Generation Z: Harnessing the Entrepreneurial Spirit

Who is Gen Z?

Millennials, or Generation Y, born from 1982 through 1993 have been rumored to be the most entrepreneurial generation. Yet, Generation Z or the ‘Next Gen,’ who were born between years 1994 and 2010 are positioned to become the most entrepreneurial generation ever seen. Gen Z is the “Internet Generation,” they are tech savvy, self-educated, connected. A recent study of Gen Z’ers concluded that 72% of them wanted to start their own company, utilizing entrepreneurship to have control over their lives, become debt-free, and to choose a purposeful life.

Entrepreneurs can create their own schedules, creating the work-life balance many seek. Many studies have concluded that people who leave little time for themselves after working long hours have a 33% higher risk of stroke and a 13% higher risk of heart disease. Work-life balance is more than enjoying vacations and having free time, it is a health risk. Gen Z’ers may be the generation to break free of restrictive 9-5 schedules to prioritize their health and family, and entrepreneurship is the key.

Why are Gen Zers turning towards entrepreneurship?

Generation Z is the most optimistic and purpose driven generation. Two-thirds of Gen Z’ers say they are optimistic about the future, while 55% say they believe they place emphasis on whether their work has a purpose. The upcoming generation wants there to be an end goal, an objective for the reason they are working, wanting to improve the world through the work they do. Generation Z wants work to be more than profit, and there is no better brand for them than High Touch High Tech. For the optimistic Gen Z’er, High Touch High Tech is improving the world through STEM education, leaving a lasting impression on the 16 million students we reach each year. Our franchisees have the satisfaction in knowing their work has meaning and benefits our world.

Generation Z can take their work life into their own hands through entrepreneurship. By becoming your own boss, your earnings are a direct reflection of your hard work; you can choose when you work, and what you are doing. For the novice entrepreneur, franchising is an excellent way to branch into business ownership. Franchising allows someone with no entrepreneurship experience to launch a business with a proven successful concept, offering support to guide your business in the right direction. High Touch High Tech is a purpose driven franchise, leaving a lasting impression on the students, teachers, and parents we serve. If you are ready to take your life by the reins, inquire about a High Touch High Tech franchise today!  

Starting a Franchise: Buy New or Established?

If you’re looking for a great launch pad to owning a small business, a franchise can be an ideal place to blast off. We’ll help you reduce the hemming and hawing over whether to buy a new or existing franchise.

Becoming a franchisee can be a great path to entrepreneurship. Franchisees leverage the strength of an established brand and a tried and true business model while the franchisor serves as a source of capital—an asset that is particularly welcome in today’s tight fiscal atmosphere. So how should you become a franchisee? Should you start fresh or set the quick trajectory of buying an business from a seasoned franchise entrepreneur?

Opting to Buy an Existing Franchise

There is a general sense among buyers that investing in an existing franchise location is easier. That may or may not be the case,
depending on the specifics of the location, but it’s true that there are several pluses of investing in an existing franchise as you chart the steps to purchasing a franchise: 

1. History

An existing franchise opportunity can be a turnkey business acquisition. It’s already been in operation so the seller can demonstrate a performance history showing profitability as well as concrete numbers that will help you figure out it’s cash flow and make project future performance. These are two key elements in assessing value. 

2. Flexibility

There my very well be a set fee structure for new franchise locations, which will impinge on the buyer’s ability to negotiate on terms or price. But buying a franchise business for sale puts you right across the table from the seller with more ability to negotiate the terms and maximize the return on your investment.

3. Client Base

An established and loyal client base is a massive benefit for a franchise entrepreneur. Existing franchise business for sale strikes a quick route for new owners to take advantage of an established customer since the franchise brand gives customers a sense of consistency, tapping into memories of positive experiences with the franchise brand. 

Reasons to go with a New Franchise

With a new franchise location, you take on higher risks along with higher rewards. While every franchise business opportunity is different, new franchisees often find out that building a new location provides merits that simply aren’t available with an existing operation: 

1. Lower Purchase Price

New franchise companies for sale are often a better deal because you aren’t buying existing cash flow from an established customer base and you aren’t paying for “goodwill” value often expected by sellers of existing franchises. If the new franchise is successful, you’ll reap the financial benefits of the franchise history, not the seller.

2. Tabula Rasa

A new business offers a fresh start to buyers; a franchise business opportunity unaffected by the habits, preferences and/or flaws of a previous owner. Although you’ll have to put your nose to the grindstone to forge your business in an untried community, you don’t have to worry about skeletons popping out from closets of previous businesses.  

3. Pristine Infrastructure

When you buy a new franchise, it’s likely that your equipment and facilities will also be new or at least newer than they would be if you bought an existing franchise. Out of date equipment isn’t always a deal-breaker, but in some sectors it’s important to ensure that the business has reliable machines and current designs.

To learn more about fun business opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.

The Five Broad Strokes of Marketing

A lot of marketing theory confuses people because it’s more complicated than it has to be. While wondrous new technologies can help you in your mission of raising your profits, marketers don’t let those technologies blur that mission. Keeping it simple is a powerful competitive advantage when it comes to speed and profitability.

The seller is happy when the buyer is happy. So make as many buyers happy as you can. That requires quality and service, but that’s why you’re here — and it’s not complicated. It starts out with a defined marketing strategy.

 

The entire process is made up of five broad strokes. Take those strokes and add as many bells, whistles, systems, technologies, apps and economic doodads as you want — but be sure that all five broad strokes are taken. Do that and you’ll never think that marketing has to be anything that Simple Simon couldn’t handle with his right hand tied behind him.

 

1. Listen to find a problem you can solve. The first broad stroke doesn’t require any of your hands — only your ears. The first broad stroke is your ability to listen. Be alert for problems. Be alert in social situations and the social media. Be alert in the attention you pay to the mass media. Are people talking about problems they have, problems that need solving?

Zero in on the problems that don’t yet have solutions. Pick a problem that you can solve. That’s how you respond to opportunity.

2. Pricing the solution. The second broad stroke is determining how much it will cost you to solve that problem. Maybe you can solve it with information and with service. If not, how much will it cost you to make it or buy it? Be very careful with this step, as with all the broad strokes, to overlook nothing. Broad strokes tend to magnify errors, so you don’t want to make even the most minor mistake.

3. Marketing. When you tally the costs of producing your offering, don’t overlook the costs of marketing it. And don’t overlook the necessity to market it.

If you build a better mousetrap, the world won’t beat a path to your door unless they know about that mousetrap. They learn about it from your marketing.

If you’ve come up with a truly nifty solution, the marketing for it will catch wind and fan out to others who have long been searching for a solution. It’s nice work if you can get it, and you can get it if you market.

It is now well understood why people patronize the businesses that they do. It’s known that they favor products and services that they trust, a human characteristic that has given rise to a phenomenon called “branding.” Branding helps people trust you. One of the jobs of a marketer is to convince customers to trust his or her offering.

Of course, quality is one of the factors that earn trust. And that’s why it’s part of the third broad stroke. Another factor that gains gobs of trust — and gives the little guy an edge over the big guy — is the ability to service what he sells. Don’t forget that one of your sacred goals is make your customers happy. Terrific service does just that.

4. Service what you sell. Terrific service is not necessarily free for you to provide. And yes, it does require effort. In particular, it requires a person who wants to deliver it and doesn’t do it just because he’s supposed to.

Factor in the cost of service right along with the cost of marketing and cost of goods. But be sure you are engaged in a business that you find worthwhile, or that you are passionate or enthusiastic about. Don’t forget enthusiasm is contagious!

5. Earn profits. The fifth broad stroke is what marketing should be all about. Not sales. Not store traffic. Not turnover. Not responses to an offer. Not hits to a website. Not awards. Not sales records. Not any metric you can name. That fifth broad stroke is profits, what’s left over after you’ve deducted the cost of everything else in your business. No matter how glowing the other numbers in your business may be, it’s the profits that should glow, that keep you in business, that enable you to grow your business, that attract investors, that entice buyers of companies, and that ought to be the prime reason you went into business.

It’s your job to grow healthy profits every year. You owe that to yourself, your employees, your family, and your future. That’s why profits best reflect your success. Profits are elusive. Profits are honest. Profits are hard-earned. But profits are not complicated.

They are the fifth of the five broad strokes of success, and they are crucial to your company’s health. But earning them is not a winding road. Instead it is a straight road, possibly uphill, but always leading to exactly where you envision going.

To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.

Success by Using the Franchisor’s Way

Franchises would be at the top of any list of investments people consider a sure bet. After all, the thinking goes, an entrepreneur is buying into an existing company and opening an outlet where none exists. Surely, the money will just pour in.

Of course, it isn’t that simple. But it can work if you follow the script. And have a bit of luck.

The great thing about a franchise is that the franchisor has already proven that their product or service is successful. They don’t guarantee success, but if you do it their way, your chances of success are far greater than if you do it on your own.

It takes a certain type of entrepreneur to succeed — one who is comfortable with running a business in a prescribed way.

Although franchises my seem to be a less exciting investment, for someone who really has a passion for managing a process, investing in franchises can be so lucrative that that extra spark may not matter.

The biggest challenge for passive investors may be managing the people who are making the investment profitable day to day. Products and services don’t deliver themselves; but rather success is driven by the passion and motivation of employees. It’s critical to make sure the people who work for you are well taken care of.

As a passive investor, having someone to pay attention to the day-to-day operation is crucial. Those who just want to invest are smart to hire proven operators; your business is only as good as the people running it.

For investors who want to turn one franchise into many, the type of franchise they start with matters. Choosing a brand that would be easier to finance given a successful track record and existing customer base are critical to the decision of multi-unit operation.

Finally, for those who want a hands-off role should consider buying existing franchises instead of building one from scratch. If you buy a franchise that is already operating, the next day you are making money rather than spending time training staff and opening with no revenue.

To learn more about franchise opportunities with High Touch High Tech, visit us online at ScienceMadeFunFranchise.net.

High Touch High Tech is the leader in innovative hands-on science and nature experiences for children, serving over 4 million children annually with 27 franchise locations across the United States, Canada, Turkey, Singapore and South Korea.