Franchising – it’s not just for Boomers anymore. While that statement might make for an interesting bumper sticker, there’s quite a bit of truth at stake. In fact, according to Canadian Franchise Association (CFA) data, approximately a third of all prospective franchisees in Canada are between the ages of 18 and 34. Yet they only make up less than a quarter of the entire population. What this means is that Millennials, as a generational demographic group, have just moved into second place overall when it comes to an interest in franchising.
What’s so special about this demographic? Why the increasing interest in owning a business of their own? FranNet of Canada went searching for answers…
Depressed Job Prospects
One of the key factors driving the younger demographic to investigate franchising is the lack of available opportunities for graduates right out of school. Many have student loans to pay back and are unwilling to wait around and allow compounded interest to drive up the total amount. Canadian Millennials tend to be highly educated – and motivated – but many of the job positions that are open don’t meet their situation, needs, or salary requirements. Franchising has become a means of taking control of their own destiny.
They’re Both Socially and Technologically Savvy
Not only are Canada’s Millennials highly educated, they’re also very savvy when it comes to social media and advanced communicative technologies. Both of these skill sets are fast becoming the preferred means of franchisors trying to connect with their target market of consumers. It’s an aspect of the franchising business models where Millennials don’t require much training or ongoing support – they’re simply naturals at it. But that’s not to say they don’t appreciate the mentorship that comes with the franchisor-franchisee relationship. In fact, they can be exceptionally good at taking instruction and accepting guidance in following a proven system.
Perceptions and Misconceptions
At times, Canada’s Millennials can be mistaken for being an entitled group. But the truth is that most are quite driven, motivated, and energetic about getting out in the world, planting their own flag, and creating something successful. Much like their counterparts in the U.S., they’re often more altruistic than the generations before them – believing in things like the collective good, social responsibility, and charitable work. And since many franchisors pay special attention to proprietary programs that give back to the community, this aspect can be a very effective recruiting tool.
There’s a large pool of franchise ownership candidates out there, provided Canadian franchisors don’t overlook the Millennial generation. As a whole, they’re fast approaching an inflection point in which they’ll be a force to be reckoned with – both figuratively and financially. Disregard them at your own peril.
We’re now halfway through the 2022 year, and if you’re ready to begin your entrepreneurial journey, FranNet of Canada can help you get started. With consultants serving every Canadian province, you can set up a no-cost, no-obligation appointment with one of our qualified representatives. To find your local province consultant, simply follow this link and select “Canada” on the FranNet Franchise Consultant Directory page of our website. Getting started is easy – reach out and talk with one of our franchise experts today!