Monthly Archives: June 2011

Millennials – A Potential Pot of Gold for Franchisors

I never really understood the term ‘millennials’ until I read this BNET (The CBS Interactive Business Network) blog article from Andrew Tilin aptly titled “What is a Millennial?”. Now, with his thoughts on what a cultural shift the emerging millennials will bring matched with the talent drain from the retiring Baby Boomers – its got me thinking!

If you are thinking of growing your business in the future, you need to seriously read this article and take heed of the global picture of what this cultural shift means for business in general. As a Franchisor, this will affect how you plan to market to prospective franchisees going forward – i.e. will you need to start some more community initiatives to grab a younger audience that will grow to be your perfect franchisee?

Andrew writes in his article that millennials have grown up in an environemnt which understands workloads, appreciates being appreciated, and thrives on technology – so they are confident in time scheduling, taking directions and are really comfortable with the online world (especially social networking). As a Franchisor, I would hope that you are ensuring that you are thinking really carefully about where you will find your new franchisees of the future, because it won’t be as easy as sticking an advert somewhere – the world is changing.

However – there is one main positive aspect which I really liked in this article and that is that this generation of “millennials” or Generation Y are a confident lot…we (because I am one) are happy to work hard, but we are only motivated to work for people in authority who deserve the respect and mentor us. To me, those characteristics are a great foundation for any franchisee.

Upon reading the comments that readers have also posted on this subject, I have to also point out that there are a lot of Baby Boomers who will not just disappear into blissful retirement. A lot of them still like working, even if in a more flexible manner – and this, to be honest, opens up another pool for Franchisors to delve into for prospective franchisees. These guys have life experience and have collected skills which are another goldmine for you – so don’t knock them out of the game just yet.

My message? Get more flamboyant with how you recruit franchisees – but also – think of the global trend of the age we now find ourselves in (the “Information Age”)…we have moved on significantly from the Industrial Age

Advertisements

Economist Online Fairs Presents: The Economist’s Franchise Fair

A GUEST POST by Elizabeth Pace, Marketing  & Online Fairs. The Economist Group (New York) __________________________________

If you are thinking about investing in a franchise, The Economist’s online Franchise Fair provides a unique opportunity to meet a variety of franchisers and consultants in real time. The fair is hosted by Economist Online Fairs and takes place on June 28th and 29th 2011. Admission is completely free, but space is limited so register in advance.

The Franchise Fair will feature over a dozen leading franchises and consultant firms that can offer free tips and advice to attendees, whether multi-franchisees or first-time investors. Exhibitors include Nationwide, Maid Brigade Valpak, Yogurtland and many more. For a full list of exhibitors, visit the registration site.

Fair attendees can join topical chat sessions, access testimonials and download resources. There will also be informational webinars hosted by franchise experts, where attendees can interact and ask questions, including:

  •  International Franchising: What to Look For When Purchasing a Franchise
  • Why Buy a Franchise?
  • Nationwide Mutual Insurance Company: An Opportunity for Entrepreneurs

The state-of-the-art online fair interface is modeled after a traditional tradeshow.  Attendees can log in from their home or office computers and browse virtual exhibitor booths at their leisure. The fair will be open for a full 48 hours. There will also be several live sessions during this 48-hour period where exhibitors will be available to chat live.

Franchise Fair Live Sessions:

  • June 28: 9:00 AM EST to 1:00 PM EST  (1pm GMT to 5pm GMT)
  • June 28: 4:00 PM EST to 8:00 PM EST  (9pm GMT to 12am GMT)
  • June 29: 12:00 PM EST to 4:00 PM EST (4pm GMT to 8pm GMT)

 Register FREE today! 

Questions or comments can be e-mailed to CustomerSupport-OnlineFairs@economist.com.