SPECIALFEATURE


young franchisees, however, is the potential cost. Having grown up during a recession, many rely on the bank of mum and dad just to get a foot in the door. Some franchisors have attempted to counter this by offering young franchisees additional funding and other incentives. But as the range of franchise businesses expands, so do the opportunities. Carl Reader, non-executive director at the


bfa, says: “Certainly there is more choice available to prospective franchisees. Over the last few years there has been an increase in lower-investment franchises, particularly tuition franchises, which has helped younger franchisees with their affordability. These franchises are often of an amount that can be fully funded by a personal loan or savings.” But one upside of the downturn is that


it made millennials realise that nothing is guaranteed. They are therefore looking for better ways to take control of their own destiny and a byproduct of this determination is entrepreneurial spirit. The driving force behind many successful


startups, millennials have a strong sense of self and ambition. What is often perceived as impatience and entitlement could really be seen as them having a clear idea of where they want their career to head and the drive to make it happen. Millennials are a generation that are direct with their aspirations and, according to PricewaterhouseCoopers, rapid progression is a priority for a majority of them, with many saying they will look for other opportunities if they feel their personal needs aren’t being met.2


Clearly, cutting out the middleman and


going straight to becoming your own boss is a key selling point. One token of startups is the fact that the


12016 Inkling Millennials Report 2 Millennials at work: reshaping the workplace


standard nine-to-five, fixed-workplace routine is becoming increasingly obsolete. A major benefit of franchising is increased flexibility, something millennials make no bones about being very important to them. With their fingertips primed above a keyboard, young franchisees are free to work wherever and


whenever, and get that great work-life balance they desire. However, the aftermath of the recession


has left many unnerved. With job prospects shaky in the current climate, millennials equally value stability. Franchising can offer them the best of both worlds, in that the model often allows the two to go hand in hand. For this reason, more and more millennials are interested in franchising as an alternative to the traditional corporate way of life. Something that also crops up time and


time again is young people saying that, to them, training is key. Rather than top-down management, they take better to coaching, mentoring and constructive leadership. With the training provided by franchisors, knowledge gaps can be filled and their entrepreneurial side can flourish. A good franchisor should already have


substantial and comprehensive training programmes in place and these would require only small changes (or no modifications at all in some cases) to accommodate milliennials’ needs. Frequent feedback and acknowledgement of successes provide solid reinforcement; with millennials, communication is king. Additionally, the generation has an


openness to new technologies; they can adapt and keep up with the curve in an ever- shifting marketplace. As the group have a natural proficiency for social media and know how to connect with people through these channels, they will likely require minimal training in this area of marketing their franchise. Building your online presence as a franchisor will give a positive impression and show you are committed to embracing the future and encouraging innovation. So, if young franchisees are creative,


progressive and full of ideas, there’s no reason why relatively little life experience can’t lead to long-lasting loyalty. As the bfa says: “If you’re good enough, you’re old enough.” n


Franchisor News | 27


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53