With a strong push for entrepreneurship within the region, many franchisors are overlooking a key segment of the market. The typical targets for most franchisors are the Gen-Xers and Baby Boomers due to the fact that they have professional experience and are established. However the real “hunger” is found in the millennial generation who have recently graduated and struggling to find a suitable opportunity for themselves in the corporate world.
Ten years ago you would have struggled to find anyone who thought that key candidates in the franchising industry would be people in their 20s or 30s since franchise ownership was targeted towards high-net-worth individuals or executives from the corporate world with a desire to go out on their own and be their own boss.
Millennials tend to be more energetic, innovative, tech savvy, adaptable and industrious albeit the stereotype is that Millennials try to avoid hard work, are self-centered and expect praise and reward without accomplishment. Majority of the lower-cost and tech-based system franchises have discovered that Millennials are the next best thing in franchising. More and more Millennials are turning to franchising as a way to become their own boss and flex their entrepreneur muscles. A major factor in this phenomenon is that franchising is a stable and a tried-and-true business opportunity for them which they feel more comfortable with rather than trying to start their own business from scratch. Franchises should look at creating low-cost concepts or spin offs to attract and capture Millennials looking for business opportunities.
Millennials are growing up to quickly and it is very important for franchises to recognize this fact. If we look at the workforce today, you will find that the Millennial generation is the largest group. While many franchises have the notion that Millennials are still in college studying for finals and preparing for vacations the reality is that they are the next generation that will change the business landscape. It’s time to put an end to this perception and re-strategize to add Millennials to your target.