As the fastest growing franchisee segment, understanding of the needs and desires of the millennial generation will undoubtedly be one of the most important factors to franchise growth over the next few decades. How much do you ‘get’ millennials?
In part 1 and 2 of the Inspiring Millennials in Franchising series, we discussed the importance of the millennial generation and a person-centred approach. This article focusses on the key issues, mentality and influencing factors driving millennial behaviour.
In a recent PWC report (Millennials at work reshaping the workplace), the number one factor affecting millennial decisions around future roles was the amount of personal learning and development provided. Additionally, when asked which learning and development opportunity was most valued, the ability to work with a coach or mentor came top. Although this data was targeted at employment, from my own experience as a Millennial and my own observations, I believe the same decision-making trends occur across all business and employment opportunities.
The report went on to discuss eight key things that can be done to attract and inspire this generation, half of these directly relate to mentoring; ‘understand them’, ‘help millennials grow’, ‘feedback, feedback and more feedback’ and ‘encourage learning’. These elements begin to indicate the how of mentoring which we’ll discuss further in the next article in the series, but they are also important in understanding what drives behaviour.
If a franchisor is focussed on the sale of franchises with the belief that an upfront training plan, and then leaving the franchisee to it, is the correct way forward then they are not a mentor and they will find it hard to succeed in attracting and supporting successful millennials. Franchises operating this way are unlikely to meet the evolving needs of the next generation of franchisees so will find it hard to recruit.
How well do you know your franchisees? Do you know and understand their wants and likes, needs and desires, goals and aspirations? With a depth of understanding like this, you can help empower your existing franchisees to push harder, aligning the success of their business with their goals. For new franchisees, this allows you to ensure you’re a good fit for each other and also how to support the individual to achieve their dreams. What an incredible privilege!
And, although every franchisee is unique and different, through having this understanding you can know which of your existing franchisees will relate better for building early relationships with prospective ones or how to tailor your marketing messages.
“Millennials believe they can achieve anything with the correct mentoring and guidance”, this is the level of confidence within this generation. And you are in a position to empower them. Imagine, if prospective franchisees were on a waiting list to come on board with your franchise because they were so confident in the support they would get to achieve their goals. this is no pipe dream, one of our customers, The Futsal Partnership who are based in the North East have this scenario with every single franchisee amongst the millennial generation.
In Inspiring Millennials in Franchising: Part 4, we’ll be discussing what mentorship should look like from a practical perspective.
This article is part 3 of a series of articles delving into the mindset of millennials and how to gear your franchise up to be successful within the millennial generation. It is written by Kieran James, 28-year-old business leader of PayKeeper Ltd, husband, soon to be father of two and passionate developer of people.
If you’d like to find out more about how we’re supporting franchisee mentorship, please call 0330 111 66 33 or email firstname.lastname@example.org