The generation which so many have bemoaned for years -- with accusations of laziness and entitlement -- is surprising everyone (but themselves) as more and more millennials are drawn to the franchise model. According to Restaurant Marketing Labs, millennials spend more money in restaurants that any previous generation. Growing up during the recession and the subsequent rise of trendy, more affordable fast-casual brands like Chipotle and Panera Bread, it actually makes perfect sense that millennials would be interested in the industry.
QSR Magazine tackles what sets millennials apart, how they’re taking franchising by storm and shaking up a previously considered “of the past” industry.
“Restaurants are traditionally viewed as risky, but not to [millennials]. They’ve gone through risky with tech,” said Andrew Gruel, chef and found of Slapfish, on how many of his peers made money in tech and are now looking for smart ways to invest. “They see franchise agreements as a built-in insurance policy. They’ve got proven data, unit economics, operations manuals, legal protections … and that’s built-in safety.”
QSR also spoke with 34-year-old Paul Tran, COO of Halal or Nothing, the Southern California franchisee of The Halal Guys, about why millennials are what franchising needs. ““[Millennial franchisees] are doing this because we’re fanatical about a brand, not just to get a paycheck,” Tran told QSR. “We want to do something meaningful and share it.”