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Why Millennials are Great Franchise Owners

With more millennials opting out of corporate life, owning a franchise is becoming a common trend among the generation. Millennials, a term for those born between 1981 and 1996, make up 30 percent of the pool of potential entrepreneurs interested in becoming franchisees, and that number is growing. It’s expected that during the next 10 to 15 years, many current franchise owners will be retiring, and more millennials will have the cash flow to invest in franchises.

Given the many benefits of owning a franchise, millennials are optimal franchise owners. Here’s why.

Millennials are coachable

Many millennials have an interest in ditching the 9-to-5 life and pursuing entrepreneurship. Owning a franchise gives them the opportunity to receive about the same level of guidance from leadership that they would in an entry-level position. While millennials don’t have the number of years of experience under their belts as baby boomers, millennials are coachable and learn fast. The marketing and training support offered by large franchises helps their millennial franchisees the tools they need to properly run a business.

Millennials desire self-employment

In the projected 42 million people who will be self-employed by 2020, millennials are expected to make up half of that workforce. With so many franchise options, owning a franchise lets millennials choose a method of self-employment that piques their interest, whereas many entry and mid-level corporate jobs offer little room to pursue specific interests. Having a fulfilling career is important to millennials, which is why many are taking the franchise route that is both profitable and satisfying.

Millennials can work and play hard while pursuing their passions

While millennials often have a reputation for being a generation that is lazy and entitled, millennials who are disciplined and entrepreneurial can be wildly successful. Owning a franchise requires the ability to work hard, but it also offers flexibility and an appealing work/life equilibrium. Having the ability to choose your own hours as a franchise owner gives millennials the freedom and flexibility to pursue passions outside of their career.

Millennials want to invest with lower risk

Many millennials have an interest in investing, but as many watched their parents experience the woes of the Great Recession of 2008 or experienced tough financial situations themselves, millennials are being careful about investing. But they are seeing that owning a franchise offers less risk than starting their own businesses, but with the same potential for high reward. 

We help millennials looking for their first or next career move find a franchise opportunity that is a good match with their strengths and interests by using our knowledge about various industry verticals. If you are a millennial who is ready to not only invest in a business but to invest in yourself, contact us to learn more about our franchise coaching services.

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