Let’s put this straight. The current society is not treating most millennials fairly. Negative messages are usually related to this group, such as lazy, inability to adopt new things, and being too complacent. Millennials haven’t always had the best press here with labels like ‘Me Generation’.
However, the statistics in the business field showed very different opinions, particularly in franchising. More millennials are starting their businesses than their baby boomer predecessors. Furthermore, there also has been reported that while baby boomer launched their first business around 35 years old, millennials start their first attempt around 27 years old. Therefore, the younger generation is beginning to take over in both the amount and the ages.
There are many advantages millennials have to be the perfect franchisees, and franchisors should not ignore these factors as they can potentially drive the entire business further.
1.Millennials think creatively
For a franchise brand to thrive and compete in this market, creativity is the key to keep the company moving forward and evolving constantly. Bringing in fresh blood like millennials, who are exposed to modern technologies and continuous changes all the time, can help generate new ideas for the firm. These ideas and solutions are possible to enhance the way businesses are conducted, and efficiency is hence improved.
2.Millennials are eager to learn
This group has a bunch of students that are hungry for more knowledge. Having grown up in such an information overloading era, they fully understand that they do not know it all. There are also new things coming up, or an old one being overturned by research; hence, millennials seek every opportunity to learn and improve. Besides, mentoring is popular and very much needed in this group. This thought fits perfectly into what franchisor can offer – a training and mentoring programme. For instance, XIMIVOGUE provides a comprehensive plan to teach business operation as well as assigning an on-site manager to guide the franchisee. It does not only ensure the successful launch of the branch, but also educates franchisees to be able to manage the business independently.
3.Millennials are hungry for success
Millennials are a generation with self-belief and confidence. The trading environment and modern life are different from the time where baby boomers were facing. New markets with globalisation, artificial intelligence and Internet of Things allows them to execute their dream plan freely. Being purposeful, balanced and community-minded are some of the primary values millennials are having.
A franchise company can yield considerable returns from the younger generation, not only in financial aspects but also in cultural and human perspectives. XIMIVOGUE, as a fast fashion brand, understands the value of youngsters. Besides the training they provide, they also have forums or conferences for franchisees to share their opinions in managing businesses. Millennials can always bring in new ideas and discussion, which can be the reason XIMIVOGUE is growing significantly faster these days. Their hunger for success can ultimately drive the franchise to remain energetic and motivated; therefore, constant innovation is possible, and the firm can be differentiated itself from other contenders.
Overall, millennials have some values that can benefit franchisors in various ways. Franchise owners need to consider policies that can enable more youngsters to realise their potential in the business field fully. It will bring a win-win situation to both parties and drive the market to perform better and more creative.
Company Name: Guangzhou Xibin Trading Co., Ltd.
Address: 18F, International Finance Center, Guangzhou, China
Phone: +86 020-666-00099