Category Archives: Millennials

Millennials and Their Parents Create Successful Franchise Partnerships

FatherSonAlthough the economy is slowly recovering from recession, there’s still a shortage of jobs — and fierce competition for the jobs that are available. The situation has created challenges for both Millennials entering the workforce and their parents who have been working for many years: The jobs available for Millennials graduating college are few and far between, and layoffs are still all too common for Gen X and Baby Boomer workers.

But some families insist that they will turn lemons into lemonade, and they’ve overcome the challenges of the job market by creating parent-child franchise teams. They’re partnerships where the new meets the old, where Millennials bring their innovation and tech savviness and Baby Boomers bring valuable experience and stability. And these partnerships are overwhelmingly successful.

Franchising is a natural choice for family teams looking to start their own business. With a franchise, the hard work of starting a business is done for you. The franchisor provides the education and training you’ll need to successfully run the business. And, in many cases, you’ll receive ongoing support from the franchisor. Moreover, franchising allows Millennials and their parents to change career fields and build a successful business in an area they may not have previously considered.

Many of these parent-child partnerships also bring in other members of the family to assist with office management, marketing and bookkeeping. In this way, the whole family becomes invested in building the business.

At National Property Inspections, we have several parent-child and family teams working hard to build a family legacy with their home and property inspection businesses. Whether you are a hardworking, creative Millennial seeking the chance to start your own business or a business-savvy Baby Boomer who’s tired of the corporate grind but not ready to retire, we have opportunities for you. For more information, visit http://www.npifranchise.com in the United States or http://www.gpifranchise.com in Canada.

The Next Generation of Franchising

Agent_shutterstock_187113938We already know that Millennials are innovative, independent, hardworking and creative. Those traits are, after all, trademarks of the generation. But what you may not realize is that these traits and others also make Millennials ideal franchisees.

Millennials who have graduated from college haven’t had it easy. The recession has created a shortage of jobs and hypercompetition for jobs that are available. Instead of having careers waiting for them, the members of Generation Y have had to put their imaginative side to work and come up with new ways to earn a living. Moreover, after watching their parents work to survive in corporate America, Millennials are wary to join it themselves.

The generation is by nature ambitious, so it’s not all that surprising that entrepreneurship is attractive to them, and many are looking to franchises to give them the successful start they need. In fact, franchising offers many of the things Millennials are looking for in their careers:

  • Flexibility
  • Work-life balance
  • Continued education
  • Unlimited earning potential
  • Low-cost opportunities

Another trend we are seeing is that Millennials are teaming up with their parents to start franchises. “Many are convincing their parents to invest their 401k in a franchise venture with them. The parent can be an investor, mentor or partner, and bring along the experience and know-how from their career. It combines the stability and experience of the Baby Boomers with the drive of the Millennials,” Terry Powell, founder of Entrepreneur’s Source, recently told Entrepreneur Magazine. We at National Property Inspections have some of these teams in our own franchise family, and they are very successful.

Are you a Millennial looking for the opportunity to start your own successful business? Consider a home and commercial property inspection franchise with National Property Inspections (Global Property Inspections in Canada). As a top low-cost franchise with high franchisee satisfaction, we may have just the opportunity you are looking for. For more information, visit http://www.npifranchise.com in the United States or http://www.gpifranchnise.com in Canada.

Millennials Hit the Housing Market in 2015

By Bill Erickson, Executive Vice President, NPI/GPI

Couple + Agent_shutterstock_189904160National Property Inspections and Global Property Inspections franchise owners/inspectors are doing more first-time home buyer inspections than ever before. One explanation is the improving job market and economy. The other reason is demographics.

The National Association of Realtors (NAR) expects that 2015 will turn out to be a big year for millennials becoming first-time home buyers. Most buyers move into their first homes when they’re between the ages of 25 and 34. This fits the demographics of millennials, and their sheer numbers should drive demand for more home sales.

Also priming the first-time buyer market are easier terms for obtaining a mortgage, including a Federal Housing Administration (FHA) mortgage. The FHA — which is part of the U.S. Department of Housing and Urban Development (HUD) — insures the loan, so your lender can offer you a better deal. An FHA mortgage offers three advantages for first-time home buyers:

  1. Low down payments
  2. Low closing costs
  3. Easy credit qualification

For example, your down payment can be as low as 3.5 percent of the purchase price.

Ask your local bank or mortgage company for more information about FHA mortgages. You can download a free guide to FHA mortgages titled “FHA Home loans 101” at http://www.fha.com/.

Another tip for first-time home buyers: Make your home purchase contingent on a home inspection. This should be a clause in your real estate purchase agreement so that if you aren’t comfortable with the findings of the inspection or with what the seller is willing to repair, you can walk away from the deal with your earnest deposit refunded.