Foxy Box Wax Bar – Victoria, BC

Why Millennials are the Future of Franchising

Talkin’ bout my generation

As a child of the late 80’s, I’m what most people would classify as a millennial. We’re also called Digital Natives, Gen Y, Generation Me, Generation Rent and sometimes Echo Boomers. Whatever you want to call us, we’re often regarded as entitled, lazy, Kardashian-worshipping narcissists. But I’m here to say that me and my selfie-taking peers have more potential than our undeserved bad reputation gives us credit for. It’s time for us to shuck the tired popular narrative that deems us sheltered, spoiled, internet zombies and take our rightful place as the leaders of tomorrow!

 

My experience with Foxy Box allowed me to spend the last 5 years helping to build a company with a team of young women, and what this journey has shown me is that there are plenty of millennial characteristics that lend themselves perfectly to business, and specifically to the Franchise world! There are many qualities of my generation I could outline that set us up for success, but today we’re going to discuss the top 3 reasons why millennials are the future of franchising.

 

Two heads are better than one

We’re collaborative. Donna Fenn is an accomplished journalist, author, and editorial consultant who has been writing about entrepreneurship and small business for more than thirty years. In her book, Upstarts, How GenY Entrepreneurs are Rocking the World of Business, she wrote: “Millennial entrepreneurs tend to be highly collaborative, and less protective when it comes to ideas.” This willingness to work together, pitch ideas and accept feedback is an incredible advantage in the franchise industry.  Franchising by nature is inherently collaborative. The health and success of the franchisee’s company determines the health and success of the franchisor’s company, it’s a classic win-win (or lose-lose) set up.

 

A common catchphrase used often in this industry is that franchising allows you to “be in business FOR yourself but not BY yourself”. While cliche, the statement proves to be true. Franchising is truly about collaborating and sharing success… enter millennials!

 

Domo Arigato Mr. Roboto

The second reason that millennials are the future of franchising? We’re tech savvy. We came of age during the peak of the digital revolution, which has made us more computer literate than our predecessors. This gives us a clear leg-up in business. The widespread use of modern digital resources such as cloud-based tools, point of sales systems and mobile solutions has changed the way companies operate. Be it in marketing, accounting, human resources or operations, advances in the tech world are bringing automation and efficiency to every department. “This new generation of workers wants to use technology to connect with the world and their peers in ways that allow them to have deeper and more globalized connections” says David Borrelli, Area Vice President of Salesforce Canada.


We’re not interested in the rat race

Numero Trois: Millennials are exceedingly entrepreneurial. Maybe it’s because we graduated during the worst recession in decades, maybe it was the lack of available jobs when we entered the workforce, or maybe it was because the CEOs that we grew up watching were entrepreneurs, and not corporate titans (the name Mark Zuckerberg comes to mind). Whatever the reason, we’re not interested in the rat race. We love the concept of being self-employed, and we’re ready to work hard to reach that goal.

 

Franchising offers all the advantages of owning a business, with less risk. And for a generation that grew up wanting new career possibilities, investing in a franchise system is a great way to achieve our entrepreneurial dreams while still being able to lean on the guidance and support lacking from independent startups.

 

Onwards and upwards

For these reasons, and many more, I truly believe that millennials are the future of franchising.  And the reality is that within the next ten years we’ll make up the majority of the workforce. Luckily we’re collaborative, tech savvy and entrepreneurial, qualities that are guaranteed to propel us into a brighter, friendlier future. The millennial entrepreneur mantra according to Zach Cutler, founder and CEO of Cutler PR: “To create awesome companies, as a team, and to use technology, ultimately to better the world.”

 

Want to read more about how millennials are shaping the business landscape? Our very own Foxy Founder Kyla D was featured as a millennial entrepreneur in Douglas Magazine, click here to read the article ♥️

 

Locations