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It’s a Brave New World: Why Millennials are Prime Franchisee Candidates

 

The first time I saw Jurassic Park, I was in awe of the magic that Steven Spielberg was able to create on screen and it became an instant favorite of mine.  I remember being so excited when my younger sister, who was 15 at the time, agreed to watch the original movie with me.  But to my dismay, she was not all that impressed.  The graphics were not up to par in her mind and it just did not have the “blockbuster” effect like the movies she had gotten used to such as the Marvel and Harry Potter movies.  I can’t blame her, I love those movies too, but Jurassic Park is iconic from the score by John Williams that sends a tingle up your spine every time you hear it to the “hold onto your butts” line uttered by a man who became a superstar in his own right.  I was happy that my sister gave Jurassic Park a chance but saddened that she was too far removed from its release date to fully appreciate the classic status it has endured over the past 20 years.  But there is still hope; this past weekend, Jurassic World opened in theaters and broke the box office record while introducing a whole new generation to the Jurassic Park franchise.

So what does Jurassic World and my nostalgia about Jurassic Park have to do with franchising?  Franchising is often not thought of as a “young person’s game” in the sense that millennials are often not the target potential franchisees but perhaps, like the Jurassic Park franchise, franchising should be reintroduced to the millennial generation.

There have been numerous articles published recently about how millennials are inherently different, in both good and bad ways, from the preceding generation.  Millennials as a whole are looking for something more than just a job and want to feel as if they’re a part of something bigger.  Although there are many negative stereotypes out there about millennials, those stereotypes are not an accurate reflection of a majority of millennials.   In fact, millennials have many characteristics that would make them good franchisee candidates such as being coachable, passionate and technologically savvy.  Millennials are eager to create their own job opportunities but may not have the know-how to establish and implement systems themselves.  A franchise provides the best of both worlds by giving millennials the freedom they crave while providing the support and guidance they need from an already established system.

Permitting anyone of any age or background to become a part of your franchise system comes with natural risk but that is why there should be a vetting process in place.  Millennials shouldn’t be ruled out simply because of their age or the fact that they are not a “traditional” franchisee candidate.  If the millennial in question is a good fit for the franchise system and satisfactorily made it through your vetting process, why not take the opportunity to introduce the world of franchising to the next generation.