16 Jul More Millennials Are Considering Franchise Opportunities
From coffee shops to convenience stores, one trend we are following closely is the fact that millennials are starting businesses at a younger age than previous generations. Since they represent the future, it’s important to ensure that franchise systems are set up to attract younger owners. Here is why more millennials are considering franchise opportunities, along with some strategies for recruiting them.
Millennials could be the most focused generation when it comes to making positive impacts in the world. They also tend to define success differently than others by placing more value on their professional purpose, balance, and flexibility over financial rewards. This is why a growing number of millennials are considering franchise opportunities which offer more freedom to make a difference in their communities over traditional professions. Regardless of the franchise, there is going to be some competition, and millennials can leverage their open-mindedness to keep brands moving forward.
Ongoing Learning Opportunities
Running a franchise gives millennials opportunities to expand their knowledge base while being mentored by a management team. Millennials are also enthusiastic people who like being part of a team. Successful franchisors listen to millennials and provide them with progression opportunities.
Chance to Showcase Technical Skills
One reason many franchises fall behind their competition is that they fail to maintain a strong online presence. Social media is a powerful tool that businesses can use to connect with people from all over the world, and millennials are harnessing it to improve customer experiences.
Buying into a franchise has its inherent risks for people from any generation. Most millennials are natural-born risk takers making them great candidates for franchise opportunities, but they can still identify where rewards outweigh the risks. Franchisors can entice more millennials by:
- Expanding their online presence – Company websites aren’t enough because millennials also rely on Instagram, Facebook, Twitter, YouTube, etc. for researching franchises.
- Sharing values – Clearly communicate the company’s vision and mission statement.
- Provide texting and online chat options – If you receive a lead from a millennial, then be prepared to communicate on their terms.
- Emphasize ongoing training – Many millennials want development opportunities within the franchise system.
- Promote trust and transparency – Don’t hesitate to involve franchisees in your planning process.
Millennials will soon represent the largest demographic group of franchise owners, so it’s important to begin recruiting them now. Franchisors that have a strong online presence will be in the best position to attract this generation.
by Nancy Estep
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