By 2025, Millennials will make up about 75 percent of the workforce, meaning that many of them will be executives, entrepreneurs, and business owners in less than 10 years. However, as with each new generation, millennials differ greatly from the generations that came before them. While Baby Boomers and Gen-Xers were a little more conservative and family focused, Millennials have different attitudes and needs. They are career-driven, entrepreneurial, and independent, all of which are traits that can serve them very well in the franchise industry.
Why Millennials Fit in with Franchising
According to a survey conducted by Bentley University, 66 percent of millennials had a desire to start their own business. Millennials are more likely to want to start their own business than any other generation. But, since they lack the knowledge and experience associated with business ownership, it can be difficult for them to know where to begin. Franchising offers an opportunity for eager millennials who want to build their own path away from the traditional 9-to-5 corporate grind. The structure of franchising allows young or inexperienced entrepreneurs to invest in a proven system that can help provide support and guidance as they begin a major new venture in their lives. The business mentorship most franchisors offer can be invaluable for young people who are trying to establish themselves.
Making an Impact
Something to consider is that millennials are an idealistic generation. According to a study conducted by the Society for Human Resource Management, 94 percent of millennials want to use their skills to benefit a cause. They aren’t necessarily motivated by money, but rather by feeling empowered and impactful.
Millennials are looking for opportunities that benefit the people around them. In other words, they want to own a business that will impact their communities in the most positive way. Businesses that focus on health, exercise, and development are becoming increasingly more popular among younger franchise owners. For example, brands like Romp n’ Roll, which offer childhood enrichment, exercise and education classes, and events are a great avenue for millennials to own a business while simultaneously making a difference in their community.
Owning a Different Kind of Business
Romp n’ Roll is expanding across the U.S., due to increasing demand for quality, early childhood education programs that offers a unique mix of education, art, and exercise. Romp n’ Roll provides a well-rounded program that not only engages them but demonstrates true enrichment.
For millennials interested in becoming part of the impactful brand, Romp n’ Roll offers a proven franchise system, comprehensive marketing and operational support, and low franchise fee and liquid cash requirement.
Michael Barnett is the Co-Founder and CEO of Romp n’ Roll, and leads its management team. He is an active member of the International Franchise Association, and the National Association for the Education of Young Children. Additionally, Michael serves on the Board of Directors for Connor’s Heroes and Juniata College Center for Entrepreneurial Leadership. He and his wife, Babz, were featured on the first season of ABC-TV’s “Shark Tank“.