I’m a franchise consultant, and I was speaking recently with an executive at a major fast-food franchise. We stumbled onto the subject of franchisee recruitment and both agreed: It’s hard to recruit talented young franchisees because people under 40 generally don’t have much management experience.
But at the same time, we agreed that younger franchisees have a lot to offer. They have long careers ahead of them, for one. That’s time they can use to grow the franchise. Plus, they’re in tune with the trendy, spendy customers that most franchise systems want to attract.
Since the executive and I were in lockstep, I asked him what his company was doing to make itself youth-friendly. I expected a savvy recruitment strategy, or an innovative feature catering to millennials and Gen Z. Instead, he came back with this: “Well, we’ve installed wi-fi in the lobbies of all our restaurants.”
Wi-fi. In the lobbies. Wireless internet is a great perk for customers, but it’s a weak bid for young, serious professionals looking to go into business for themselves. It underestimates the size of the generational divide separating baby boomers from the digital natives who will one day take their place.
This is a drum I beat repeatedly in consulting meetings with franchisors. Outside of franchising, most first-time entrepreneurs start businesses between the ages of 25 and 35, according to U.S. Census data. But franchise entrepreneurs don’t typically get started until later, in their late 30s or early 40s. The likeliest age of current franchise ownership is 49, according to Franchise Ventures. So franchise systems are failing to capture the most innovative, creative, and energized years of a young entrepreneur’s life. We love our second-and-third-career cohorts, but if we’re honest, that’s all we really have.
Bu hikaye Entrepreneur dergisinin January - February 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Entrepreneur dergisinin January - February 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Doing Good Is Good for Business
Want to grow your franchise? Invest heavily in your community.
You're Never Out of Options
An entrepreneur's path is never simple or easy-but you have more opportunities than you think.
YOUR NEXT RECRUIT COULD BE A ROBOT
Across the franchise industry, brands are putting AI to use in all kinds of novel ways. From customer service to better marketing and quality control, here's how brands are taking the leap into automation.
'MY JOB IS TO KEEP THIS BRAND HOT'
Taco Bell's new CEO is, in his words, \"not the dictionary definition of a CEO.\" But he has a vision for how to keep their winning streak going.
These Franchise Trends Are Hot!
If you're looking to buy a franchise, start with this list. We break down 10 of the industry's hottest trends, and more than 400 brands to choose from.
How He Opened 10 Franchises in 10 Years
After being laid off twice in two years, Josh Grinstead became a GYMGUYZ franchisee and now makes more than $1 million in annual revenue. Here's his playbook.
Busting 3 Major Franchising Myths
Is franchising really just for the affluent looking for a turnkey, \"easy\" path to success? No, no, and no!
Which Franchise Model Is Right for You?
There are two big ones: You're either a location-based business, or you're service-based. Here's how to decide between them.
Ready to Own Your Own Business?
This magazine is designed to help you. Here's how.
Charities Are Getting Down to Business
Nonprofits are struggling. That's why more charitable leaders are taking a page from their for-profit peers-and learning how to make money.