Why Millennials Make Great Franchisees

Before Gen Z stole the spotlight, there were Millennials. Millennials are classified as anyone born between the years of 1981 and 1996, according to Pew Research. 

Sandwiched between Gen X and trend-setting Gen Zers, Millennials have their own unique set of qualities – especially when it comes to business ownership. Most of the demographic came of age while facing the height of an economic recession, which has shaped them in a different way than other generations. 

In 2021, Franchise Insights reported that, for the first time, more Millennials (24.7%) were seeking franchise ownership than Baby Boomers (23.4%). Luckily, Millennials make great franchise owners. Here’s a few reasons why. 

They Connect with a Brand

Millennials are passionate about what’s important to them. 

“The ones that are the most successful are people that actually like what they're doing … they’re connected,” said Dan Rowe, CEO of Fransmart. “If a millennial bought your franchise because they like it and want to do it, the odds are greater that he or she is going to be running the place enthusiastically and doing the right things.”

This personal connection with a franchise shines through in Millennials’ work and skill set.

They’re Engaged Online

“In any franchise, the locations that are run the best are the ones where franchisees are engaged,” said Rowe. He noted that this includes posting on social media, something Millennials are very prone to do, especially when it comes to things they are interested in and/or care about. 

As a generation that grew up in the age of social media, Millennials know how to leverage these platforms to interact with customers, Forbes noted. Social media is constantly changing, and if a brand fails to keep up, they could struggle to remain relevant. 

Social media aside, Millennials are also very tech-savvy. They’re familiar with how to use technology both internally and to improve customer experience. 

They Want to Make a Difference

Millennials are also known for being purpose and ethics-driven. A recent survey from Deloitte found that 52 percent of Millennials and Gen Zers feel empowered to drive change within their organizations, while nearly two in five said they have rejected a job and/ or assignment based on their personal ethics. 

Their drive to make a difference means that they will invest in causes they are passionate about and work to serve the community they are in. 

They’re Open to Learning 

The Deloitte survey also revealed that 29 percent of Millennials chose to work for their current organization because of learning and development opportunities. The young professionals are keen to expand their knowledge and try new things. 

Forbes pointed out that, because of their desire to be mentored, Millennials will be attracted to franchise opportunities that emphasize franchisee support. 

They Think Creatively

Millennials’ tendency to be more open-minded means they are more likely to come up with fresh perspectives and ideas. Especially with technology in the picture, the group is seemingly coming up with new ideas left and right. 

This can be beneficial to any franchise, whether it is 100 years old or brand new. It is important to have forward-thinking people at the face of your company.