Franchises appeal to millennial entrepreneurs for work-life balance and the opportunity to be their own boss. Here’s what to look for when deciding on a franchise.
THE EMERGENCE OF “MILLENNIPRENEURS”
In addition to being the largest generation currently part of the U.S. labor force, a study found that 60% of millennials identify as entrepreneurs and are interested in investing in their own businesses. Millennial entrepreneurs prize flexible work schedules, autonomy, and meaningful connections within their communities, making the world of franchising a natural fit. For the first time ever, millennials outnumber other generations in seeking franchising opportunities, with that age group accounting for over 20% of franchise ownership.
The best franchises for millennials will play toward the generation’s most industrious traits, including their social consciousness, tech savvy abilities, and desire to be both collaborative and self-starters. So, let’s take a look at some franchise qualities that both utilize millennials’ strengths and align with their professional and personal goals.
THE DIGITAL GENERATION
The millennial generation came of age at the dawn of the internet, when computers and the world wide web became readily available tools. In the decades since, millennials have stayed on the cutting edge of digital technologies, possessing the ability to understand and innovate within a framework that has become a vital part of our lives.
Since millennials have grown accustomed to digital interfaces from a young age, they are able to adeptly navigate franchising software, social media connections, and business engagement as if it were second nature, making them primed for modern franchise management and ownership. Millennials intrinsically understand the influence of digital communications and media on every aspect of our lives and are well-equipped to work in franchising environments that value these capabilities. Franchisors, in turn, will benefit from millennial entrepreneurs’ tech savvy nature and put their skills to use to foster a thriving business.
SOCIAL & ENVIRONMENTAL CONSCIOUSNESS
Millennials prioritize leaving a positive impact on the world around them, sometimes even beyond other goals. This generation cares about a range of current issues, including specific social causes and environmental sustainability. Franchisors that address the things that are important to millennials are likely to find dedicated, passionate franchise owners. The generational drive to improve the world directs this cohort to seek out franchising opportunities that are both profitable and good for others, whether that be through working with underserved communities, simultaneously reducing a carbon footprint and business overhead, or simply providing products and services that are meaningful to people.
SELF-STARTERS & TEAM PLAYERS
The simplistic stereotype of millennials needing constant validation points to a more positive quality — they thrive on teamwork. While everyone appreciates their hard work being recognized, millennials want to know that they are contributing toward something where the whole is greater than the sum of its parts. Naturally inquisitive and open to learning, millennials make excellent leaders who consider the opinions, experience, and values of everyone on their team.
Franchising presents the perfect balance between allowing millennial entrepreneurs to be their own bosses while providing the framework, training, and support system to ensure connection while building toward shared goals. The best franchises for millennials run their brands in an interactive and cooperative manner, providing all the essentials while also championing participation in franchising decisions.
Having weathered recessions, debt crises, and other economic calamities throughout their lifetimes, millennials are more gun-shy about flash-in-the-pan business opportunities and focused on potential businesses that can establish financial stability and a model that can weather the next storm.
The cost to open a franchise business offers millennials a more financially sound approach than many other independent business routes. Millennials will undoubtedly do their research before choosing an industry and brand in which to invest, but the at-home franchise model offers another appealing quality for many modern franchisees, minimizing overhead costs and allowing owners to run their businesses on their own terms.
MILLENNIALS AND HOME FRANCHISE CONCEPTS: A PERFECT MATCH
Franchising with Home Franchise Concepts (HFC) can play to all of a millennial entrepreneur’s greatest strengths and values, allowing them to devote time to growing their business with the backing of a well-established, collaborative family of home services brands that prioritizes your success.
To learn more about HFC’s franchising opportunities, contact us today.