It was one year ago this week that Franchise Insights made an announcement that reverberated throughout the franchising industry. Their analysis, using combined proprietary data from two leading providers of consumer analytics, revealed an interesting statistic. For the first time, Millennials seeking franchise ownership outpaced the industry’s runner-up target market of Baby Boomers. Generation X, those aged 41-56, have maintained the top spot for years, but there has been a spirited battle for second place that now belongs solely to a younger set – those aged 25-40.
While this news certainly grabbed its fair share of headlines in the preceding weeks, industry insiders weren’t as surprised as the general public. In many ways, Millennials are quite cut out for the world of franchising. Digging a little deeper, FranNet presents seven clear cut reasons why this up-and-coming generation is a good match for franchising…
Millennials grew up in the age of the smartphone and during a time in which major brands and corporations have been transitioning to a more digital-based future. As many franchise brands experiment with the latest technologies to drive success for franchisees, Millennials have become a receptive target market.
More than the generations that came before them, Millennials have taken to the notion of teamwork and collaboration. They eschew individual praise in favor of group recognition, which allows them to be a natural fit for a system of franchisees looking to contribute to the collective success of franchisors.
Millennials are overtly known as an idealistic and altruistic demographic. As a whole, they’re quite concerned with the state of things and wish to leave the world – and its inhabitants – in a better place. Increasingly, franchise brands have woven campaigns into their programs and systems, designed to give back and support the communities in which they reside. Win, meet win.
They’re Less Risk-Averse
For multiple reasons, the Millennial generation appears much more equipped to handle risk-taking. Unlike previous generations, they didn’t rush to climb the corporate ladder of their forefathers, preferring instead to chart their own course. Much like franchising itself.
Facebook, Tik Tok, Twitter, and Snapchat – just name your platform and a Millennial can teach you how to express yourself with the same vim and vigor they’ve perfected over the years. As franchise brands increasingly turn to digital platforms and assets to reach their customer base and system of franchisees, Millennials have already arrived.
They Appreciate Mentorship
Growing up in the midst of the information age has made Millennials appreciate mentorship, guidance, and navigation. And they follow instructions quite well. As a demographic, they’re coachable and appreciable. A winning combination if there ever was one.
Millennials didn’t exactly dream of the “9-to-5” life like generations before them. They placed equal importance on life experiences as their careers, which has left them with a fondness for flexibility. And nothing says flexibility like franchise ownership of your own. These folks were raised to love the benefits franchising can so easily provide.
Millennials are also driven and motivated, eager for success. Despite many flawed stereotypes, they’re not nearly as lazy or entitled as some people would have you believe. Now that they’ve taken over the second spot among demographics seeking franchise ownership, there’s only one position remaining until they reach the top. And it shouldn’t be much longer.
If you’re a Millennial – or represent another demographic category, FranNet is your willing partner, dedicated to helping you find the right franchise business opportunity. Getting started is simple and involves setting up a no-cost, no-obligation appointment with one of our qualified FranNet representatives. Not sure what type of business you were meant to own? That’s fine, too – you just need to reach out and talk with one of our franchise experts today! Together, we can find a business opportunity that aligns with your lifestyle and income-oriented goals.