If there’s one trend we’ve seen in the Canadian franchise industry in recent years, it’s the arrival of a new business owner: the Millennial franchisee. As young people graduate and then fail to find the career opportunities that they expected when working toward their degrees, they’re turning to franchising as a way to flex their entrepreneurial muscle while having the stability of a tried-and-true business opportunity.
Brands Catering to Millennial Franchisees
A&W recently made headlines with its endeavor to deliberately attract Millennials to its franchising program. Millennials are flocking to A&W’s new program which offers franchises to Millennials for about half the typical cost of a franchise.
The program is designed to make becoming a franchisee more affordable to a demographic that might not have the up-front finances to qualify. It also involves an on-the-job training program as well as a mentor for franchisees. Essentially, it makes becoming an A&W franchisee easy as pie for the under-30 set.
The appeal for brands is likely the Millennial generation’s high level of tech savviness, as well as its enthusiasm for all things social media. This is a highly-educated generation, and franchisors are poaching Millennials who aren’t happy as employees and turning them into franchising forces to be reckoned with.
Where Youth is a Benefit
While Millennials may have trouble getting taken seriously without a decade or more of work experience under their belts in the business world, they’re having no trouble launching franchises as early as their 20s.
Franchisors see their youth as a benefit, as it comes with enthusiasm and malleability to create a real brand ambassador.
Franchisees Aren’t The Only Young Ones
For the past three years, the Grand Prize winner of the NextGen in Franchising Global Competition has come from Canada. This competition, geared toward entrepreneurs aged 21 to 35, gives serious Millennials the opportunity to turn a business into a franchise.
With young CEOs now franchising their businesses, we can expect this trend to spread even further. And we’re proud that Canada is leading the way in Millennials forging their own path in franchising.
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.