Millennials are the future of business ownership; there’s no doubt about that. There 83.1 million millennials in the U.S., making them the largest generation in the workforce, even topping their parents, the baby boomer generation.
As business owners, millennials are ideal candidates for franchises. They have a lot to offer, including unique experiences, perspectives, the willingness to take on new challenges, and raw potential. However, if you want them to join your team, you have to know what millennials look for in franchise opportunities.
So, if you’re still in the dark about what millennials want out of a franchise opportunity, I can help. Read on to learn more about the franchise traits that appeal to millennials; you may be surprised to know that your business has what they’re looking for. Then if you still have questions, feel free to schedule a call with me.
Many millennials have grown up watching their parents struggle to balance their work and home lives, and they have decided that they don’t want to suffer the same fate. Franchises are great investments for this generation because as the owner, they can determine what their schedule looks like — that is, once they get their business up and running.
This generation is full of passionate and wide-thinking individuals. One of the things millennials look for in franchise opportunities is the chance to spread their creative wings. Their perspective and willingness to experiment can be an asset to any franchisor, especially ones that need to revisit their business model or marketing strategies.
Purpose Driven Work
Millennials are driven by the need to feel like their lives are only meaningful if they have a purpose. Naturally, this influences every move they make, from the organizations they follow to their core beliefs and even the careers they pursue.
It is also one of the things millennials look for in franchise opportunities. They want to ensure that the franchise they invest in shares the same common goals and values. If your brand does things like actively serve local communities, make sure your prospective franchisees know it.
One of the most important things millennials look for in franchise opportunities is stability. Many millennials were starting to come of age during the great recession of 2008, which made them hesitant to hop into large investments. Fast forward to 2020, and the COVID-19 pandemic has rekindled old fears. Franchises tend to be low-risk investments, thanks to their proven business models and successful track records, which appeal greatly to gen y entrepreneurs.
Tech-Driven Business Models
No one knows the internet or social media for that matter, like millennials. If you want to grab the attention of a millennial entrepreneur, your franchise has to be familiar with tools and technologies of the trade that increase effectiveness and ensure excellent customer experiences.
Seamless technology integration is not just a thing millennials look for in franchise opportunities, it’s something they’ve come to expect. They also know how to engage an audience on social media, making them excellent resources for marketing strategies.
Blackmore Franchise Consulting
Now that you know the things millennials look for in franchise opportunities, you can let your potential franchisees see what you have to offer. I’m sure you learned you have more than you imagined! If you still have questions, Blackmore Franchise Consulting can help. Using my 25-plus years in the franchising industry, I help millennial entrepreneurs find the perfect franchise and advise franchise owners in need.
Interested in getting started or learning more about my services? Contact me today, and let’s chat!