Franchising might just be your ticket to success!
“The franchise business model is a proven system that’s been transforming and scaling young concepts for years, but millennials are just now realizing that it’s not solely reserved for big, established brands.”-David McKinnon, chairman of the NextGen in Franchising Committee, a division established by the International Franchise Association.
The ever-growing, evolving franchise industry has a lot to gain from creative, aspiring young entrepreneurs. It is vital that we educate the future franchise business leaders on how to effectively use and follow a company’s proprietary systems, including online/offine sales and marketing tools, operations manuals, software applications, and inventory management systems. This is key to effectively managing successful single unit, multi-unit or master franchise businesses. With millennial populations coming to age as the first “digitally intuned” generation, it is arguable that there is no population segment better equipped to take over the industry and build the future of franchising.
NextGen in Franchising is a program based in the US and created by the International Franchise Association. NextGen believes and recognises the value millennials can provide to the International franchise industry. By assisting and advising young aspiring entrepreneurs to take on multiple franchise opportunities and also educating and guiding them on how to scale their own businesses through franchising, many exciting franchise brands have been created. Each year, NextGen accepts 20 entrepreneurs between the ages of 21-35 for the NextGen Global Competition. Since its inception (2015), the competition has received more than 1,000 applicants across 50 countries.
Our own company, Franchise Development Solutions International (FDSI), a franchise consultancy, media and technology business based in Dublin, Ireland, is soon to launch omgfranchise.com, a new online interactive and educational web portal for young, aspiring franchise entrepreneurs across Europe, the Middle East and Africa. One-to-one franchise strategy advice and venture/equity funding opportunities will be available for many successful businesses. The company’s principals and beliefs in the millennial business segment on education and support are 100% focused on innovation, success, sustainability, profitability and the capabilitity to evolve.
We now live in a world where young, aspiring billionaires have built companies from their parent’s garage or within their college dorm rooms. Bill Gates, Steve Jobs, Mark Zuckerberg– the list continues to grow. However, it can be often be difficult and challenging to develop a unique and viable investment or business idea.
Right now an ever-growing creative, business-focused, aspiring millennial-minded community is discovering an awesome alternative to what is considered traditional entrepreneurship: franchising. According to FRANdata, a market research firm that uses analytical franchise performance and operational data, 9 percent of all franchises are currently owned by millennials in the US, and the trend is growing across the EMEA. Over the next 10 to 20 years, a large majority of existing franchisees across Ireland, the UK and the US will approach retirement age. This offers a window of opportunity for a growing business-minded millennial, who has the required capital threshold needed to invest in a viable franchise opportunity.
The millennial generation is generally known now for its entrepreneurial spirit, and so it is no surprise that many young entrepreneurs see the huge potential in the franchise business model; both as a means of investing in a viable, future-focused brand, or as a means of expanding their own profitable, scalable and unique business.