Something about franchising is attracting the Millennials.

We are seeing more and more millennials are becoming franchisees; whereas, ten years ago, it would be hard-pressed to find anyone in the franchising industry who thought people in their 20s or early 30s were prime franchisee candidates.

The franchising world is changing.

Just a few years ago, franchisee ownership has been reserved for a small demographic of high net worth individuals or executives from the corporate arena with the desire to go out on their own.

Millennials want a future they can control

The crumbling job market and changes in employment culture leave high uncertainty of stability and longevity in the workplace and Millennials are wary of that and are more interested in alternatives like franchising.

“The tide has definitely turned, but even more so in the last few years,” says Paul Segreto, CEO of the Franchise Foundry, a franchise development firm based just north of Houston. “In home-based and low-cost franchises, Millennials will make up 50 percent of new franchisees over the next two years.”

“Where I saw the tipping point was a few years ago,” Segreto says. “Steve Wozniak from Apple was asked if there would ever be another Steve Jobs. He answered that normally he would say no. But after looking at the current generation of young people, he thought there would be more [innovators like] Steve Jobs and Bill Gates and Larry Ellison because there are so many in the younger generation who are unemployed or underemployed and have so much talent. But because of high real-estate and start-up costs, it’s hard to start an independent business. Millennials are looking for alternatives. That’s where franchising fits in.”

Millennials are after work-life-home balance

With franchise structure and support, the Millennials see significant benefit over starting their own business from the ground up. Though the Millennials are willing to work hard and long hours as the older generation, they also value and look for the work-life-home balance at the same time. Franchising versus starting a new business from the ground up provides the balance they are seeking much earlier in the game.

Tutor Doctor’s business model was developed so that our franchisees can experience immediate cash flow right out of the gate. Our no build-out, no lease, no inventory model allows a franchisee to be up and running in less than 30 days – ready to bring immediate cash from the get go!

Millennials are attracted to franchises who are on top of technology

Franchises who stay on top of technology and integrate it in the model are appealing to the Millennials. Millennials (and their younger counterparts) tend to follow the Best in Class business model with fewer problems.

A lower-cost system with focus on technology and support is a perfect fit for young businesspeople. At Tutor Doctor, we value this and support this. We consistently monitor the market and technology to be able to offer our franchisees and customers up-to-date services.

What we are seeing is that Millennials are young enough that they have an attitude that everything is recoverable. They are not averse to risk. They take the caution out of running a business. They’re becoming wildly successful because they don’t pause when making critical decisions.

Are you a Millennial interested in franchising?

Tutor Doctor has an amazing program just for Millennials and it’s called, “Young Entrepreneur Scholarship” Program…YES for short. For more information, click the button below.