An increasing number of young entrepreneurs are turning to franchising to build their own business, with the backing of an established brand and a support system that helps them succeed.
Millennials and Gen Z are driving the future of Canada’s franchise sector – an industry projected to contribute $133 billion to national GDP and employ nearly 2 million Canadians in 2025, according to the Canadian Franchise Association.
Meanwhile, a recent Franchise Canada survey found that Gen Z and Millennials made up 52% of potential franchisees. Young people searching for the freedom and fulfillment of business ownership recognize franchising as an ideal path to achieving their entrepreneurial dreams.
Young franchisees ready to invest
According to the same survey, 67% of prospective franchisees said they plan to invest within the next year. For brands looking towards growth, this means a large pool of eager entrepreneurs to draw from when seeking franchise partners!
Young talent is filling gap left by retiring boomers
As many Baby Boomer franchise owners look to retire, young entrepreneurs are stepping up. They bring energy, passion, education, and tech skills to the table. Moreover, young Canadians today are entering the workforce with more education than previous generations. 73% of Canadians aged 25 to 34 had completed a postsecondary qualification in 2019, increasing from 59% in 2000, according to Statistics Canada.
Work-life balance important for next generation
A high proportion of both Millennials (46%) and Gen Z (36%) see work as central to their identity, but both generations place a high value on work-life balance. In fact, a survey of the two age groups found work-life balance ranked as the top consideration for choosing an employer.
For more and more young people, the autonomy and flexibility of working for yourself as a small business owner is the ultimate key to work-life balance. (Source: Insights2Acrtion)
Why franchising is an appealing option for young entrepreneurs
- Franchising is about being in business for yourself but not by yourself
- Franchisees benefit from a proven business model, brand recognition, training, established supply chains, marketing systems, and operational procedures
- A number of financing programs are available for young entrepreneurs, making it easier for new franchisees to get started
