Why Millennials are Joining Franchising

As the largest segment of the U.S. population, millennials are now seeing franchising as an opportunity to invest in their future

By Nick Powills1851 Franchise Publisher

SPONSOREDUpdated 8:08AM • 03/02/16

Fifteen years ago you would have been hard pressed to find anyone in their late 20s or early 30s in the franchise industry. For the most part, franchising was reserved for baby boomers that had years of experience in the corporate world. But that narrative is starting to change as more millennials are entering the world of franchising.

The public has been fed the stereotype that millennials are self-absorbed and generally apathetic. It’s a categorization that frustrates many of this generation, but things are different. Millennials are no longer looked upon as careless employees, but instead have become successful entrepreneurs in their own right. Best in Class CEO and Chairman Hao Lam said millennials gravitate towards franchising because the industry appeals to their core values.

“There are a lot of franchising concepts, including Best in Class, that fit millennials core values of making a difference and being in an a position that matters,” Lam explained. “Millennials see franchising as a viable industry because of its accessibility, affordability and the opportunity to make a difference with their business.”

Lam elaborated that there are new franchising concepts popping up everyday. He said millennials want to make an impact and be apart of something new.

You’re more likely to see a millennial entrepreneur these days go into business for themselves, rather then sit in a cubicle all day. Mosquito Joe* Director of Franchise Development Jodi Ramoino said franchising appeals to millennials because they know they can enter into a business where they can be their own boss and invest in their future.

“Most millennials grew up in environments where choices were always an option, "no" was rarely the answer, and if something wasn't fun they didn't have to do it,” Ramoino said. “That kind of freedom makes millennials perfect for franchising because this industry allows them to take control of their future and often times gives them the freedom to build something from the ground up, yet with the safety net of the franchisor behind them.”

Despite the media-fed stereotypes that millennials are self absorbed, avoid hard work and gravitate towards a non-conventional approach to business, it’s clearly evident that franchising has provided this generation with a new path forward towards independent business ownership. And it’s time that franchisors stood up and paid attention to this demographic because according to the U.S Census Bureau, millennials now number more than 83 million and represent more than one quarter of the nation’s population. Whether we like or not, the United States is getting younger and franchising remains an important part of millennials’ future.

*This brand is a paid partner of 1851 Franchise. For more information on paid partnerships please click here.