Talkin’ ‘bout Y Generation

There’s no denying that Millennials have become a focal point for many stories in the media. They are a free-spirited, opinionated group hell-bent on challenging traditional societal norms. Trying to capture the business of this influential demographic is becoming more important every day. But what about putting them in business? Is it worth it for franchise developers to target Millennials as prospective operators? 1851 Magazine had a chance to speak with three Millennial franchisees who break the mold and are dominating their respective industries about what advice they have for other young professionals thinking about business ownership. Drew McWay, 27, PRO Martial Arts McWay is a mergers and acquisitions consultant by day and a PRO Martial Arts franchisee by night. In 2009, McWay left Peru after spending a year developing microfinance institutions, moving to South Africa to continue work in microfinance. This endeavor ended in 2010, when McWay moved back to his hometown of Dallas to figure out his next step. McWay currently advises business owners on the sale of their companies. Through the daily experience of working with business owners, McWay’s own entrepreneurial spirit kicked in, which is how he came to become the first PRO Martial Arts franchisee in Dallas. Advice for other Millennials: “I would tell them, from a business standpoint, you need to make sure you do your homework,” McWay said. “Franchising isn’t a ‘business in a box’ like many people think. There are a number of specific challenges that come with being a first-time franchise owner, and you need to be ready to respond to those challenges. Also, putting the right people on your team can really make the difference. Your business will always be as good as the people you choose to help run it with you.” Molly Martin, 24, Wireless Zone Martin was named the 2013 rookie of the year by Wireless Zone, and she’s a multiunit owner with two locations in Michigan and an additional mall kiosk in development. She’s been in wireless retailing since she was 15, answering phones as an intern. A year later she was a sales person on the floor, by 20 she was the sales manager, and at 22 she was the division manager before she dove into business ownership. She is a mother, a determined businesswoman and currently on her way to building a cell phone empire. Advice for other Millennials: “Time is a huge deal when you first start out,” Martin said. “Being a multiunit owner in the retail industry means I have to be on call 24/7. It’s a big time investment, so be prepared for that. As rewarding as being an entrepreneur is, it’s also just as important to find a work-life balance so you don’t burn yourself out, but you have to give a little in order to be successful.” Sam Langer, 24, GYMGUYZ Langer became the very first franchisee for GYMGUYZ, a mobile fitness and personal-training company. Upon graduating from college, Langer landed a dream job for any passionate sports fan: a project sports planner for ESPN. However, while working in the sports industry, Langer entertained another passion: fitness and personal training. At the ESPN office, Langer became the impromptu personal trainer for his colleagues, even his bosses. After doing his due diligence, Langer bought into GYMGUYZ and became profitable in just two months, which is almost unheard of in franchising. Advice for other Millennials: “If you’re passionate about whatever you’re thinking about going into, take a leap of faith and trust that you know what’s best for you and your dreams,” Langer said. “You have to be persistent and dedicated to your business. Never stop marketing and networking, because you want to reach as many potential customers as possible. Utilizing your resources to the fullest is extremely important.”