Marketers, employers and franchise executives alike often find themselves confounded by Millennials. How does one create franchise opportunities that appeal to this new generation of franchise owners?
Especially over the last five year, many franchise industry decision-makers have been questioning the best process to focus upon the needs and concerns of the Millennial candidate in an effort to gain a competitive advantage. Millennials are unlike any generation that came before them. And the group is looking for five key elements in franchising opportunities.
1. They Crave Purpose-Driven Work
Unless the business has an impactful footprint, a way in which it is helping the world at large, this generation comprised of people born between 1981 and 1995, will find no interest in the topic. There’s a big misconception that Millennials are entitled and lazy and that they require not just that the entire world is their stage, but that they must get press for doing nothing in the play. That assessment is not based on reality. Millennials genuinely want to spend their time doing work that has a positive impact on others. Franchises that have clear and concise missions that include “giving back” are ahead of the game.
2. Schedule Flexibility
This generation has been raised in a technologically advanced culture. Online meetings, classes, and smartphones have made it easier to be efficient. Being tied to a desk with a specific schedule is often viewed as an archaic practice to Millennials. Companies that offer flexible scheduling much more successful than those with the standard 9 to 5 schedule.
The integration of technology is an absolute requirement for pitching this demographic on your franchise opportunity. Creative franchise companies are building platforms and tools which boost the effectiveness of the business while embracing the franchise owner and customer needs and expectations.
4. Real Community
Collaboration is key for Millennial workplace joy. From group projects to open-air workspace hubs that encourage the sharing of ideas and resources, the age of the solo professional is ending. Building a thriving franchise community begins with the creation of an intentional and specific commitment and plan. Technology can make this process easier with the hosting of online meetings or training sessions.
The majority of Millennials want to do their own thing. They have zero desire to work for someone else, to build someone else’s dream. They are an entrepreneurial generation. They also prefer a coaching environment instead of the typical “boss and employee” model. Fantastic for forward-thinking franchisors set to offer this kind of support to their franchise owner communities.
Franchise brands which fully embrace the preferences and create solutions for pain-points of the Millennial generation will realize much more of the market share.