Millennials are not only opening more businesses than previous generations, but they are doing so at an earlier stage in their lives. Today’s business-minded generation sees entrepreneurship as an exciting way to earn money while working flexible hours and doing something about which they are genuinely passionate. When making a choice between starting a business from scratch and taking up a franchise option, I would think the latter makes more sense for younger businesspeople.So what can a franchise offer millennials? Let’s explore the benefits of franchising as an option for millennials.
It Offers an Appealing Alternative and Unique Opportunities
According to the Canadian Franchise Association, franchising is a great way for the youth of today to get jobs that synergize with their degrees and throw up exciting challenges that appeal to this younger generation. With fewer jobs in the market and high importance placed on education, many millennials are currently over-educated and under-employed.
Buying a franchise offers an alternative to this narrative by providing millennials a chance to own their own business. This generation is very tech-savvy and experienced with social media, which are two skills that many franchisors are looking for to innovate and elevate their brand.
The same CFA article says that contrary to what many people believe, millennials are not know-it-all, entitled brats. In fact, they actively seek mentorship. Many franchises could be considered mentorship programs when you consider the fact that a franchisee is investing in the brand and, in return, the brand offers support and tools for success.
One thing might be true among all those “millennial” articles. They do love to feel validated. And we’re not just talking about Instagram likes. Validation comes from open communication with mentors and managers, which is a big part of franchising. Although the franchisee is essentially in control of their destiny, there is always the larger corporation to get validation and advice from.
Many millennials are also looking for a business that will allow them to maintain flexible hours. Being raised with technology, the idea of a traditional 9-5 is often lost on this generation because they are used to living in a 24-hour world with the Internet. This is why tech-friendly and mobile franchises typically appeal to millennials, working remotely is often considered a significant benefit of being an entrepreneur.
Some of the best franchises for millennials are home-based and require low-investment, which is perfect for someone who could be facing some student debts and is looking to get started in business right away.
Millennials are also quite concerned with their core values. For example, Jimmy John’s sandwich restaurant franchise is often considered popular with millennials because of their commitment to sustainability. Franchises that have a purpose beyond their business will appeal to millennials because they are always looking to make positive change in the world and feel passionate about purpose-driven work.
Whether you’re a millennial looking to dive headfirst into the business world or you are currently trying to figure out your life and future, a franchise opportunity might be exactly what you are looking for. To begin with, download this guide and see what becoming an entrepreneur entails.