Young and Smart: Today's Entrepreneurs are Likely to be Under 30 and Environmentally Aware, and Cartridge Depot is Ready for Them
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Young and Smart: Today's Entrepreneurs are Likely to be Under 30 and Environmentally Aware, and Cartridge Depot is Ready for Them

(Owings Mills, MD) Most kids say they want to be doctors or football players or maybe movie stars when they grow up. But for young people from Gen Y – those "echo boomers" who are all under age 30 – some of them may have a new answer to what they want to be when they grow up. They want to be their own boss. And smart companies who understand that can benefit.

One of these companies is Cartridge Depot. The Owings Mills, Maryland, based franchisor is perfectly poised to take advantage of Gen Y's entrepreneurial impulses.

Senior Vice President Nick Sheehan knows all about the factors that make Cartridge Depot ideal for young entrepreneurs. Sheehan, a member of Gen Y, was still a student when he helped develop the concept for the Cartridge Depot franchises, inspired by a business course at college. Sheehan helped get the first Cartridge Depot up and running; today he advises all of the company's franchisees on how to succeed.

"I'm proof that Cartridge Depot is a great fit for young people interested in going into business on their own," Sheehan explains. "Our business model allows franchisees to start small, some while they're still in school even, and grow the business at their own rate. Recycling isn't going away – it's becoming increasingly important all over the world. Owning a Cartridge Depot franchise allows people to make money without ignoring their concerns about the planet. It makes for a very attractive business."

CEO Ken Blum has proven experience in successful franchising. He was the brains behind the turnaround of the Rent-A-Wreck franchise in the 1990s, and he and his KAB Management Consultants team serve as the executive management for Cartridge Depot's franchise operations. With its emphasis on green business practices and affordable costs to get started, Cartridge Depot is quickly becoming a hot buy for young entrepreneurs.

"Young people can start a Cartridge Depot franchise without a lot of capital, even while they're still in school," Blum explains. "The business can grow as quickly as they want it to. Cartridge Depot allows young entrepreneurs the opportunity to be their own boss, have their own business and make a difference, but with a safety net they wouldn't have without the franchise behind them. Some of our most successful franchisees are Gen Y owners, and we've recently made arrangements for affordable third-party financing that makes getting started even easier."

Statistics show that young people now are much more interested in being their own boss than generations before them. A recent survey by the OPEN division of American Express revealed that Gen Y entrepreneurs are more likely to start businesses right out of school, like taking risks and plan to be serial entrepreneurs. These young people are interested not just in making money but in social responsibility and environmental impact, both issues that are an ideal fit for Cartridge Depot's business line.

Cartridge Depot is in the ink and toner cartridge recycling and remanufacturing business, an industry that combines business and environmental savings. It's an industry that does well by doing good – each cartridge that's remanufactured and reused costs up to 50% less than a new one, and keeps two and a half pounds of plastic out of a landfill somewhere.

The cartridge remanufacturing market is one that's poised for growth. Lyra Research estimates that more than one billion laser, fax and inkjet cartridges are shipped throughout the world, and that 70% of users throw away empty cartridges. In the US alone that means more than 300 million cartridges go into landfills each year – keeping them out of the trash steam could mean over 120 million tons less waste per year.

Matt Lucas, Co-Owner of Cartridge Depot's Owensboro, KY, franchise is one example of the type of young person attracted to the industry. "Cost was a huge factor in choosing this business. I'm still a college student so I had to be able to finance this with private funds – being this young it's hard to get outside funding. We went into a storefront on Aug 10, 2006. We sent out a mass email before we opened and actually picked up customers. We were profitable pretty much from the start of the second month. My plan is to open as many Cartridge Depots within a 200 mile radius as I can, making sure each one is successful."

Jeremy Ross, who owns Cartridge Depot franchises in Florida and in Maryland, is another of the franchisor's young entrepreneurs. "I always wanted to own a business and this one is really interesting. You can start small and grow, and our products and our customers speak for themselves. It's a profitable business…everybody needs cartridges you just have to convince them to try it. "

"Just getting hundreds of thousands of dollars in franchise fees, but having stores fail is not what we're about," explains Blum. "This business has huge potential, and we see our growth path in having prepared, protected franchisees who prosper in their markets. We're interested in long term profits, not just up front fees. That's why we provide a strong on and off-site training program for our franchisees, offer affordable costs to entry and access to capital to finance startup costs, and use exclusive refill technology. We want repeat customers who build relationships, not just retail purchases. I think that philosophical difference in how we approach business helps make Cartridge Depot a good fit for younger entrepreneurs."

It also helps that cartridge remanufacturing is a growth industry. Estimates are that refilled cartridges were just 5% of industry sales in 2005. But Business Week has estimated that non-OEM cartridge sales were 23% of the industry as a whole, and that the percentage could rise to 31% or more by 2009.

"Going green is the wave of the future for business, and being your own boss is going to become more and more common, and important, as a career option," says Blum. "Cartridge Depot provides an outstanding answer to both of these needs. When you add in the cost savings for customers who buy recycled cartridges, it's hard to understand why recycled isn't standard purchasing for businesses or governments of any size."

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