3 Franchise Concepts for Millennial Entrepreneurs
Owning a franchise is an incredible way to build wealth while getting involved in your community. Here are the best franchise concepts for millennial entrepreneurs.
MILLENNIALS ARE MAKING MOVES
Millennials aren’t always characterized in the most favorable light, but the positive traits far outnumber the negative and can help make them ideal entrepreneurs.
Some of the most successful businesses today are owned or operated by “millennipreneurs,” a new generation of entrepreneurs under the age of 40. And millennials’ interest in franchising as a way to build wealth and create a legacy is growing.
In addition to being the largest generation currently a part of the U.S. labor force, a study found that 60% of millennials identify as entrepreneurs and are interested in investing in their own businesses. Millennial entrepreneurs prize flexible work schedules, autonomy, and meaningful connections within their communities, making the world of franchising a natural fit. For the first time ever, millennials outnumber other generations in seeking franchising opportunities, accounting for over 20% of franchise ownership.
During the recent Great Resignation, studies found that the highest resignation rate for American workers fell between the ages of 30 to 45. Armed with skills and experience in various industries, millennials are opting to go into business for themselves and prioritize their work/life balance, choosing the franchising route more than ever before.
The best franchise concepts for millennials will play toward the generation’s most industrious traits, including their curiosity, creativity, social consciousness, tech savviness, and desire to be both collaborative and self-starters. So, let’s take a look at some concepts that both utilize millennials’ strengths and align with their professional and personal goals.
1. TECH-FOCUSED CONCEPTS
Since millennials have grown accustomed to digital interfaces from a young age, they are able to adeptly navigate franchising software, social media connections, and business engagement as if it were second nature, making them primed for modern franchise management and ownership. Millennials intrinsically understand the influence of digital communications and media on every aspect of their lives and are well-equipped to work in franchising environments that value these capabilities. Franchisors, in turn, will benefit from millennial entrepreneurs’ tech-savvy nature and put their skills to use to foster a thriving business.
While nearly every segment relies on technology in some form, there are definitely some franchise brands that are emerging as uniquely disruptive and exciting when it comes to staying on the cutting-edge of innovation.
2. SOCIALLY & ECO-CONSCIOUS CONCEPTS
Many millennipreneurs are just as interested in making a positive impact on their community and environment as they are in making money. Franchisors that address specific social causes and environmental sustainability are likely to attract some truly passionate, motivated investors. The generational ambition to improve the world drives this cohort to seek out franchising opportunities that are both profitable and good for others, whether that be through working with underserved communities, simultaneously reducing a carbon footprint and business overhead, or simply providing products and services that are meaningful to people.
3. FAST CASUAL RESTAURANT CONCEPT
Spanning a wide range of cuisine and concepts, one trait that all of the best fast casual franchises have in common is FUN. The pervasive attitude shared by both customers and franchise owners is about redefining how we eat meals — knowing where food is sourced, trying new flavors, sharing experiences, and finding something to get excited about.
Teriyaki Madness leads the fastest-growing restaurant segments, having cornered both the Asian and fast casual restaurant markets with a unique Seattle-style Teriyaki bowl concept that epitomizes the boldness and work hard/play hard attitude that appeals to so many millennials.
Ranked the No. 1 Fastest-Growing Big Chain Restaurant by Restaurant Business, TMAD has 125+ locations now open across the U.S. (plus Canada and Mexico). With a combination of kick-ass flavors, ingredients, low overhead, small footprint, and full franchisor support, TMAD’s scalable business model presents millennial investors the perfect opportunity to build their business empire and have a wokkin’ good time while they’re at it.
To learn more about TMAD franchising opportunities while territories are still available, download our Franchise Report.