Top Three Things to Consider When Selling Franchises to Millennials

Millennials continue to be a hot topic—and they’ll probably remain a hot topic until we can fully understand what makes them tick. Whether you’re a marketer trying to figure out how to separate your brand from the crowd in a Millennial’s eye, or the CEO at a large company trying to attract and retain young talent, one thing is clear—everyone's in the same boat.

 

In that boat is the franchise development world. For franchise sales executives, the urgency to shift focus to the younger generation increases by the day. And to continue to grow a brand over the next several decades, they must make it a priority to rethink how their company can sell their business opportunity to this younger generation.

 

So how do you approach a Millennial and show them the value of franchising? At 1851 Franchise, we believe there are three things franchise sales executives should consider when targeting and speaking to this demographic.

 

Although Millennials spend a lot of money on high-end, Instagram-ready food and other luxuries, it doesn’t mean they necessarily have the capital for a large investment. With large student loan debt and a job that most likely isn’t paying what they had thought they would be making, Millennials’ entrepreneurial spirit is stuck between a rock and a hard place because of capital. To help sell to Millennials, it may make sense to consider incentives or reduced fees in order for the right candidate to join and help the brand grow.

 

Millennials would be lost without access to a plethora of information on anything they desire. So as a franchise organization, you need to be prepared to feed them that information. A prospect will Google until they are blue in the face to learn everything about your brand, so instead of letting them take the steering wheel, direct them to the information. Provide them with news articles, franchisee testimonials and connect them with other owners in your system that share similar characteristics to them. The due diligence process is taking on a new form with this generation, and we have to embrace it. And now more than ever, PR and the marketing of that PR can be a valuable third party validation tool to help promote a positive research period.

 

Millennials are entrepreneurs at heart, but because of some of the generation’s characteristics, they may view franchising as one of those big businesses they often oppose. We need to make it known that they can fulfill their entrepreneurial spirit through franchising. Franchising was founded on providing a proven system to entrepreneurs in order to reduce risk of starting a business on their own. And because Millennials don’t necessarily have the capital to take the risk of opening something on their own, franchising is a perfect solution. It’s about showing them the value of the model and the ability to control their own destiny through business ownership.

 

While Millennials may seem like a challenge on the surface, franchise sale can be successful by shifting some strategy and focus on the methods you’re currently using. The prospect today is much different, and if that is part of your mindset as a brand, growth opportunity is unlimited and, at the same time, will fulfill this generation's needs in the workforce.