You’ve worked hard to raise your children, educated them, taught the difference between right and wrong, prepared them for life’s challenges and gave them
wings to fly. You’re optimistic about their career future given recent job news such as NerdWallet’s naming of Atlanta as the "#9 best city in US for
recent college graduates" in the spring of 2016.
So why has your recently graduated Millennial moved back home...and what do you do now? Start by knowing you’re not alone according to a recent study by ZeroHedge.
"48 percent of all 25 year old Americans are back to living with their parents."
Everyone from economists to marketing gurus have been analyzing the Millennial generation. Studies abound on the impact of their student loan debt, to
their signature buying behaviors and their influence on the upcoming elections.
Why We’re Paying Attention to Millennials? Let’s look at some statistics. According to WOMMA (Word of Mouth Marketing Association), 78 million Millennials were born from 1981-1997 and they have spending power over $200 billion annually starting in 2017, which translates into roughly $10 trillion in their lifetimes. It’s no wonder we’re paying attention. So back to the original question...what will your Millennial do to earn the money to exercise this awesome buying power?
Enter the 'Millennipreneur’ The answer for your son or daughter may be found in the world of entrepreneurship, particularly through owning franchise businesses. Fortune recently revealed, “Millennial entrepreneurs have launched about twice as many businesses as Boomers.” Entrepreneur.com discussed the topic back in 2015, “for the most part, franchise ownership has been reserved for a small demographic of high-net-worth individuals or executives from corporate America with the desire to go out on their own. But lately that has started to change."
The Millennipreneur trend is evident in our client base at FranNet of Atlanta and escalating rapidly. Over 20 percent of the clients we’ve assisted to buy franchise opportunities in 2016 have been Baby Boomer parent and Millennial adult child teams choosing to start their franchise business together. And we know this approach can be a big win; check out mother-son team, Fran and Michael, who are top performing Big Frog franchisees, now expanding into a second location.
The International Franchise Association recognized the trend and launched NextGen in Franchising to educate Millennials about opportunities in franchise ownership. Other initiatives such as the Students in Franchising program creates a “talent development pipeline for future franchisees, franchisors and suppliers all while earning an undergraduate degree.”
Amid the statistics and predictions one fact remains, resources are needed to fund and startup any business, franchised or independent. It really can be the perfect partnership when you think about it...a Boomer parent with years of corporate experience searching for their next chapter pairing with their entrepreneurial minded and technology savvy Millennial child. Check out how
Jada and her mom teamed up this way to become the ultimate “Mompreneurs.”
At FranNet, we know that parents and their adult children joining arms in franchise ownership can be highly rewarding because that’s how we started our franchise consulting business. I was 25 years old and my father was in his fifties and here we are 17 years later with a lot of success under our belts, a story we’re proud to tell. I’m grateful to my Dad for helping me get started.
Reach out to me for a conversation and begin exploring how we can help you and your family explore franchise ownership. We might just find a solution to reclaim your empty nest and start a new chapter while helping your Millennial craft their own future.
Leslie Kuban is the Owner and CEO of FranNet of Georgia; an Atlanta based Franchise Consulting Firm. Leslie has a proven track record of helping close to 400 people successfully transition from corporate life to business ownership. Leslie and her team offer over 60 years combined expertise and her personal experience as a franchise owner gives her a unique perspective to help her clients assess their real opportunities, risks, and timing to make sound decisions.
To stay connected the most current news and a wealth of information on becoming your own boss, like us on Facebook. Leslie can be reached at email@example.com.
Thinking of Starting a Business? FranNet Can Help