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The millennial generation has borne the brunt of many unfavorable jokes, right?
The group is chastised for needing pats on the back and participation trophies rather than merit-based kudos. But today’s 25-40-year-olds are not the workplace pariahs that older generations imagined.
Rather, they have many qualities that are quite admirable (not just redeeming). And these millennial/Gen Y characteristics are also traits that are suitable for franchise ownership.
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They care a great deal about leaving the world a better place.
Making a positive impact on their world and communities takes different forms for millennials than it did for us older folks (at least at that age). This group is often guided by their internal drives for goodness, whether that means environmental passions or making their work meaningful to more than just their wallets. The generational drive to improve their world directs millennials to exceptional franchise operations that enhance their communities. This group is keenly aware that their work efforts can be profitable and good.
They are digital natives who understand social influence.
Computers and smartphones are as natural to millennials as walking. Their savvy with technology makes franchise software seem simple, and they know how to use data to improve the customer experience and the franchise sales numbers. An immersive life experience in social media also makes millennials adept at multiple platforms for customer communications and engagement. The ease with which they absorb new technology makes them ripe for franchise business management. What can be a challenge to older franchise prospects comes easily for our millennial generation. Even better, they understand the nuances of various social platforms and manipulate them effectively because they already understand the language and culture of each one.
They are bold and fresh.
Any entrepreneurial project demands boldness and energy, and franchising is no different. Millennials now represent nearly 20% of new franchises, and that number is increasing. Why? Because franchising rewards franchisee courage. When combined with a proven brand and operation, it’s a win-win for the franchisor and the franchisee. Franchisors crave eager owners who are ready and willing to dedicate themselves to their new venture. Millennials have the internal drive that works very well for franchising.
They collaborate well.
The uninformed comments about millennials’ need to for affirmation are misinterpretations of something very good—teamwork. Everyone likes to be recognized and acknowledged for their contributions, but this generation prefers their contributions be part of collaborative projects where praise is shared. They are naturally inquisitive and eager to learn from others. This partners very well with franchisors who provide training. A good match-up for millennial franchisees is very interactive and cooperative in running effective franchise sites. Just as they desire mentoring, they want to participate in franchise decisions that impact their investment. Franchisors who focus on support and franchisee networking will discover millennials who excel at promoting the brand.
As franchisors seek appropriate prospects, millennials are an excellent source for the future of the organization. They offer guile and guts while bringing tech-savvy to a group that seeks success. Millennials and franchising together create a fresh and dynamic opportunity for success operations.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.