Are Millennials the Future of Franchising?
Millennials today are pursuing entrepreneurship in higher numbers than their predecessors. This group of individuals ranging in age from 20 to 35 years old is starting more companies and targeting higher profits than the boomer generation before them. They are also discovering entrepreneurship much earlier than their parents did, with members of the older generation launching their first businesses at the average age of 35, compared to 27 years old for their younger counterparts.
Millennial women, especially, are poised to become entrepreneurs at a faster rate than ever before. In fact, research discovered that successful women entrepreneurs have increased significantly, with millennial women the most ambitious about profit expectations and reporting higher revenues.
What’s Motivating Millennials?
There are a number of factors influencing this spike, among them technology and the welcomed idea that younger individuals can become CEOs before putting in decades of climbing the corporate ladder. One of the major contributing factors, however, is the ease with which people can start their own businesses today.
Channels to Achieve Entrepreneurship
One vehicle that continues to provide vast opportunities for entrepreneurship nationwide is franchising, especially for those with limited capital or business experience. For the franchising industry, this influx of motivated business owners provides an excellent opportunity to capitalize on the trend, giving millennials the structure and support of a proven business model while allowing them to develop necessary business skills. With hard work and dedication, they have the ability to grow their business with unlimited earning potential.
Franchising also provides millennials with the unique, and increasingly popular, option of partnering with their parents for business ownership. A combination of factors, such as an unfavorable job market or high startup costs makes franchising a perfect fit for the parent-child business partnership.
Twenty-five year old Olivia Topolski did just that with her mother, Carol, and now the duo runs two Winmark® franchise stores, Plato’s Closet® and Style Encore®, together. Olivia first started working with her mother at the age of 18 while she was still in college, running the website and social media platforms for their Plato’s Closet franchise remotely. After graduation, she got more involved in the partnership, and the two recently celebrated the opening of their second store, Style Encore, last year. In fact, they set the record for the most successful grand opening day and grand opening weekend, a phenomenal achievement considering their store is smaller than other locations.
Olivia had the opportunity to start developing her business skills while still in school, transferring them to entrepreneurship full-time when she was ready. Her ability to see the big picture and understanding the importance of working on a business rather than working in it has helped set the stage for a number of successful community events and business growth in both stores. For the Topolski’s, business partnership has proven a great fit.
Whether partnering with their parents or going out on their own, millennials have proven to be prime candidates for entrepreneurship, especially through franchising where they can work for themselves, but not by themselves. With 72 percent of millennials interested in becoming their own boss, franchises such as those offered by Winmark may be the perfect opportunity for all parties.
Winmark offers five unique brands catering to a variety of passions and interests, with proven business models and the ability to establish solid roots within communities. Not only do Winmark brands offer business owners the opportunity to achieve professional success, they reduce waste and recycle goods back into the community through resale and buying back gently used items from individuals.For more information about Winmark’s franchise brands, click here!