter of a Dunkin' Donuts husband/wife, multi-unit franchisee team, opened her first franchise. Though she'd grown up in franchising, she knew she had to make the decision to go it on her own. "Think it through for yourself. Don't let anyone convince you to take an opportunity," says the four-unit Dunkin' Donuts franchisee. Be ready to defend your decision to skeptical franchisers and concerned family and friends.
RESEARCH, RESEARCH, RESEARCH
When Whitney Berger, then a 27-year-old preschool teacher, first discovered Cold Stone Creamery four years ago, she instantly fell in love with the brand. To gain credible information about the franchise, Berger began her due diligence by contacting existing franchisees. Together with her brother Ryan, Berger has opened three stores in Maryland with net sales of $1.5 million last year.
UNDERSTAND THE CULTURE
As the daughter of a McDonald's franchisee, Nikki Powers began working every day at the family business at age 16 until she decided to go into business for herself at age 30. Her primary goal: to find a company that shared her values. When beginning to search for her ideal franchise opportunity, Powers relied on her mentors from McDonald's for suggestions. Coincidently, two of her trusted McDonald's mentors had left to start the Native New Yorker. "Research the company's culture," says Powers, now 32 and the owner of a Native New Yorker sports bar. "Know exactly what you're getting into and that your cultures connect. This is important for young franchisees, as it builds a support system for growth and opportunity."
"Just go for it. Don't let fear keep you away from being a business owner. Build a support system and take advantage of their expertise."
Staci Deal, franchisee, Plato's Closet
