Millennials are making a huge impact on the workplace and are bringing a fresh perspective and a new approach to work-life balance. According to Pew Research Center, this generation, born between 1981-1996, make up more than one-in-three American labor force participants (35%), and Forbes reported nearly 72 percent of millennials have an interest in becoming their own boss. What better way to do that than buying a franchise? The franchise model allows young entrepreneurs to build their own business with the support of an established network.
Need an example of powerhouse millennial franchisees? Look no further than Restoration 1’s Franky Burciaga and Alfonso Masso. The friends went straight from college graduation at Baylor University into franchising. After securing loans from friends and family, the two opened their Austin franchise in 2017. In addition to earning Resoration 1’s Franchisee of the Year recognition last month, they were also inducted into the Million Dollar Club, which honors franchisees who reported over $1 million in collected revenues during 2018. It has been a fast ride to the top for these guys, and they aren’t done reaching for the next level of success with their business. They have already purchased a second truck and continue to expand across Austin and Central Texas.
For millennials who have an interest in franchising, but have no idea where to start, there are countless resources, including the International Franchise Association’s (IFA) NextGen program, which aims to provide resources and mentorship for a new generation of franchisees to feel prepared and welcomed by the franchising industry. Edible Arrangements founder Tariq Farid, who has written about his support of millennial franchisees before, is a sponsor of NextGen, and invested in Social Franchise winner Stella Sigana’s company Alternative Waste Technologies, which fights indoor air pollution in developing countries.
The franchise industry is poised for another strong year and to continue on this track will require a new wave of entrepreneurs. Millennials are the future of franchising, and their contributions to the industry are just getting started.