Forget Baby Boomers. The demographic that is quickly forging its own path in the franchise world? Millennials.
Millennials, aged 18-34, now outrank the number of Boomers on the planet. And their numbers are turning up in an interesting place: as franchisees. We’re seeing an increase in the number of franchises run by Millennials, and it’s nothing but good for those businesses.
But Millennials are a breed of their own, and make their own rules when it comes to how they run their franchises. Here’s what you need to know about the Millennial franchise owner.
1. He’s Connected (Digitally)
The Millennial franchisee is likely to be glued to his smartphone, a fan of social media, and a user of apps to make his work and personal life more efficient. He’s attracted to franchises that are innovative in their use of technology: mobile ordering, productivity apps, and sleek point-of-sale systems all appeal to the Millennial.
2. He Wants More Than to Make a Fast Buck
While Millennials are conscious of the Almighty Dollar, that’s not necessarily what drives them in running a business. Social responsibility is a large part of what makes the Millennial entrepreneur tick: he’s interested in making the world and his community a better place.
He may measure success beyond the bottom line and look at company culture, happy employees, and a nurturing environment as elements that contribute to how well his franchise thrives.
3. He is Looking for Sustainable and Clean Living Opportunities
The Millennial is less attracted to the old standby fast food franchises, and perks up when the terms “organic” or “clean living” pop up in marketing collateral. He cares about what he puts into his body, and that is reflected in the franchise he buys. Some industries that appeal to the Millennial include healthy restaurant franchises, health and wellness franchises, and green franchises.
4. He Strives to Balance Work and Home
While other generations may have written off the whole work/life balance thing as a myth, Millennials prioritize it. So you’ll see fewer of them working the 60+ hour workweeks their older counterparts seem to consider part of successful business practice.
5. He Likes Easy-Start Franchises
Millennials may not be interested in high-cost, high overhead franchises as much as others. It’s been estimated that within two years, Millennials will make up 50% of the new franchisees in home-based and low-cost franchises.
6. They Want Franchise Mentorship
Despite the ugly rumor that says that Millennials are bull-headed and don’t want advice, the opposite seems to be true. They are open to being mentored as franchisees, and fully embrace training and education that helps them grow their businesses. And if that involves apps and technology? So much the better.
The Millennial franchisee is industrious and innovative. He may be jaded about Corporate America as a viable career path, which makes buying a franchise the perfect opportunity for him. He’s willing to work hard to make his franchise his own, with his own unique spin on it.