4 reasons Millennials could be your ideal franchisees

By Sarah Stowe | 09 Mar 2020 View comments

Millennials are not just the fun-loving generation with extraordinary expectations. In fact our young workers are proving to be financially responsible according to research conducted in January this year to uncover Aussies’ money management habits. So could Millennial franchisees be your best bet for business growth?

Forty two per cent of the nation’s millennials believe they are more financially reliable than they are given credit for.

In fact, young Aussies are outstripping other nationalities when it comes to fiscal responsibility: US (38%), Finland (36%), Spain (36%), The Netherlands (31%), Germany (30%), Norway (29%), Sweden (28%) and UK (27%).

Despite their confidence in the money-handling skills however the younger generation may be looking for ways to build wealth. Because even though almost half of them credit themselves as money-wise only 46 per cent feel financially stable.

4 reasons Millennials could be your ideal franchisees

1. They believe they are great money-managers

2. They lack financial security

3. They value transparency

4. They are saving for the future

Ty Menzies, CEO, Lift Brands Asia Pacific, told Inside Franchise Business, millennials’ attitudes and need for financial security makes them great contenders as successful franchisees.

“Millennials are good candidates for franchisees because they generally have an entrepreneurial spirit, and that drives them to be financially independent. They want to break free of the typical nine to five jobs that have caused nothing but stress for their parents and take their destiny into their own hands, which often means they are very motivated and have a strong growth mindset.”

Menzies admits that Millennials want it all – the car, the house, the holiday, the great lifestyle – but believes they have the right attitude to match their ambition.

“In my experience, they are prepared to work hard for it too. They recognise that having financial security can help them achieve their goals, and that running their own business is a great way to take control of their earning potential.

“A franchise can be a good choice for people with this kind of attitude, no matter what their generation, because they get to take control of their own business with the backing of a strong brand, proven systems and training and round the clock support.

“We have certainly found that club owners with Snap Fitness and 9Round who demonstrate this entrepreneurial spirit are often the most successful.”

Millennials favour transparency

The research showed millennials are also more likely to discuss money with friends, family and colleagues than older generations. Mirroring global findings, 51 per cent of millennials in Australia think it is important to talk openly about money and 54 per cent say that transparency around finances is important for people’s wellbeing.

Commenting on the research, Klarna’s General Manager for Australia and New Zealand, Fran Ereira, said: ‘’In general, millennials are optimistic about their ability to manage their own money with two thirds of younger Australians having plans in place to save for the future, much higher than the global average.

“Our findings suggest that while the way they manage their money is very different to older generations, millennials are conscious and conscientious when it comes to their finances, with many turning to new technology and each other to stay on track.’’