It's important to clean up a few misconceptions about the millennial generation. Many people think that it's only the young people who happen to be millennials. But the truth is that someone can be a millennial up to the age of 34.
It's one of the most diverse generations because they come from all classes and all backgrounds. Companies are unable to target millennials as a whole because it's such a broad generation.
Many people think that they are entitled. They believe that they are filled with credit card debt, reliant on debt consolidation services, and ultimately afraid of hard work. But the so-called entitled generation has a lot to offer franchises.
The future of franchises is bright and there's no way that this industry is going to suffer a decline anytime soon.
Do Millennials Fit in with Franchising?
Franchising offers a fantastic opportunity for all young people who want to build a future away from the traditional environment. What makes it so ideal is that you don't need a unique business idea of your own. You can share the good fortunes of someone else.
Buying a franchise gives you an already established brand name. And many franchises will give you the support you need to get started, so you gain business mentoring at the same time.
Millennials are more likely to want to start their own business than any other generation, and that means franchises will have plenty of takers.
An Unbeatable Opportunity
For a lot of millennials, they have nothing to lose. They are set to be the first generation that will be poorer than their parents. A lot of them are drowning in student debt that they can never hope to repay. And those who are surviving are living off of their parents.
Franchises enable them to get the job they want and potentially achieve more than they could ever dream of through a conventional career.
They are the Future
Regardless of whether millennials are the future of franchises or not, the fact is they simply have to be. There are no other options because they now represent the biggest part of the workforce. The Baby Boomers are retiring and the post-millennials generation has yet to reach working age.
Franchisors are going to have to take into account the needs of millennials if they want to keep going. They are going to have to look past many of the misconceptions they have previously held of this generation.
So how are they going to do this?
They need to understand what millennials actually want. The main points have been detailed in a research study from PricewaterhouseCoopers.
Feedback - Millennials want to know how they are doing and what they can do better. Franchisors will have to take a more 'hands on' approach when it comes to millennials.
Training - Millennials don't want to be left to their own devices. They want training and they want mentorship to help them do the best they can.
With Freedom - And franchisors should be allowing millennials to have the self-sufficiency they need to thrive. They want to implement new ideas and try new things. They don't want to be restricted by various rules and regulations.
If franchisors don't change the way they do business, they will not necessarily come under threat, but they will fail to fulfill their potentials. With so many new franchise owners under the age of 30, the time to change is now.
Making this work is about being able to understand the needs of millennials. It is not so serious that the future of your franchise could depend on it. But your franchise will lose out to more progressive ones if you don't act soon.
One of the big changes that you are going to have to accept is that millennials demand more guidance and more mentorship opportunities than any other generation. They are eager to learn, and only by nurturing them can you get the most from them.
The future of franchises is millennials, but what do you think the major trends of tomorrow are going to be?