When you think of the franchising industry, do millennials come to mind? If you’re part of the fastest-growing generation in Canada (born 1981-1996), consider franchising as the next step in your career.
According to the Canadian Franchise Association, franchising is the 12th-largest industry in the country and the second largest in the world. In such a vast space that encompasses several markets and sub-industries, franchising has opened the doors for younger generations to enter—that’s where millennials come in. Keep reading for some reasons why this generation should consider investing in the booming franchising industry.
Flexibility and a Work/Life Balance
A recent study on younger generations (Millennials and Gen Z) found that work/life balance is a priority, citing “reduced or flexible hours” when asked how organizations could create a better work/life balance. Additionally, millennials rated flexibility/adaptability as the top employee behaviour critical to a successful business.
Although every franchise system differs, franchising can offer flexibility in the workplace. Compared to a traditional 9-5 job, franchisees can often strike a greater work/life balance thanks to the ingrained flexibility of a franchising role that they may not have under a corporate structure.
It should be noted that becoming a franchisee does not necessarily mean less work, a smaller number of hours, or fewer responsibilities compared to other types of careers, and much depends on the franchise ownership model selected. However, when a franchisee establishes a team of employees and an optimized workflow, they may put in fewer hours as time goes on, creating a greater work/life balance.
Flexibility in a franchising role also aligns with what millennials currently seek in the workplace: a hybrid model (remote and on-site). This mix of work environments offers a choice that millennials appreciate, which millennial franchisees can adopt in their role.
Entrepreneurship
Wishing to start your own business and “be your own boss” requires entrepreneurial traits that many young generations uphold. In fact, 36% of millennials reported having an entrepreneurial spirit compared to their previous generation, Generation X (1965-1980) at 33%. As millennials lead the way in this category, they are steering toward franchising as a potential career choice, as a franchisee role can offer business ownership matched with franchisor support and a pre-established model to leap toward success that owners of start-ups, for example, are required to create themselves.
This desire for entrepreneurialism can tie directly into the rise in franchising prospects. Between 2018 and 2020, Generation X far exceeded other generations in franchise prospects, leaving millennials as the third-largest generation to consider franchising behind Baby Boomers (1946-1964). However, in 2021, this all changed, as millennials surpassed Baby Boomers for the first time in history, making millennials the second largest generation seeking franchise ownership. This significant jump helps indicate just how great of an interest franchising has among this younger generation and how franchise prospects in this generation may grow in the future.
Secure Career Prospects and Positive Work Environment
41% of millennial parents cited “my job/career prospects” as a primary source of stress, making it in the top three sources of anxiety or stress recorded in a global Millennial survey behind “my longer-term financial future” and “the welfare of my family.” In Canada, just over 4.1 million Canadians report they have experienced high or very high levels of work-related stress, with a heavy workload as one of the top factors, while in a global report, four in 10 millennials report feeling stressed or anxious all or most of the day. 49% of millennials reported burnout due to work pressures, resulting in feeling exhausted at work, mentally distanced from the job, and struggling to perform.
While franchising is not a cure for workplace stress, many franchisees choose industries they are interested in and passionate about and receive support and guidance from franchisors every step of the way, which can lessen the pressure. As a result, millennials who choose franchising, which vastly differs from a traditional corporate environment, may feel more passionate about their work, resulting in greater performance and more enjoyment in the role, making them great franchisees who want to make a difference in their communities.
Franchise owners invest in the franchise system and, in most instances, own and run their location(s). Rather than working within a corporate structure, franchisees essentially become their own boss as long as they follow the established business model, adhere to the guidelines set by the franchisor, and enjoy the initial and ongoing support provided to them.
Although franchising is not a 100% risk-free investment opportunity, the proven business model established by the franchisor can help reduce the risk. This can be a valuable option for millennials, as they can enter the space often with little to no experience in business ownership and put in the time and effort to succeed. As long as you meet the requirements set by the franchisor, and a positive relationship with the franchisor ensues, you can create this career for yourself.
Teamwork
You have likely that in franchising, “you’re in business for yourself but not by yourself.” This means that franchisees have support available from their franchisor, not to mention their team of employees and the franchise network. This opportunity to work and collaborate with others aligns with what millennials value in their workplaces—teamwork. While Gen Z is often more independent, many millennials prefer input from others and want to form strong connections with their co-workers. Valuing teamwork is a major plus in franchising, as franchisees often need to rely on their team to perform daily operations, which is why this generation can make great franchisees.
Tech-Savvy
Millennials have grown up with the internet—literally (“the birth” of the internet was in 1983). With technological advancements over the years, businesses have transformed, and the franchising industry is no exception.
According to an analysis of technology across generations, more millennials own cell phones than previous generations, and the majority of millennials are on social media compared to older generations. This familiarity with technology can be a significant benefit in franchising, especially with the technology involved in running a franchise location. For millennials, their savviness with technology can help them better leverage the technology used in franchising.
Additionally, social media can play a meaningful role in the success of a franchise. Since millennials are often experienced with the various social media platforms, along with the trends and “lingo” involved, they can apply this knowledge to their franchising role. Understanding social media strategies can come much more naturally for millennials than those from older generations, who may require deeper training.
Franchise with The UPS Store
Interested in becoming a franchisee with The UPS Store? Check out our FAQ page, which includes details about financial requirements, available locations, and more. If you are ready for the next step, we have a convenient online request form available for you to fill out, and a member of our team will reach out with further information.
