As millennials have become the biggest demographic in the current age, taking up a significant portion of the population, there comes the question of how they are molding society and building the next phase of civilization. A popular life-and-career choice for this generation has been to enter franchising, with over 700,000 establishments in 2018 alone. So what exactly makes this the choice for Gen Y’s future planning?
It has an abundance of opportunities
There are a lot of practical food franchise opportunities out there now that are easily accessible because of online sources and affordable business plans. A lot of these brands are flexible with the type of cuisine they serve, and the market is huge for varied dishes and diverse goods these days.
From popular favorites like pretzels to other more niche products like gamers’ items, a brand caters to a specific audience willing to keep going back for more. Because franchising has become an achievable aspiration, it’s become all that more attractive to start working towards it and making the investment to do so.
Today’s market has proven that consumers are willing to bet on favorite brands that are casual and create familiarity. That makes would-be establishment owners more willing to bank on this because there is a higher success rate found in this rather than launching from scratch.
It fits generational motives
Millennials want to be entrepreneurs and business owners, taking charge of their own fate and managing their assets to suit their own aspirations and goals. While this generation yearns for stability despite the rocky market that met their entry into adulthood, there is a stark focus on work-life balance.
A lot of the sentiment from this generation stems from a desire to have a good quality of life that gives enough time for family, friends, and self-care. Polls have shown that the majority of Gen Y working adults take this into account when thinking about their career path, along with attaining financial security.
These factors make it more sensible that 75% of millennials surveyed say that they want to enter the world of entrepreneurship by way of business start-ups and franchises. Doing this allows more control over one’s schedule and how to manage and market one’s own business.
Resources have changed
For better and worse, the resources that millennials have access to are different from any generation that came before them. Technology and social media have provided more avenues to find success, create networks, and spread awareness for brands and the like. At the same time, financial pools are not quite as abundant as they may have been for their predecessors because of inflation and the like.
All these make this generation the prime franchisees because they want to put their money wisely into strategic risks that have a secure pay-off while still able to make the most of the technology and creativity in their arsenal.
All these factors play into why the echo generation has chosen to become pillars in the thriving world of chartered businesses.
