SPECIALFEATURE
franchising M
The future of
Millennials are making a huge amount of headway in business, so it’s no wonder more and more franchisors are making an effort to recruit them
Words: Jack Sadler
illennials, or Generation Y, are having a major impact on the business world right now. While this generation, born
somewhere between 1980 and 2000, often get a raw deal in the general media, they have come to be seen by many as a new wave of influencers, fluent in technology and social media. This is particularly apparent in franchising,
too. Younger franchisees have been making their presence known; the most recent British Franchise Association (bfa)/NatWest Franchise Survey revealed that a fifth of new franchisees in the past few years were aged under 30. The bfa has made it its mission to entice more millennials into the industry with its ‘In Business By 30’ campaign, which highlights the achievements of today’s young entrepreneurs.
A fair few franchisors, particularly in the
tech industries, have cottoned on to the benefits of appealing to young people, and it’s easy to see the reasoning. This is a huge market ready to be discovered: millennials are now the largest generation in Western history. Making up a quarter of the UK population, they are predicted to reach the 19 million mark by 2019.1 What’s more, 70 per cent of people aged
between 25 and 34 in the UK want to run their own business. For younger people, this figure is even higher: over three-quarters of 18- to 24-year-olds say the same. A Deloitte survey found that 76 per cent of
millennials see business as a force for positive social impact. This is a group that want to make a difference and are passionate about issues that matter to them, which makes franchising a perfect fit. Perhaps the biggest hurdle to prospective
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