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

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