Today's fast-paced and technologically-driven environment enables more people, regardless of age or experience, to pursue independence and start their own businesses. Additionally, the ease of entry and minimal initial investment make franchising an appealing option for entrepreneurs of all generations.
Even though the motives for joining a franchise vary by generation, many businesses can attract Millennials, Boomers, and even Zoomers. A franchise’s approach to each franchisee's specific needs makes it an attractive option to all generations.
Millennials and Generation Z
Millennials are those between the ages of 24 and 39 who are the most active franchise buyers today. Furthermore, according to a recent survey, the number of franchisees under 30 is growing. Nevertheless, they are becoming an engaged workforce and are driving innovation and digitization in various industries.
And, even though Gen Z (born between 1997 and 2012) is only now entering their twenties, many are anxious to start their own enterprises and are beginning to join franchises.
What qualities do Millennials want in a franchise?
Technology and digital presence
They are the first generation to have grown up in an era of rapid technological advancement and the internet. This is why people born after 1981 want to work in the digital technology industry. Franchises with advanced technology and new mobile apps, for example, are ideal for tech-savvy Millennials.
Training and assistance
Younger generations, despite their ambition and resourcefulness, frequently lack industry-specific expertise. Millennials are interested in continuing professional education because of this and their internal motivation to improve themselves. With an online training platform, franchises can make it more accessible to master certain skills and compensate for a lack of experience.
Workplace culture, values, and social responsibility are all important considerations.
Millennials and Generation Z are more aware and aggressive about social and environmental concerns than any previous generation. As a result, they want to work with and associate with businesses that are genuine and committed to making the world a better place. Therefore, it is critical to have a work culture that is founded on equality and mutual understanding.
Boomers who are still evolving
People in their 50s and 60s who are primarily concerned with their retirement are a thing of the past. According to recent research, around four out of every ten entrepreneurs were over 50. People of that age are willing to take calculated risks and prefer to work with well-established businesses.
What makes a franchise a good fit for Baby Boomers?
A proven business model
Boomers are not interested in beginning a business from the ground up and wasting time in several trial and error situations. People over the age of 50 want to work with a franchise with years of experience in the market. Business models that have proven to perform and generate profits are important considerations in their decision-making process.
Protocols and systems that are well-established
The Boomer franchisees have a wealth of expertise and are anxious to put it to use. They do, however, place a high emphasis on the brand's pre-existing systems, automation, and processes. In general, Boomers prefer to apply their expert abilities to a well-established system that can assist them rather than reinvent the wheel.
Stability and security
Baby Boomers are devoted employees and business partners, and they expect mutual respect from franchisors and managers. In addition, boomers are less inclined than their younger counterparts to make risky investments, so they choose franchises with years of experience and are here to stay.
Regardless of your age and background, there are franchises that have everything you need to become a successful business owner.
Are you interested in learning more? Please schedule a quick call with me to learn more about your franchise options.