New Role for Millennials? Franchise Owners!
Once the much-maligned generation of entry-level workers, Millennials are moving into a new role as business owners and the franchise industry is taking notice. Millennials, born between 1980 and 2000, are almost all adults now and understand the power of franchising better than most, probably because they grew up eating at fast casual restaurants like Chipolte, and fueling their caffeine needs at Starbucks.
Millennials are also extremely tech savvy andconstantly connected through social media. This fits well with many types of franchising opportunities. Those who used to call Millennials lazy, entitled, and apathetic, are now seeing that they have matured into energetic adults with a strong work ethic. They also believe in themselves and are not afraid to take on the roleof business leaders.
According to an article in QSR Magazine, the recession that hit between 2007 and 2009 may have had a lot of influence on Millennials. People who suffered downsizing during the recession now want to take on a role where they have greater control – as an owner rather than a minor employee. According to Paul Tran, senior director of development at Fransmart, the recession taught millennials that nothing is guaranteed and the best way to control one’s destiny is to be your own boss. It also helped fuel franchise growth with new brands, less expensive brands, and more unique brands.
In the2016 BNP Paribas Global Entrepreneur Report, it was reported that millennials are starting businesses at a younger age than previous generations. Baby Boomers were reported to have launched their first business venture around age 34 on average, while Millennials are starting their first business around age 27. Some have even called this group “Millennipreneurs.”
An article in Forbes Magazine titled, “The Franchising Future: Ten Reasons Why Millennials Can Make Perfect Franchisees,” further explores the Millennial phenomena. Some of the reasons listed for their franchising success include:
- They think creatively and have fresh ideas, helping a franchise brand evolve and remain competitive
- They are tech savvy and know how technology can be used to improve the customer experience
- They are all over social media, staying connected with their customer-base
- Millennials want to learn, and they want to be mentored, making them ideal franchisees
- They want work flexibility, and business ownership can let them be in control of their work hours
- They are hungry for success, not just financially but also purpose, balance and flexibility
- They are community-focused and understand that satisfaction comes from being of service to others
NOVUS Glass, the leader in glass repair and replacement innovation, invites Millennials to consider their tried-and-true, growth-oriented franchise business. They promise to give franchises a strong foundation as well as provide the support needed to grow each year. A first-time business owner will appreciate that NOVUS has a reasonable entry fee, lower overhead, and provides the ability to run the business with or without a brick and mortar locationor other employees, if you wish.
For more information, visit us at https://novusfranchising.com or call 800-944-6811.
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