Looking for strong franchisee candidates? If you want someone with a strong entrepreneurial spirit, who is tech-savvy, enjoys collaboration and desires a proven business model, your perfect candidate is a millennial.
You literally have millions to choose from. The millennial generation comprises 83 million people, ages 18 to 34. Millennials make up the largest American generation, exceeding baby boomers, who number 75.4 million. The best news for franchises is that nearly three-fourths of millennials want to own their own businesses.
Entrepreneurship is extremely popular right now, especially among millennials. And although it may be easier than ever to start your own business, it is difficult to be successful without a solid business plan, adequate funding and support. That’s where franchises have an edge in attracting millennials. With infrastructure, branding, HR assistance, a network of franchisees and possibly financing help in place, millennial franchisees can launch their own businesses much more quickly than if they were starting from scratch, and they can be set up to succeed.
Millennials have strengths that can make them attractive franchisee candidates:
- They are more interested in working for themselves than in traditional corporate settings, but they do not have a lot of experience. They will appreciate that franchises offer the benefits of owning their own business with the security of built-in structure.
- They are extremely comfortable with technology and especially social media, a big plus when starting to promote a new business.
- They are comfortable asking for help and actively seek out mentors, which would make franchise networks a natural fit.
To target millennials for franchise development, you should increase brand awareness efforts and advertise opportunities on multiple platforms.
Strong branding is key. Millennials value brand engagement and authenticity, so be sure that your franchise is relevant, transparent and engaging on social media and elsewhere. Millennials most certainly will check out your brand on multiple platforms before deciding to explore franchising opportunities.
Likewise, you are more likely to reach millennials through digital marketing as well as franchise brokers and public relations. Digital platforms allow you to hypertarget by demographic so you can tailor messaging to that group.
Messaging should be consistent and stress that franchising offers the freedom of owning your own business with a support system that can make launching a business quicker and simpler. Because millennials are younger than typical franchisees, you also may want to talk about your relationship with franchise-specific lenders who can help young business owners secure financing. Emphasize how entrepreneurial ventures, and franchising specifically, enable work-life balance and a flexible schedule, two highly desirable concepts among this demographic.
This is a prime time to market your franchise to millennials. As this huge generation of American workers begins to flood the work force and embark on their careers, show them how they can be successful and achieve their goals with your company. In doing so, you can grow your franchise’s next generation of entrepreneurs.