Can franchise opportunities fulfill Gen Y expectations?
| The right fit
for a Gen Y friendly
Shaun Butcher | National Training Manager | Eagle Boys
More than four million Australians belong to Generation Y (defined as people born between 1978 and 1994) and they represent the majority of new entrants of the Australian Workforce.
Generation Y - are generally described as impatient, with high expectations, and driven by independence and autonomy in decisions. Their loyalty to a job is low as they continually seek flexibility, interesting jobs and good relationships with colleagues. On the other end, they are probably the most educated, entertained, technologically savvy generation in history with a great part of the human knowledge only one-click away.
How can Australian businesses manage to harness this generation, who is just starting their first real job?
Buying a franchise business can really be a viable solution, as Gen Y is eager to do something on their own, but is also keen to be able to learn from experienced people who have gone before them: in a franchise business they have the chance to run a business by following tried and tested systems whilst getting a high level of support.
Shaun Butcher, National Training Manager at Eagle Boys shared his experience with Gen Y.
Business opportunities abound for Gen Y
Eagle Boys Pizza has plenty of experience in the field as of up to 290 enquires a month, a quarter are from people born after 1980. However, as many do not have access to the necessary finance, Gen Y make up only approximately 10-15% of our new franchisee mix. Some of these Gen Y new franchisees are already familiar with our franchise business, having worked at Eagle Boys previously as delivery drivers, pizza makers and store managers and are keen to pursue a career in the industry.
In this regard, Eagle Boys is perfectly suited to Gen Y' s eager to enter the Australian workplace, whether it's their first job experience and they want to be a part of our upbeat staff or they' re ready to embark on an experience as franchise owner that will give plenty of business opportunities along with a high degree of responsibility. Buying a franchise business could be the right fit as it would combine their entrepreneurial spirit along with their need of guidance: you're in business for yourself but the franchisor will tell you how to do it..
Flexibility as a key factor for a Gen Y friendly franchise business
Eagle Boys embraces Gen Y because of their enthusiasm, positive attitude and ability to learn quickly and adapt to changes in what is a very dynamic market.
A lot of Gen Y applicants are attracted to Eagle Boys because it is a fresh brand, is seen to be at the cutting edge of the franchisee industry, and it is a company they have had interaction with in the past as a customer - and in some cases as a staff member. At the same time, Eagle Boys is one of the fastest growing franchise businesses in Australia and this success gives the possibility to Gen Y to satisfy their entrepreneurial spirit and hit the ground running.
Eagle Boys strategy for attracting new franchisees is not targeted at specific age groups, but at people of all ages with the particular qualities they need to succeed - e.g. enthusiasm, determination, leadership skills etc.
However, we believe that flexibility of the store models within Eagle Boys - ranging from our Local Store Model in towns of less than 4000 people to our Standard Stores and Drive Thru Store models -, along with low start-up costs which definitely appeal to Gen Y, regardless of where they live in the country. The biggest challenge for Gen Y is finance, so having low start-up costs is definitely a huge appeal.
Another intriguing option for Gen Y could be going into partnership with their parents, a mentor or another business owner so they can get their foot in the door. In this case, parents would be very valuable advisers or even participants, in helping to get the franchise business running efficiently.
Gen Y through the franchisor perspective: guidance, technology and positive environment
It could be said that Gen Y may require a little bit more guidance from a business perspective than older generations. However, their willingness to learn and adapt makes them very easy to guide and develop to the point where they often become exceptional Franchisees very quickly.
Moreover, Gen Y is extremely technologically savvy. In most circumstances they crave the advantages that technology brings to their business and adapt very quickly when technological enhancements are made. By being exposed so much to a multitude of sources of media, they walk in the door with more information in their head than ever before.
From our perspective, we can see that Gen Y are genuinely interested in different aspects of a job other than salary: they predominately want a fun, team-focused environment which is very inclusive, flexible, stress-free and ultimately an environment where people enjoy coming to work. This is why a franchise business such as Eagle Boys appeals to them.
Gen Y is probably the most willing to learn of all generations. They tend not to be as engrained in their habits and beliefs and are prepared to adapt and change their perception, ideas and beliefs as they learn. Their liveliness is a nice advantage, but they also tend to have fewer pre-conceived ideas about the business, and we know how important this is, as the key to success in franchising is combining your determination and willingness to be your own boss with the ability to follow a system. A company that can meet their specific needs and understands their peculiar traits can really seize these young adults ready to become franchise business owners.
To find out more and enquire about Eagle Boys franchise - number nine for Opportunities for expansion - view their listing page.
To find out more about Food franchise opportunities view the listing page.
To find out more about a Franchise opportunities refer to the A-Z Franchise Listing.