According to some of the most recent data and statistics, Canada’s Millennial population is just shy of 10 million people. Couple that with nearly 80,000 existing franchise businesses, growing at a rate of over 4,000 per year, and you’ve got a match made in the Great White North. Target, meet market. For franchisors, Millennials are seen as a beneficial target audience outside the traditional baby boomers or retirees. In addition, their well-known open-mindedness fuels interest in a range of concepts. For Millennials, franchising is an entrepreneurial option that gives them the freedom, autonomy, and potential to pursue a future all their own.
FranNet’s Gary Prenevost, market president of Toronto, Ontario, and Quebec, has three decades of franchising experience as a consultant. Just prior to the pandemic, he authored a byline on popular trends in franchising for Canadian Business Franchise magazine. Here are a few of his observations on Millennials and franchising in Canada:
A Burgeoning Target Market
Beginning as far back as 2018, the number of Millennials exploring franchise ownership had already begun a rapid intensification. Franchising was seen as a means to establish a purpose-driven work-life balance, with more control over their future. Many were about a decade into corporate careers and possessed valuable levels of skill and experience. Yet they tended to seek new career opportunities in a shorter time frame than the generations before them—every one to three years on average.
Two Different Price Points
Prenevost took note of the investment levels for Millennials, noting that even a net worth between $75-100K put most of them in range for the lower-cost end of the franchise spectrum. But some, according to different means, were capable of investigating ownership of concepts in the $150-400K range.
The Canadian Franchise Association’s website has an entire section dedicated to the next generation of Millennial owners. The industry trade group features dozens of success stories for Millennials and members of the Gen Z generation with real-world testimonials of their experience as franchise owners. These blogs highlight many franchise brands, and how they match up well with Millennial’s preferences for mentorship, expertise, and teamwork.
If you count yourself among the millions of Millennials living in Canada and have a proclivity for entrepreneurship, FranNet of Canada can help you get started with the investigative process. With consultants serving every Canadian province, there’s a representative near you who also lives and works in your territory. We can help you get started with your personal entrepreneurial journey today. To find your local province representative, simply select “Canada” on the FranNet Franchise Consultant Directory page of our website.