Millennials, Anyone? Won’t you be our franchisee?
Franchise development has its fair share of challenges, not the least of which is recruiting potential owners who quickly become assets and have the chops to grow their franchise long-term. While Millennials may not be top of mind as your ideal development targets, omitting them based on overgeneralizations or anecdotes can be shortsighted and costly.
Still thinking of Millennials as lazy, distracted job-hoppers? Look more closely. You’ll find these 24- to 39-year-olds are outperforming the stereotype and may be among your next best franchisees. No longer college kids, most Millennials are deep into adulthood and rising in their careers.
According to the Capital One Small Business Growth Index, surveyed Millennials carry attitudes and traits worthy of consideration for franchise ownership. Compared with other generations, Millennials, based on their responses, are:
- More optimistic about current market conditions, but not unrealistic. They’re also more cautious about business, citing concerns about — and preparation for — a future recession.
- More focused on innovation, with more than half of respondents reporting that the innovation they see in their businesses is part of what leads to their optimism.
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