Why You Should Hire Millennial Franchisees
As everyone who came of age in the new millennium knows, Millennials get a bad rap in business. Misconceptions fly everywhere: that Millennials are lazy, entitled, disloyal, and obsessed with their phones. This leads to “fear of Millennials in the office” from older managers and CEOs. Franchisors also avoid marketing to this generation, at a staggering low of 15% of marketing directed toward them. However, Millennials can and will enter the corporate and business world at any level–now or eventually. Here’s what you should know about Millennial franchisees, and why you should want to hire them for your franchise.
Why Millennials are franchising
The Great Recession affected this generation’s development in particular. Many of them grew up or struggled with early employment during this time. As such, it has turned many of them from regular corporate jobs. Millennials often want to run their own business instead.
But, in the current job and real estate markets, starting an independent business can be difficult, so many millennials turn to franchising. This gives them the ability to own and manage a part of a business and become successful where true entrepreneurship may be difficult or impossible.
Franchising offers Millennials stability and independence in a sometimes uncertain market. It gives them a chance to use their education and degrees, and allows them to be their own bosses. This is especially important to Millennials because they are looking to build a lifestyle, rather than a mere job.
And finally, Millennials want to make a difference. They want to matter, and a franchise will provide them that perfect opportunity.
Why you should hire Millennial franchisees
When choosing franchisees, many franchisors don’t want someone who’s too creative, or who will do things too differently. After all, maintaining a consistent brand image is one of the most important elements of running a franchise. So older business owners may avoid Millennials. However, a shot of creativity into your business may do more good than harm. Businesses do need to grow and expand while staying consistent. Consider how major companies’ slogans have changed over the years, or subtle tweaks to the design. That’s the kind of creativity that you might use to gain a successful franchise.
What some call “laziness” from Millennials is often just a search for efficiency. Millennials look for opportunities to save themselves a trip, a wasted effort, or hours of stagnant time. As such, Millennials move toward franchising because they can’t see themselves in a cubicle farm, churning out reports or sitting in meetings from 9 to 5.
Due to millennials’ proficiency in technology, they adapt well to website or app changes the franchisor makes, especially if it makes their business more efficient. They’re also great at managing and telling a story on social media to get results. They’ve grown up on social media, and can wield it as a powerful tool if given the freedom to do so. This includes using that efficiency and creativity to adapt for social media marketing.
Eager for feedback
Millennials are often referred to as the Trophy Kids; whether it was from a sports team or a spelling bee, many Millennials received trophies for simply participating in a competition. However, that has made many Millennials want to do better than the rest. And in that search, they want feedback. Millennials are happy to learn how they’re doing on a regular basis, which means you can mentor them and collaborate with them to create a more successful business.
Risk-aware and positive
Millennials are not risk averse. Rather, they calculate risks and go into it with an attitude that businesses can be saved and losses recovered. This is perfect for franchising!
Millennials are ready to enter the world of franchising. Are you ready to let them take part in your business?