The big quit drew millennials to the franchise. Here's why we need to transform the business model.

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The franchise landscape is changing as entrepreneurs become younger and more diverse than ever – a shift that can be partially attributed to the “.” During the pandemic, women left the workforce in droves to care for their children when schools closed and necessitated virtual learning. Many professionals also felt like they were out of control of their situation as layoffs increased and government restrictions took effect. As women decide their next steps, they, and many other professionals, are taking advantage of this situation to transition into more flexible employment, more rewarding careers that give them more control over their future.

A recent Wall Street Journal article highlights the Bureau of Labor Statistics report that more than 47 million Americans voluntarily left their jobs in 2021 and indicates that workers - in particular, but not only, young people - began to quit. their work in the hope of better conditions or opportunities. Franchise ownership is one of those best opportunities for this young generation.

This has become evident in recent years, as research by Brandon Gaille from 2017 shows that most franchise owners were between 45 and 54 years old, and recent data from Zippia.com shows that the average age has fallen at 44 years old.

Over the past five years at Kiddie Academy Educational Child Care, franchise applications have shifted from owners who were in the later stages of their careers to people who have transitioned to mid-term franchise ownership. career. The Kiddie Academy owner's average demand now comes from people in their late 30s to early 40s. We've also seen applications start coming in from more and more professionals with backgrounds in healthcare, event planning, technology, education and more, looking for a chance to become their own boss. This is a paradigm shift that is transforming franchising and how we need to attract a new demographic of franchisees.

Related: Why Millennials Make Great Franchisees – And How To Recruit Them

Franchise Insights indicates that millennials lead baby boomers in seeking franchise ownership opportunities and rank just behind. For this reason, franchise organizations must find ways to appeal to younger audiences by focusing on ideals and benefits that are important to this group. And due to the pandemic and the great resignation, more families in this age group are looking for the possibility of having a flexible income and balancing family and professional life.

Just five years ago, many child care franchisees were looking to transition from their corporate careers to starting to plan for retirement. Today, people at the start of their careers with young children, who want flexibility and a way to make a difference, are at the top of the list of requests.

is a great way to localize a big brand, leveraging the resources of a business network to have local impact. According to Gallup, millennials are also looking for ways to create an impact on their community...