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How Millennials Will Change Franchising
These young entrepreneurs are bringing their technological prowess to the industry
Many people view millennials as being apathetic and hesitant to enter the corporate world. But they are starting to change the public perception by investing in businesses. Millennials tend to be selective when choosing the industry they invest in. A report from Universum found the millennial generation wants to be a part of an industry that provides them with an opportunity to grow and implement new ideas.
"Millennials want to truly understand a company’s purpose, align with it, and work with others to propel the organization’s performance," the report claimed. "Millennials are highly attracted to entrepreneurial energy in the workplace.”
They can find those opportunities in the world of franchising. The benefits provided by franchising, such as being your own boss and investing in your future, are key selling points to millennials. And this generation of entrepreneurs is changing the way we look at franchising.
Whereas some entrepreneurs grow with one brand, millennials are investing in several different types of franchises. No Limit Agency* Chief Brand Strategist Nick Powills said this is becoming a major trend.
“In the future, millennials may be categorized as distracted entrepreneurs,” Powills said. “However, this could turn into a huge opportunity for franchisors. Because of the distraction, there may be a higher percentage of millennial franchise owners that are multi-brand buyers. Their distractions will lead them into multiple brands — building their empires with many ideas rather than sticking with one.”
Millennials grew up in the digital age and are helping brands change the way they use technology. Wired found that understanding millennials online behavior will help industries use technology more proficiently. Mobile platforms, the use of social media and a streamlined website are some things the millennial generation is more accustomed to. These uses of technology are ways millennials will help the franchises succeed.
The International Franchise Association (IFA) recognized this new generation of entrepreneurs during its NextGen in Franchising “FranShark” event at the 2016 IFA Convention. During the event, young entrepreneurs were given the chance to present their business ideas to a panel of franchise industry experts. Powills said this event was a turning point for the industry.
“This event marked a significant turn for the IFA, as the old guard started recognizing the next big thing in franchising,” said Powills. “Giving entrepreneurs with big ideas the chance to showcase their experience is invaluable and the energy is alive and well within the up and coming community."
It's clearly apparent that a whole new generation is entering the franchising industry and bringing new ideas to the table while helping change the way franchisees invest in a business and use technology.
*This brand is a paid partner of 1851 Franchise. For more information on paid partnerships please click here.
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