Franchising: The Younger Generation Steps Up

Who are these people?

Millennials have their own set of characteristics and behaviors that sets them apart from previous generations. Demographic researchers have spent significant time interviewing this population to deconstruct norms, behaviors and trends. Among the most fascinating of the findings indicates that Gen Y isn’t driven by money or status. They don’t mind hard work, so long as it’s achieving an idealistic aim. They’re more environmentally conscious, with a strong focus on sustainability and climate change. As one would expect, they’re digitally savvy, paralleled by the progress of the smartphone. All these factors, cumulatively, have breeded a strong gravitation towards collaboration and teamwork. Millennials still attract a fair share of criticism – most of which centers on the perception that they’re lazy, entitled and self-absorbed. But to be fair, these labels – and others like them – have been assigned to many generations before them. It’s seemingly a rite of passage.

Related: Millennials Aren’t Always About the Digital Experience. That’s Good News for Your Marketing Department.

A bright and shining future

When franchise seekers from Generation X and Y are combined, it’s easy to understand why industry experts are optimistic about the future of franchising. They’re right in the wheelhouse of their prime business ownership years, which has been boosted by external factors like the pandemic-related Great Resignation. Tens of millions of employees have spent the last two years evaluating their circumstances and a large percentage of them decided that they want something different. While many wanted out of their jobs for a similar high-paying equivalent, a larger number of workers headed straight for an offramp exit out of corporate America. Those aged 25-56 now make up the largest segment of candidates in the market for business ownership through franchising.

The career model we’ve all come to know so well is undergoing rapid changes. If the future of work caters to flexible scheduling, remote work and a higher degree of connectivity, franchising will continue to be an attractive option. And a receptive generation appears poised to capitalize on its popularity as an alternative to climbing the corporate ladder.