Millennials the Next Generation in Franchising

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asked about 10 months ago

Millennials are coming into their own when it comes to creating an income, career and lifestyle for themselves. And they are doing this with franchising.

Millennials, born roughly between 1980 and 2000, are the largest living generation in the United States. They are often labelled entitled, impatient, lazy, spoiled, restless, self-centered, lazy and even apathetic.

In fact, it is this group that are taking to the concept of entrepreneurship and, now in their 20s and 30s, coming into their own.

What Attracts Millennials to Franchising

So, why do Millennials seem to be heading down the entrepreneurial road of franchising? “A franchise business is not your typical nine-to-five job,” said Derek Cafferata, CEO and President of franchising experts All State Franchise Finders. “Millennials are looking for something that offers lifestyle, career and financial flexibility. And franchising offers just these things.”

Millennials have watched their parents’ generation fight, claw and climb their way up the corporate ladder, only to find the view from the top is not always what is expected or desired.

Combine this with the fact that Millennials have been through the global financial crisis, dealing first-hand with those difficult years at a time when they were just entering the workforce and beginning their careers.

“One of the best alternatives to the corporate world is the world of entrepreneurship,” said Derek. “Millennials tend to look at business from a wider point of view than previous generations. They have a unique sense of social responsibility attached to what drives them in their careers.”

According to research, there are 6.2 million millennial homes earning an annual income of over $100,000. Twenty five percent of those earning more than a half million dollars per year are under the age of 36. It is this same research that shows this high-income earning is from entrepreneurial endeavours.

Why Franchising Suits Millennials

Derek Cafferata believes Millennials are generally suited to franchise opportunities for several reasons. Firstly, they understand the concept of getting behind a brand. Each franchise benefits from the reputation, marketing and experience of its franchisor and fellow franchisees.

Secondly, with such a social media-intense world we live in, Millennial entrepreneurs understand the importance of social media and utilizing it to promote their brand.

Thirdly, Millennials know how to do their research. They know how to hunt out their own information, information that is unbiased and honest. This generation goes looking for something that interests them, and they keep looking until they find what suits.

Energy and drive are key aspects of what makes a Millennial the ideal candidate for a franchise business opportunity.

All State Franchise Finders

Derek Cafferata works with potential franchisees across the country, helping guide them through the steps of franchise selection, purchase and set-up. Along with his experienced team, with their headquarters in Fort Worth, TX, Derek has found the number of Millennials coming to All State Franchise Finders for advice on becoming a franchisee has significantly increased over the past few years.

Derek is of the strong belief that the number of entrepreneurs within this generation group looking to buy into a franchise will continue to increase over the next few years, with those Millennials seeking out high quality franchises that offer something unique and are forwarding-thinking in their business model.

For more information about becoming a franchisee, please contact All State Franchise Finders on 1-800-544-2161 or visit allstateff.com – Your Franchising Experts!