Just like fictional lovebirds, we can see how millennials and franchising have made a match that seems to be made from heaven. People aged 30 and below can be seen already owning or managing their own businesses. Thanks to franchising, they need not labor hard until their 50’s just to start on a venture that they have been longing for. Because of franchising, even the inexperienced and the young now have the chance to be their own boss should they wish to.
But for sure there is no magic formula as to why millennials are generally successful in franchising. The items below will tell us why things simply fall into place for them.
· Millennials are risk-takers.
Being born in the decade of Mission Impossible, Transformers, and Harry Potter, millennials are not new to dreaming of the impossible. This is why they easily attempt the impossible. Franchising is a great door of opportunity opened for them to take calculated risks. They are the generation who will not back down on something new or unfamiliar. With technology on their side, they can easily learn and adapt to anything that they set their mind into.
· Millennials find joy in being in control.
Millenials are born at a time when strict and military discipline is no longer prevalent. Because of that, they are used to doing whatever they like. For those who can afford, they would prefer to franchise their own business rather than be under the control of some board of trustees, or management even if it is their own family. Owning a franchise business gives them the sheer joy of being the boss and having full control.
· Millennials want to get rich, fast.
These people live in the fast lane. Why finish college when you can earn while you are young? Why wait to be wealthy to start a big business when you have enough to start a small one today? These are their normal sentiments. They want to earn early, they want to succeed the soonest time, and they want to get rich now. Franchising offers them this opportunity that is why they are easily attracted to its promises and possibilities.
· Millennials can take advantage of the systems
and technologies of those who are ahead of them.
Because they are born rather late. Those ahead of them already have preset ideas, technologies, and systems that are proven to work in life or in business. Luckily for these millennials, all they need to do is to put these things in good use for them to prosper on their own. With franchising, they need not start from scratch. They can just adapt what has been working and reap the same benefits.
· Millennials have the resources to do “trial
Because they are young and mostly single, they have the time and the resources to try things out. Should they fail, they can always try something else without too much to lose. They still have a lot of time to correct their mistakes and they don’t have a family to think of protecting. Now if they succeed, they have everything to gain since they are still young and can maximize the time and resources they have up to its fullest possibilities.
Being young no longer means being weak. Experience is no longer an edge. With how fast the world is turning, experience has become relative. When it comes to franchising, it takes brave, not tenured, individuals to succeed. And that word, brave, perfectly sums up the millennials.
Still, it is best for them to consult those who have been there and know better. That is why The Franchise Consulting Company , a franchise consulting agency , opens its doors to millennials who are in search of good counseling and coaching when it comes to the ways of franchising. We are the trusted company of businessmen – old and young alike when it comes to their franchising needs. So check our website today or call us for an appointment. You can call me directly by calling 1-800-388-2810. X402.
Best to your franchise exploration,
As a franchise consultant, I often have clients who fear the systems, procedures, rules, policies and procedures they have to adhere to as franchise owners equate to “Straitjackets” that stifle innovation and creativity.
While, yes, you do have to comply with the franchisor’s systems … for example, there are 3 pickles on the McDonald’s Big Mac, not 4, not 2 … but 3 and ONLY 3. But, franchises create systems from years of experience and trial and error. That’s one of the greatest reasons for investing in a franchise -- you don’t have to “invent the wheel” yourself.
That said, can you “make the wheel rounder?” The short answer is … absolutely!
Here’s the favorite example I share with my clients: to this day, the best-selling sandwich in the history of McDonald’s is the Big Mac.
The Big Mac was developed by a franchisee!
Cutting and pasting from Wikipedia, here’s a brief history of how this best-selling product came to be:
The Big Mac had two previous names, both of which failed in the marketplace: the Aristocrat, which consumers found difficult to pronounce and understand, and the Blue Ribbon Burger.
The third name, Big Mac, was created by a 21-year-old advertising secretary who worked at McDonald’s corporate headquarters.
The Big Mac proved popular, and it was added to the menu of all U.S. restaurants in 1968.
Even well-established franchises that have hundreds of franchisees and hundreds of units throughout the US, innovation is encouraged. The franchise companies realize they the great advantage of having many, many franchisees who are all working the same processes. With that many smart people operating the same businesses, some franchisees are inevitably going to find ways to accomplish procedures more efficiently and/or effectively.
Franchise companies embrace this fact and actually create venues to promote improvement and innovation.
Every well-developed franchise company eventually forms a franchise advisory council made up of franchisees from throughout the system. Franchise executives meet with their advisory councils typically each quarter and during these meetings, the executives report on progress from the past quarter and objectives for the next quarter and for the year. But they also use this forum to solicit input from the franchisees.
What’s working well? What’s not working well? How can we improve? What are the franchisees in the field saying? Are there better ways to accomplish what we do?
Even more, at just about every annual conference franchises in any industry conduct, typically each year, they present “round table sessions.” These sessions are usually conducted in large meeting rooms at the franchise convention hotels. In the rooms are a half-dozen or so 20-seat round tables and at each table sit franchise owners who have found a technique to accomplish the systems of the franchises more efficiently and/or effectively.
Franchisees attending the conventions move from table to table every 15 or 20 minutes or so at the sound of a bell in order to be able to learn from each of their fellow franchisees who are hosting round tables.
Franchise companies treasure such events because when a franchisee learns how to improve procedures, advertising, marketing, or operations from a fellow franchisee, the franchisees are quick to adopt the new methods.
No … franchising is not a “Straitjacket.”
There is plenty of room for innovation and improvement and many franchise owners enjoy helping the entire franchise system evolve, improve and thrive.
Who knows? After you invest in a franchise, you just might be the franchise owner who creates your franchise system’s “Big Mac!”
Dave Cooley, Franchise Consultant
Let’s learn more about franchising together.
Call me: 720.259.9475 (Denver – Mountain Time)