When you think about the franchising industry, do millennials come to mind? If you are part of the fastest-growing generation in Canada (born between 1981 and 1996), franchising could be a great next step in your career.

According to the Canadian Franchise Association, franchising is the 12th-largest industry in the country and the second-largest in the world. With such a broad range of markets and industries within franchising, younger generations are finding more opportunities to enter the field. Millennials, in particular, are well-suited for franchise ownership. Keep reading to discover why this generation should consider investing in the thriving franchising industry.

Work/Life Balance and Flexibility

A recent study on younger generations (Millennials and Gen Z) found that work/life balance is a top priority, with many respondents highlighting “reduced or flexible hours” as a way companies can improve this balance. Additionally, millennials ranked flexibility and adaptability as the most important employee traits for business success.

While each franchise system operates differently, franchising often provides more flexibility than a traditional 9-to-5 job. Franchisees can often create a better work/life balance thanks to the structure of franchise ownership, which may offer more flexibility than working within a corporate environment.

It’s important to note that owning a franchise doesn’t necessarily mean working fewer hours or having fewer responsibilities. The workload depends on the type of franchise and how it is managed. However, as franchisees build a strong team and refine their business processes, they may be able to reduce their hours over time, creating a more balanced lifestyle.

Flexibility in a franchise business also aligns with what millennials look for in the workplace—a mix of remote and on-site work. This hybrid approach gives millennials more control over their work environment, making franchising an appealing option.

Entrepreneurial Spirit

Many young professionals dream of starting their own business and being their own boss. Entrepreneurial traits are strong among millennials, with 36% identifying as having an entrepreneurial mindset—higher than Generation X (33%).

Millennials are increasingly choosing franchising as a path to business ownership because it combines independence with the support of a proven business model. Unlike startups, where entrepreneurs must build everything from scratch, franchising provides a framework for success, along with guidance from the franchisor.

This trend is reflected in franchise ownership data. Between 2018 and 2020, Generation X led the way in new franchise prospects, while millennials ranked third behind Baby Boomers. However, in 2021, millennials surpassed Baby Boomers for the first time, becoming the second-largest generation looking to own a franchise. This shift shows the growing interest millennials have in franchising and suggests continued growth in their participation.

Stable Career Prospects and Positive Work Environment

Job security is a major concern for millennials. In a global survey, 41% of millennial parents listed “my job/career prospects” as one of their top stressors. In Canada, over 4.1 million people report experiencing high work-related stress, with heavy workloads being a key factor. Additionally, four in ten millennials report feeling stressed or anxious most of the day, and 49% have experienced burnout due to work pressures.

While franchising doesn’t eliminate workplace stress, many franchisees choose industries they are passionate about. With support and guidance from franchisors, franchisees may experience less pressure than they would in a traditional corporate setting. This can lead to greater job satisfaction, stronger performance, and an overall more enjoyable work experience.

Franchise owners invest in a franchise system and usually run their own location(s). While they must follow the franchisor’s business model and guidelines, they operate independently and receive ongoing support. This combination of structure and independence makes franchising an attractive option for millennials seeking career stability.

Although no business investment is entirely risk-free, franchising offers a lower-risk option compared to starting a business from scratch. The proven business model and ongoing support can help millennials enter business ownership with little to no prior experience and grow their success over time.

Collaboration and Teamwork

A common saying in franchising is, “You’re in business for yourself, but not by yourself.” Franchisees receive support from their franchisor, work with a team of employees, and connect with a network of fellow franchisees. This environment aligns with what many millennials value in a workplace—teamwork.

While Gen Z is often more independent, millennials tend to seek input from others and build strong workplace relationships. This preference for collaboration makes them well-suited for franchising, where teamwork is essential for daily operations and long-term success.

Tech-Savvy Advantage

Millennials grew up with the internet—literally, as the modern internet was developed in 1983. With rapid technological advancements, businesses have evolved, and franchising is no exception.

Studies show that more millennials own smartphones than previous generations, and they are more active on social media. This tech-savviness gives millennials an edge in franchising, where technology plays a significant role in business operations. Their familiarity with digital tools and platforms allows them to quickly adapt to the systems used in franchise businesses.

Social media is another important factor in franchise success. Millennials are well-versed in social media trends and language, allowing them to effectively market their business. Unlike older generations, who may require more training in digital marketing, millennials often have the skills to leverage social media for brand awareness and customer engagement.

Conclusion

Millennials have the skills, mindset, and adaptability to excel in franchising. From valuing work/life balance and collaboration to embracing technology and entrepreneurship, this generation is well-positioned to thrive as franchise owners. As millennials continue to explore new career paths, franchising offers a promising opportunity for those looking to build a successful and fulfilling business.