Corporate Downsizing's Effect on Interest in Franchise Ownership

noreply@blogger.com (H. Stokes) — Wed, 21 May 2008 17:39:00 +0000

For victims of corporate downsizing, franchising often represents an excellent opportunity to forge a new career path. Historically, interest in franchise ownership has spiked during economic downturns, due to the influx of skilled workers, replete with severance packages and the desire to free themselves from the handcuffs of corporate America, into the job market.

Here's a current piece detailing this trend:
http://kansascity.bizjournals.com/franchising-in-2008

And here's another from the 2001-02 recession:
http://www.bizjournals.com/boston/franchising-in-2002

The story's essentially the same; the trend undeniable. Supporting this assertion is the fact that Franchise.com, a popular resource for the franchise community, has seen a significant surge in interest from prospective franchise buyers since the economy started to slow. As for this spike in interest translating into franchise unit sales... motivated buyers continue to find a way to purchase franchises (despite the turmoil in the credit markets that may create complications).

Millennials and Franchising

noreply@blogger.com (H. Stokes) — Fri, 18 Apr 2008 17:37:00 +0000

Millennials - individuals born roughly between 1982 and 2000 - will outnumber baby boomers and gen-xers by 2010. This generation is like no other we've ever witnessed. Products of doting parents and structured environments, millennials are tech-savvy, accustomed to multi-tasking, and ready to take on the world.

As our demographic shifts in the coming years, the franchising community expects millennials to become significant players in the industry. Certainly, they've grown up customers of franchise businesses and therefore have an inherent familiarity with, if not understanding of, the franchising model. With their drive, ability to adhere to structure, and often strong educational backgrounds, millenials make excellent franchisee candidates on paper. Will they fulfill their promise? I suspect they will... but only time will tell...

Here's an interesting video about managing millennials:
http://www.excellence2.com/diversity/Managing_Millennials.shtml

To learn more about millennials, check out this cool blog:
MillennialGeneration.org

The Franchise Ecosystem

Corporate Downsizing's Effect on Interest in Franchise Ownership

Millennials and Franchising