Today, 34 per cent of prospective franchisees in Canada are between the ages of 18 and 34, making millennials the largest cohort of Canadians looking for a franchise.
With many new grads struggling to find employment, and with real estate prices higher than ever, it’s no surprise that more and more young people are looking to invest in a franchise. Through the proven business concept and support provided by the franchisor, franchising offers a powerful way for young people to achieve success as small business owners.
This growing trend is good news for franchisors, says Dan Steward, President and CEO of Pillar To Post Home Inspectors. “The millennial generation is an exciting generation,” says Steward. “They are educated, tech-savvy and diverse, and bring an incredible energy and outlook to franchising.”
One reason why more and more young people are turning to franchising is the lack of job opportunities for new graduates, says franchise consultant Joel Friedman, who works with brands like Pumpernickel’s and Money Direct. “This is a highly educated generation, with very few working in their chosen field or overqualified for their current position.”
For underemployed youth, franchising can offer an alternative way to pursue their passions. “We are now seeing a strong interest from people under 30 who want to become franchise partners,” says Booster Juice President and CEO Dale Wishewan. “When selecting a franchise partner, we don’t look at someone and think ‘they’re too young.’ We look for people who are passionate about living healthy and active lifestyles and want to bring that to their community.”
Another reason millennials make good franchisees is that they are tech savvy and know how to use social media, which is becoming increasingly important for brand-building and customer relations. “Millennials are ideal candidates for any franchise system looking to grow and be part of the fast-paced social media market,” says Friedman. “They’re comfortable with all social media, which they use to be highly connected to market trends.”
Finally, millennials have the energy and drive needed to be successful. “They are young, aggressive and energetic with nothing to lose and everything to prove and they’re able to multitask and run several locations,” describes Friedman.
Now that more and more millennials are turning their attention towards franchising, franchisors have a new pool of young and energetic, tech-savvy entrepreneurs to join forces with. “We’re looking for franchisees who have energy and ideas, franchisees who love building relations with customers and going out to find new customers,” says Peter Druxerman, Vice President of Marketing at Druxy’s Famous Deli. “Millennials have the energy and the drive to do it. They just need a chance.”
Ready to invest in your future by becoming a franchisee?
You’ve come to the right place! As the official member directory of the Canadian Franchise Association (CFA), LookforaFranchise.ca is the best place to find franchises online. Search our members’ listings by industry, investment level, or available locations, and use the Information Request Form to let our members know you’re interested in their opportunity. Need help? Click here for a step-by-step tutorial!