Talk on the Street
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Talk on the Street
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Millennials Coming of Age as Franchisees
Millennials, often labelled lazy, self-absorbed & apathetic, are coming of age as franchisees due to their adaptable, tech-savvy & industrious lifestyles.
Millennials, those born roughly between 1980 and 2000, are the largest living generation in the United States according to the Pew Research Center. While often referred to as lazy, self-absorbed and apathetic, Millennials are extremely adaptable, tech-savvy and industrious.
And it’s these types of qualities that are drawing more and more franchisors to seek out millennials as potential franchisees.
Millennials Wary of Corporate America
Having watched, or experienced, the Global Financial Crisis (GFC) of 2008, Millennials are wary of corporate America. A report put out by the U.S. Chamber of Commerce found that 66 percent of Millennials are interested in entrepreneurship.
The unstable job market and highly stressful corporate work environment that saw many suffer great losses through the GFC has let to many Millennials searching for alternative employment options – and franchising is at the top of the list as one of the most attractive choices for this demographic.
Franchising offers the ideal alternative to the corporate route.
Franchising Opening Doors to Entrepreneurship
Investing into a new independent business, with high real estate and marketing costs as well as all the up-front set-up required, is a daunting task, especially for the fast-paced wary Millennials.
The franchising model, which focuses on utilizing a tried and tested set-up, marketing and business system makes sense to the socially connected Millennial who wants some degree of independence and flexibility, but doesn’t want the risk of a new start-up.
“Franchisees tend to work together, sharing tips and advice with other franchise owners,” says Derek Cafferata, CEO and President of All State Franchise Finders. “Franchisors, especially those who businesses are socially networked and tech-savvy, are quickly realizing the potential that the Millennial generation offers to franchising.”
Even the International Franchise Association (IFA) has seen this move of Millennials coming of age and moving into the franchise market. The IFA launched a program called NexGen, directed “specifically towards this demographic to attract and educate them in the concept of franchising.
Millennials Thrive on the New Franchise Landscape
Derek Cafferata believes that social media marketing is an extremely important tool to attract Millennials into the franchise business model. “Social media is how and where this generation connect”, says Derek. “A franchisor looking to expand their brand needs to ensure they tap into this market.”
Derek and his team at All State Franchise Finders focus a significant amount of their time and effort reaching out through the major social media networking sites, including Facebook and Instagram.
The franchising landscape is definitely changing. Franchising is no longer for the high-earning, successful corporate climber with large cash reserves who wants to go out on his own.
Combine a tech-based business system with a strong focus on online social media marketing, clean green methods with a fresh vibrant product or service and you have the ideal franchise for this generational group.
“Millennials have already been credited with changing the fast-food restaurant industry with their demand for fresh, health alternatives,” says Derek Cafferata. “Millennials are now changing the franchising industry from within.”
All State Franchise Finders Working with Millennials
All State Franchise Finders, with their headquarters based in Fort Worth, TX. are finding more and more Millennials coming to them for advice about the potential of franchising. And the number of successful applicants from this demographic is increasing all the time.
For more information about franchising, whether you are looking to expand your company, or you are looking to become a franchisee, contact All State Franchise Finders on 1-800-544-2161 or visit allstateff.com today. All State Franchise Finders are your Franchising Experts!