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Franchising opportunities have become a desired career path for more and more people due to its flexibility and potential for growth. There is no generation more eager for innovation and freedom than the stifled millennial.
Millennials: Who Are They?
The millennial generation is composed of people born between 1980 and 1996, most traditionally, making them currently anywhere from 25 to 41 years old. They're the generation after baby boomers and before Generation Z.
It's estimated that millennials make up around 25% of the US population, with over 80 million people.
Not immune to criticisms, millennials have often been coined as picky/entitled, distracted, and lazy. However, the reality is that millennials just know what they want and are focused on carving their own path and purpose.
They also grew up during the tech boom, making them one of the best-connected generations around—and the most versatile, since they also remember a pre-tech time.
They may get more screen time, but they're likely doing productive tasks like networking through social media, connecting with friends, and learning new information online.
Coining them as lazy is likely a misunderstood translation of their emphasis on fulfillment over material/success. They favor richness of life to actual riches, given that wealth is less attainable, and the amount of work is no longer proportional to earnings or rewards (homes, cars, etc.).
Many millennials grew up being told they could have a house, a car, and a family—but they've quickly discovered that this was a (baby boomer) parents' vision long gone.
With an inflated economy and many obstacles, they've become resourceful and content in minimalism.
What Makes Millennials Great Franchisees?
Millennials seek alternatives to the 9-5 jobs and minimum wage systems, and they typically don't fit conventional work ethics.
The average millennial will cycle through 15-20 jobs in their lifetime in their search for fulfillment.
Their desire for the untraditional and their nonconformist disposition may lead them towards entrepreneurial endeavors like franchising.
More than 65-88% of millennials are interested in entrepreneurship, being their own boss, flexible schedules, and work/life integration.
This drive for individualistic innovation and freedom makes franchising appealing to them. On the flip side, millennials are beneficial to the field in a plethora of ways:
- They prioritize integrity and ethics in business (environmentally and socially conscious)
- They are very resourceful/ innovative
- They are adaptable
- They are responsible with money
- They are tech-savvy (digital marketing, efficient systems, security, etc.
- They are pros at social media (networking connections, promoting brand awareness, incentives, virality, etc.)
- They make great leaders and thrive when they're in empowering environments
- They are great collaborators despite being individualistic
- They are self-sufficient
- They are hard-working when inspired, nurtured, and rewarded
Millennials are the most entrepreneurial generation, full stop. Franchising is ideal for them in many ways and vice versa.
Popular Franchise Opportunities for Young Entrepreneurs
According to the Canadian Franchise Association, around 30% of franchise owners are millennials.
A millennial franchise owner (to be) is likely looking to buy a franchise with a lower investment cost and room for growth and creativity.
The Lash Lounge
The eyelash extension industry is constantly on the rise, making this a promising opportunity for investment growth. It's trending with younger generations especially and likely appeals to them as business owners too.
The Lash Lounge offers beautiful, non-surgical eyelash extensions at an affordable rate, making it a favorite hotspot. It currently has 110 locations open across the United States and is continually expanding.
This beauty trend doesn't seem to be going anywhere any time soon, so there's no better time for young entrepreneurs to get in on it.
Emerald City Smoothie
Emerald City Smoothie is a one-stop-shop for all nutritional needs, providing supplements, boosters, delicious smoothies, and smoothie bowls. It would be a yummy and fun place to work or own for any millennial.
Health and fitness are a priority for millennials and Gen Z. Smoothies and smoothie bowls have become all the rage with young people, making Emerald City Smoothie an attractive franchise business.
It has a low investment cost, ranging from $5,000-$70,000. It's a top franchise with 31 locations and, as it grows, its return is expected to be even more profitable.
The Barre Code
Alongside nutritional health, millennials prioritize physical health and exercise. They are the second most active generation, behind Gen Z.
Gyms are staples to society and will likely resist and outlive most recessions and trends, making them stable opportunities.
The Barre Code is a prestigious fitness center with 40 locations open. It provides resources to improve holistic health in a positive environment. The brand is thriving and always looking for more franchisees.
CBD American Shaman
Millennials can be thanked for the rise in popularity and decriminalization of cannabis products. Their non-conformist perspectives allow them to see past stigma and misinformation and towards potential and truth. This is why they're often considered the most open-minded and authentic generation.
Cannabis in all its forms has been used for thousands of years as medicine, recreational entertainment, and a spiritual device.
Millennials are the ones who began the mainstream transition from the Abrahamic paths and more towards ancient Pagan spiritual traditions. This shift has created interest in the natural world and its uses.
CBD American Shaman is a national chain with 129 locations. Its minimum investment is as low as $39,600 and as high as $131,800, making it a very affordable investment.
They provide cannabis/CBD-infused beauty, pet, relaxation, pain relief, and wellness products.
CBD is a component of cannabis that is not psychoactive, meaning it does not alter the state of consciousness (as opposed to its counterpart, THC). It generally provides pain and stress relief and can be applied in many forms.
Further Exploration
Other industries like internet/pet cafés, fast food (late-night, sushi, poké, pita, etc.), cinemas, barbershops, boutiques, apothecaries, galleries, or retail shops may also interest millennials.
Many franchise brands may appeal to the generation's atypical interests and strengths, and which they would benefit in return, both as customers and as franchisees.
Millennials trust other millennials, so owning something that is personally appealing will also be likely to attract other young people, which can be beneficial for business.
Millennials generally appreciate unique products and services that make the world a better place, bring out the best of people's abilities, and have a flexible business model.
Some may call that picky or 'entitled,’ but knowing and optimizing one's worth, setting boundaries, and rejecting traditions that don't work really isn't so radical.
If you're a millennial or young entrepreneur seeking either unconventional or more popular franchise opportunities, browse the largest, most accurate catalog of franchise information around.
