Before Gen Z stole the spotlight, there were Millennials. Millennials are classified as anyone born between the years of 1981 and 1996, according to Pew Research.
Sandwiched between Gen X and trend-setting Gen Zers, Millennials have their own unique set of qualities – especially when it comes to business ownership. Most of the demographic came of age while facing the height of an economic recession, which has shaped them in a different way than other generations.
In 2021, Franchise Insights reported that, for the first time, more Millennials (24.7%) were seeking franchise ownership than Baby Boomers (23.4%). Luckily, Millennials make great franchise owners. Here’s a few reasons why.
They Connect with a Brand
Millennials are passionate about what’s important to them.
“The ones that are the most successful are people that actually like what they’re doing … they’re connected,” said Dan Rowe, CEO of Fransmart. “If a millennial bought your franchise because they like it and want to do it, the odds are greater that he or she is going to be running the place enthusiastically and doing the right things.”
This personal connection with a franchise shines through in Millennials’ work and skill set.
They’re Engaged Online
“In any franchise, the locations that are run the best are the ones where franchisees are engaged,” said Rowe. He noted that this includes posting on social media, something Millennials are very prone to do, especially when it comes to things they are interested in and/or care about.
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