Every day, 10,000 baby boomers reach retirement age, and millennials are stepping in to take their place in the labor market. In fact, 75 percent of the workforce will be comprised of millennials by 2025.
The employment landscape isn’t just changing from an age standpoint. Millennials also have vastly different workplace priorities than their predecessors, and businesses have adapted to remain competitive in the hiring market.
Here’s how millennials are evolving the business world, and why resale franchises are a strong investment for this younger demographic:
Entrepreneurial Millennials Pursuing Business Ownership
Nearly 3 in 4 millennials want to be their own boss, and they’re pursuing entrepreneurship in higher numbers than any other generational cohort. Ranging from 20 to 35 years old, millennials are starting more companies and targeting higher profits than the boomer generation before them.
At the same time, they are also discovering entrepreneurship at a faster rate than their parents did. Members of the older generation launched their business at the average age of 35, compared to 27 years old for their younger counterparts.
Millennials are a generation of entrepreneurs, prompting many of them to consider opening a franchise. Franchising provides extensive opportunities for entrepreneurship, particularly for younger workers who may have limited business experience and access to capital.
Franchising Provides a Foundation for Success
There’s inherent risk in business ownership. While millennials are pursuing entrepreneurship in record numbers, they’re also one of the most risk-averse generations.
By and large, living through the Great Recession has made millennials more wary of corporations and apprehensive of uncertain investments.
For the relatively risk-averse entrepreneur, franchising provides the perfect avenue to pursue business ownership. With a proven business model and built-in support, franchises allay many millennials’ investment fears while appealing to their entrepreneurial mindset.
Resale Franchises are an Inherently Green Business that Gives Back
Perhaps one of the starkest contrasts between millennials’ and previous generations’ workplace priorities lies in the importance millennials place on social responsibility in business. For other generations, work was mainly about stability. For millennials, it’s about fulfillment and making a meaningful impact on their communities.
Millennials have high expectations for the actions of business with respect to social purpose and accountability, and they want to work for companies that uphold these values. Seventy-six percent of millennials consider a company’s social and environmental impact before deciding where to work. And, when opening their own business, many millennials find ways to incorporate philanthropy and community outreach initiatives into their business plan.
However, certain industries are inherently more socially and environmentally conscious than others. These businesses, with a built-in dedication to social responsibility, represent the ideal opportunity for the mission-oriented millennial.
Resale franchises are one such endeavor, featuring an inherently eco-friendly business model that promotes sustainability and social good. Not only do resale franchises discourage overproduction, wastefulness and harmful environmental practices, but they also make quality used goods and essentials much more affordable for families and communities across the country.
When it comes to their careers, millennials increasingly look for opportunities that mix mission and meaning with profitability. Winmark resale franchise brands are perfect for millennial entrepreneurs, offering a strong, supportive avenue for entrepreneurship, within an inherently green business model.
To learn more about franchise opportunities with Winmark resale franchise brands, contact us today