Not only do franchisors benefit from attracting millennials but, for the next generation, franchising offers a cost-effective alternative to university education
Millennials are a hot topic of conversation at the moment. Born between the early 1980s and the 2000s, they have grown up in a tough economic environment and often have first-hand experience of the harsh realities of being part of the labour force. They have witnessed a global recession, a staggering hike in university tuition fees and a job market leaning more heavily toward short-term contracts than full-time jobs.
I was recently invited to take part in an event at a local college, which was aimed at inspiring students to flex their business muscles and fire up their entrepreneurial spirit. The experience made me think about how we should be actively encouraging ambitious young people – namely millennials – into the world of franchising.
Franchising is a perfect match for our millennials. It offers a refreshingly positive and promising future, providing instant career opportunities and great prospects from day one. With the right attitude and aptitude, a motivated millennial could hit the ground running with a franchise and spend less than they would on tuition fees in a year. Instead of being saddled with enormous debts and student loans, a franchise would give them the opportunity to learn about building a business from the ground up whilst also earning a good living along the way.
Providing the funding for a franchise is also an increasingly attractive alternative to financing a university education for parents who want to help their children get the best start in life. They can rest assured that they will be taken under the wing of a trusted and established business brand, be comprehensively trained and offered ongoing support.
A good franchisor will know exactly how to channel and foster the ambition, hard work and determination a bright young franchise owner would bring to their network. With exam results on the horizon and career paths stretching ahead, this is clearly the optimum time to start engaging with millennials fresh out of college or university. Given there is an enormous and diverse range of businesses to choose from, franchising offers millennials a world of opportunity to explore. It is up to us to open the door and welcome them in because we will all enjoy the benefits of their aspirations.
It is a win-win situation for young franchise owners and franchisors. And you don’t need a university degree to work that out.