Millennials and Franchises Make Good Teammates
The physical demands of a career in professional sports, along with the likelihood of injury, causes many athletes to retire at a young age. The question then becomes: what do I do next? While there are many paths ahead, we’re seeing a trend in the franchise industry – young people are becoming successful franchise owners. To discuss why this is the case, there are five aspects of franchising that makes millennials and franchises good teammates.
Start now – no need for a red shirt.
Years ago, a prime franchisee candidate was all but certain to have a long history of experience in corporate America, high net worth and a few gray hairs. However, times have changed. There is no longer a need to develop a long corporate career before entering franchise ownership. Franchisors, especially those with lower investment requirements and tech-based systems, are increasingly signing on franchisees in their 20s and 30s.
A time-out from the corporate ladder.
At the same time, a tight job market and changes in office culture are making franchise ownership more appealing to Millennials and their younger counterparts. Young candidates are proving their worth as smart, hard-working, adaptable, energetic and tech-savvy franchisees. To support this trend, the International Franchise Association has a program called NexGen in Franchising, which provides networking opportunities and educational resources for younger owners.
Social media power plays.
Millennial franchisees are rewriting the playbook on advertising. They use technology and social media to generate their own buzz without paying to advertise. Social media also helps Millennial franchisees network and share best practices.
A desire for an off-season.
Because younger generations value a work-life balance, they are drawn to the idea of being their own boss. Starting from the ground floor and building a business is exciting and no longer requires 100 hours a week. Franchising offers the flexibility of stopping at one or two units or growing to 10+ times that number. It is frequently a lifestyle choice.
Find your fit.
Gallup’s 2016 report, How Millennials Want to Work and Live, revealed that 21 percent of millennials – more than three times the number of non-millennials – switched jobs in the last year. Gallup also found that only half of millennials, looking ahead one year, plan to still be working at their current company. Although job-hopping is sometimes viewed as a desire to “get rich quick,” it is likely that Millennials are looking for a perfect fit – which they just may find in franchising.