Here are six reasons why opening a franchise business can be a great choice for Millennials.
Millennials, also known as Gen Y, refers to those who are now roughly 24-39 years old. They are the largest generation in the U.S. labor force and many are interested in entrepreneurship. Although this generation has gotten a bad rap for being perceived as narcissistic, lazy and entitled, they actually possess a number of traits that make them ideal entrepreneurs. Opening a franchise business can be a great way to jump into ownership. Franchising allows you to go into business for yourself but not by yourself. There are a wide variety of opportunities available spanning an array of industries. Here are six reasons why Millennials in particular are well-suited for owning a franchise.
They are socially oriented and want to give back.
Millennials are willing to work hard for something they believe in, has a positive impact on others and gives them a sense of satisfaction. They care about a variety of social causes and want to make a difference in the world. As a result, they tend to gravitate towards opportunities with companies that are not only customer-centric but socially oriented as well. Delivering products and services (in a socially responsible manner) that fulfill a need, providing excellent customer service and giving back to their community are important. Many franchisors feel the same, engaging in a range of philanthropic endeavors, believing it is their duty to support their communities and give back to others.
They are innovative and deliver a fresh perspective.
Although opening a franchise business requires a willingness to follow the rules and stick to a defined plan, a shot of creativity can be just what the doctor ordered for some brands. Millennials tend to be open-minded and creative thinkers, a powerful combination for coming up with fresh, new or unconventional ideas that can help a business evolve to meet ever-changing customer expectations. This could result in the development of a new product or service or increased effectiveness or efficiency for an existing method of operation, making Millennials an asset to brands that embrace cutting edge technology.
They are tech savvy.
Born into a world with the internet, personal computers and cell phones, Millennials are digital natives who have grown up with technology. Their proficiency can prove invaluable to organizations seeking ways to leverage technology to improve their products or services, or way of doing business to ultimately deliver a better customer experience. For instance, their knowledge could be used to help build platforms that reduce the cost of customer acquisition, increase customer satisfaction and ultimately lead to increased sales and improve the bottom line. It could also prove beneficial for enhancing the franchise network itself by improving communication and means for interacting with one another, sharing information and voicing opinions.
They love to collaborate and are eager to be mentored.
Millennials are an educated generation and love to learn. They value knowledge and prefer collaborating with peers to bounce ideas around to get a better sense of what works and what doesn’t. They are eager to be mentored and crave a coaching relationship with role models who can provide guidance and inspiration. Owning a franchise within a system that puts an emphasis on training and support, not only from corporate but also among its franchisee network would be a perfect fit.
They are ambitious and want to succeed.
Everyone wants to be successful, but Millennials are especially confident, having the self-belief that anything is possible. However, for them success isn’t necessarily defined by their income. It’s more about “thriving” than “winning.” Being happy, feeling rewarded and having a positive social impact are more important than money or social status. The old adage, “money doesn’t buy happiness” rings true with this generation who defines success by the things they do rather than the things they have.
They are willing to take calculated risks.
Millennials are more likely than any another generation to want to start their own business, but they’re wary. They understand calculated risk and are willing to invest the time for due diligence to identify opportunities where the reward is likely to outweigh the risk. Although opening a franchise business does not guarantee success, it carries much less risk than starting a business from scratch, making it an attractive option to hit the ground running. Joining a franchise network allows you to leverage the power of an established brand name, proven business model and methods of operation in addition to receiving extensive training, support and guidance that foster success.
Owning a franchise can be a great business venture that aligns well with the strengths of the Millennial generation. Franchisors can benefit from Millennial franchisees within their ranks by gaining insight that can help make their products and services more appealing to the largest generation in the market while also infusing a fresh perspective into their business. This makes franchising a win-win situation for both Millennials and franchisors.
