Next year marks approximately 20 years into the lifespan of some of the youngest members of Generation Z, the latest population group ready to create a new spark in the business world. Franchisors stepping into long-term relationships with up and coming Gen Z folks are sprouting up even now.
Starting out after 1995, with some considering the generation to have began even later (and much debate ongoing regarded their name), individuals coming out of this era are some of the most connected and communication savvy out there, with digital media being a key part of their lives. Having entered the world during such a powerful age for technology, this generation unsurprisingly stands to benefit businesses focused on online presence and businesses that feature opportunities for those seeking flexible, internet-based careers among others.
Just this year, CruiseOne travel franchise teamed up with what is now the company’s youngest franchise business operator. After completing the mandatory six day training program to join the nationwide team of franchisees at the age of 18, Texas-based Mubeen Walimomin is turning his aspirations to operate a flexible career into a reality that matches his passion for travel and business. Provided training, a home-based operations set-up for franchisees, SBA loan approval and a low cost start up fee make CruiseOne a well-suited business opportunity for all age groups seeking to be their boss.
Just 8% of respondents to this year’s Prospective Franchisee Survey fall into the age range of 18-29, making these younger prospective franchisees a somewhat atypical feature when compared to the more numerous 40 - 59 age group. Nevertheless, younger franchisees like the one previously mentioned are popping up in their search for an independent career that allows for flexibility and time to enjoy life along with the support that goes with an established business model.
Also a generation known for its diversity, this budding group of potential entrepreneurs could introduce an even wider range of ethnic backgrounds into franchising to expand on the already inspiring number of minorities operating as franchisees versus non-franchised business owners. Consistent increases in minority involvement in franchising may well fall into line with the increasing pool of younger franchisees coming from a diverse set of backgrounds.