How Millennials Will Change Franchising
The franchise industry is stepping into the future. Currently, millennials are aged 25 to 40 and comprise over 28% of franchise owners. So what does this mean for franchising as we know it?
Millennials look for very different qualities in the franchises they choose to invest in, and they possess a leadership style that contrasts that of prior generations. As they come into their own, millennials are rapidly reshaping franchise ownership with advances in innovation and technology, all while creating a sense of connectedness within their businesses.
Are you ready for franchise ownership in the millennials’ digital age? Get ready for a new era, because franchising will never be the same.
Millennials Have Fresh New Ideas
Millennials thrive on change, and they aren’t afraid to instigate upheavals of their own. People in this demographic tend to dream big, believing in their ability to have a lasting, positive impact on society.
This also reflects in their values. Millennials are 53% more likely to switch to a brand for being more environmentally conscious than competitors. Their appreciation for eco-friendly brands also leads them to develop new, sustainable business practices which could totally reimagine our age-old franchises.
In other words, millennials are ready to transform franchises with their burning desire to change the world.
Millennials Are Open to Technological Innovations
Many older franchise owners are hesitant to incorporate new technology into their business plans. Since they weren’t raised with smartphones and touchscreen devices, they sometimes don’t see the benefits of technological innovation. On the other hand, millennials grew up with social media and online platforms, putting them in a prime position to obtain and adapt to new, franchise-friendly technologies.
Going forward, this adaptability may make or break successful franchises. The rapid digitalization of our society has impacted customer expectations and is already reshaping how franchise owners must run their businesses. For example, millennial franchise owners are quick to implement digital payment options like GoogleWallet and ApplePay. Millennial franchise owners are also more likely to use modern software tools like artificial intelligence to keep track of inventory and customer spending patterns.
Soon, these trends will be the norm for franchises across the globe as millennials’ enthusiasm for technology forever alters the franchising industry for the better.
Millennials are Motivated by Teamwork and Collaboration
There is no quicker way to drive millennials away from franchise ownership than by making the business practices seem too cutthroat or competitive. Millennials are motivated by a sense of community in the workplace. Their goal is for everyone to feel equal and part of the team, not like cogs in a machine or tools to be used.
When it comes to franchising, millennials like to introduce a sense of teamwork to any franchise. They are eager to implement interactive training and hands-on mentorship. On top of this, millennials are quick to acknowledge their employees for a job well done and create cooperative projects where everyone plays their part.
If you’re a millennial looking for a franchise that values collaboration, consider enlisting the help of a franchise consultant that can help you find the right fit.
100 Acre Consulting
The franchise industry is booming, and millennials are poised to change franchise ownership for the better. But no matter your age, there are franchise ownership opportunities available for anyone eager to become their own boss.
If you’re interested in franchise ownership, a professional opinion can help you find the perfect franchise to match your skillset and knowledge. At Hundred Acre Consulting, we have over 25 years of experience in franchise consulting. Our expertise and connections can guide you in the best direction for your lucrative franchise investment.
Ready to get the ball rolling? To learn more about our services, contact our team today!
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