Trends in Franchising
The Entrepreneur’s Source Terry Powell Highlights the Top 5 Baby Boomer-Friendly Franchise Opportunities
Retiring in today’s day in age just isn’t the same as it was 50 years ago, and the Baby Boomer generation isn’t ready to stop working. Baby Boomers, individuals born between 1946 and 1964, are still quite active in society and aren’t showing signs of settling down.
Baby Boomers Continue to Work
Baby Boomers continue dating, exercising, traveling and adventuring – and many have no plans of stopping in their near future. In fact, according to USA Today, about 65 percent of this generation plans to work after age 65 or don’t plan to retire at all. Within the past few years, it has become more common for Baby Boomers who hit the age of retirement to start a “second act” career to be able to afford their active lifestyles. A great route to take for this “second act” career for Baby Boomers can be turning to the franchise industry.
“Baby Boomers are known for being goal-oriented, competitive and independent which are three characteristics that contribute to being successful in a franchise,” said Terry Powell, founder of The Entrepreneur’s Source, the nation’s leading career and franchise business coaching network.
The Entrepreneur’s Source Terry Powell highlights the top 5 boomer-friendly franchise opportunities and why they make sense for this generation:
5 Types of Boomer-Friendly Franchising Opportunities:
- Home-based franchises: Contrary to how the name sounds, opening a home-based franchise doesn’t mean that the franchisee will be sitting on his or her couch all day. Franchisees are typically out and about mingling, networking and selling their products and services. This model typically requires a much lower overhead cost from Baby Boomers than brick-and-mortar franchises because they don’t have to pay for building space. Home-based franchises combine comfort and convenience to the franchisee with flexible hours. Among the many opportunities, some common franchises can be run from a home-base include event planning businesses, cleaning services and tutoring.
- Tutoring/education franchises: This could be a great “second act” opportunity for former teachers, caregivers or just anyone who is or can become passionate about helping kids. In this franchise, Baby Boomers are able to use their wisdom and intelligence using the franchise’s proven business model to educate and guide America’s youth. Many people in this franchise field find this type of business rewarding and fulfilling. This type of franchise typically requires a lower capital investment and tends to be lower-stress for entrepreneurs.
- Senior-care franchises: With the increase in age of the Baby Boomer generation, more and more elders are in need for senior-care services. In fact, the UN estimates that by 2050, the number of individual over 60 years old is set to triple, totaling over 2 billion people. This type of franchise allows for Baby Boomers to easily relate to their customer base. This franchise offers a lower initial investment accompanied by a high potential for revenue and a feel-good energy.
- Staffing/recruiting franchises: Although somewhat of a newer industry to the franchising world, employment services in the top 10 industries for wage and salary employment growth between 2008 and 2018 by the U.S. Bureau of Labor Statistics. Staffing service franchises are predicted to have high customer demand that will continue to grow as the economy continues to improve and shift.
- Business coaching franchises: This is a great opportunity for Baby Boomers who were former business professionals to pursue because it allows retirees to use their business experience to advise potential entrepreneurs. This opportunity is gratifying for retirees because they are able to act as a mentor to entrepreneurs and can help contribute to the success of others’ businesses. The Entrepreneur’s Source provides entrepreneurs with coaching on career changes, business start-ups and business performance to make sure that each of its clients thrives. For more information about talking to or becoming a business coach, go to www.entrepreneurssource.com/coaching.html.
It’s important for aspiring franchise owners to recognize that they do not have to love a product of service or have an emotional connection to it in order to capitalize on it. Investing in a product that a franchisee loves doesn’t necessarily equal success. It’s important to keep an open mind when choosing a prospective franchise to invest in, because the reality is, successful people are in the “business of business.”