Gen Xers Redefining the Franchise Industry

Generation Xers—those born between 1964 and 1980—have seen their peers like Bill Gates and Steve Jobs become millionaires by age 30. They developed the Internet and from here, emerged businessmen like Larry Paige, Sergey Brine, and Elon Musk who have become rich and famous through their innovative ideas and hard work. Seeing the upheavals in corporate America, the downsizing and outsourcing, many Gen Xers are now turning to their own entrepreneurial ventures. Growing up in the franchise industry, either as a loyal customer or employee, franchising is a familiar field. So, when they chose to do business, franchising is a natural fit.

Statistics show that 13% of franchise owners of today are from the Generation X. They are more educated and knowledgeable than their predecessors and hence, make very practical and wise business decisions. When this generation chooses a franchise, they look at every pro and con of it before investing time and money. Often branded as materialistic, they know what sells and cash in that. So, they prefer newer and unique franchising concepts from the industry that are not saturated and have enormous chance of growth. “Breaking the rules” was the rule this generation lived by; they were the one who saw “Berlin Wall” and many more barriers crash. Hence, they prefer the relationship with franchisors to be flexible and accommodating towards franchisees.

Most of Generation X are parents by now; and the traditional roles of man and woman are also blurring. Hence, it is not uncommon to see the husband leaving a lower-paying job to become a stay-at-home parent while the wife goes out to build her career. Even woman who give up careers to be a mother soon want to do something rather than just sitting at home. Thus, home-based franchises have become quite a hit among the members of Generation X. Another positive point that marks Generation X is that they are good at multitasking. Therefore, a franchise offering multiple services under one roof finds favor with them.

Interested in learning more about this aspect of franchising business? Contact brandEXPANSION associates today to know more.

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