As the popularity of owning a home-based franchise continues trending up, it’s becoming increasingly clear that a new generation of franchise business owners are leaving their mark as successful franchisees. Enter the Millennials – those 75 million people born between the years of 1981-1997. Armed with a quiver full of Millennial traits that complement most, if not all of the attributes needed for business owner success, this rapidly emerging generation of “can-do” entrepreneurs is accelerating the franchise industry forward- and in a big way. With roughly 300 companies entering franchising each year, demand for new franchisees will only increase. With Millennials increasing their presence in the franchise ownership ranks, it begs the question, what makes this generation such an ideal group for successful franchise business ownership?
Millennials are driven.
If you’ve ever worked closely with or alongside a Millennial, chances are you may not have known a more driven and ambitious individual, one who perhaps strives to disassociate themselves from the typical “9-5” worker model. In fact, according to a recent poll conducted by Deloitte, 70 percent of Millennials stated a preference of rejecting traditional business opportunities to work independently. In addition, 54 percent of Millennials either aspire to start their own business or already have started one, and 90 percent believe that being an entrepreneur means possessing a certain mindset, as opposed to just starting a company. With this type of drive, or maybe we should say, “overdrive”, it’s no wonder Millennials are successful in their career choices. Here a just a few reasons why Millennials make such successful franchisees:
Millennials are comfortable with the notion of risk-taking.
In general, Millennials are more skeptical of achieving true fulfillment by working in so-called Corporate America. As a result, they are willing to make some sacrifices and take risks in hopes of seeing that their professional lives and career include some form of purpose, or a greater good, beyond just collecting a paycheck. Prior generations before Millennials saw career planning differently, in a more traditional sense, and perhaps that’s why earlier generations look towards a “second career” or initiate a “crossroads” decision that leads them to franchising. Conversely, Millennials are ready to begin that second career first.
Millennials have a tech-savvy, creative mindset.
One of the top traits Millennials share is the ability to think outside the box, while simultaneously navigating a maze of technology. And in today’s franchise business climate, embracing technology and creativity are especially important. According to a recent Pew Research Center study, 93% of Millennials own smartphones, compared with 90% of Gen Xers, 68% of Baby Boomers, and 40% of the Silent Generation (those who turn 74 to 91 this year). From a creative standpoint, Millennials also rank at the top. Millennials are more than twice as likely than older generations to tackle a wide variety of new creative tasks. This means that combining their penchant for technology with a creative mindset is likely to bring forth relevant and timely solutions to ongoing business challenges.
Millennials embrace coaching and mentoring.
Another trait that makes Millennials such a good fit for a home-based franchise business is their innate desire to be coached and mentored. In many cases, their college experiences included various forms of mentoring, from upper classmen to professors, so it is only natural that Millennials see the value in being “coached up” when it comes to preparing for a franchise opportunity. Since franchisers have stringent training programs and procedures, the fit becomes natural between the two. In general, Millennials appreciate regular feedback from their managers, making them an attractive candidate for the hands-on training that’s required for most franchise opportunities.
Millennials possess a keen desire to achieve.
The franchise industry model was born with success at the core, and Millennial’s are ambitious and have a deep hunger for success. They were brought up being told that they can do anything. And, true to that, Millennial’s believe that they can. Throughout their growth and development, Millennial’s have cultivated a reservoir of confidence, resilience, and self-belief, three attributes that’ll help them take franchise ownership to a whole new and exciting level.
If you are a Millennial, now is the perfect time to explore the benefits of owning your own franchise business.
Home Franchise Concepts® (HFC), a national leader with more 30 years of proven franchise experience in the home services industry, recognizes the unique talents and attributes Millennials bring to the forefront. As the parent company to leading brands within the growing home improvement industry, such as Concrete Craft, AdvantaClean, Budget Blinds, Tailored Living, Kitchen Tune-Up, and Bath Tune-Up, Two Maids & A Mop, and Aussie Pet Mobile, HFC prides itself in working with Millennials to help them achieve their own slice of the “American Dream” as a home-based franchise business owner. Home Franchise Concepts recognizes the various Millennials traits that make a difference in franchise ownership success. All that is required is a willingness to learn and to work hard- Home Franchise Concepts teach you the rest.
Take control of your future and get educated about franchising by selecting a company that is geared up for you and your family’s future. Contact an HFC franchise consultant at 800-420-5374 or fill out the form on Home Franchise Concepts to learn more. One of our consultants will be happy to answer any questions you have and assist with evaluating whether franchise ownership is right for you and which of our brands is the best fit in the rapidly expanding home services industry.