The Entrepreneur’s Source® on why Baby Boomers are Turning to Franchising
In the early 1990s, the average age for retirement was 57 – it has since been steadily increasing. Recent studies indicate that more than 80 percent of baby boomers in the United States and 50 percent in Canada are not confident they will possess adequate funds for a comfortable retirement and anticipate the need to work beyond today’s traditional retirement ages of 62 to 65.
For many Americans and Canadians, simply having a job has not provided the wealth and equity necessary to retire on time. In the United States, the 55- to 64-year-old age group has had the largest increase in entrepreneurial activity over the last decade, according to the Ewing Marion Kauffman Foundation, a nonprofit group that promotes entrepreneurship.
Older adults are beginning to realize that they cannot count on reactive investments, such as the stock market, and instead are choosing to explore franchising as a means to take control of their own destiny,. While the job market remains volatile, franchising provides an investment opportunity backed by the security of a credible, established business plan.
The five types of boomer-friendly franchise opportunities and the reasons they fit for older entrepreneurs:
If you can follow the system and you’re not a maverick, then franchising is a great opportunity for you. The franchise brings about 80 percent of the discipline to be successful; the other 20 percent is what the person brings to it to develop the business.”
Those boomers concerned with the startup costs associated with franchising may be surprised to learn there are several options that may be within their budget.
“Many people are under the false impression that in order to invest in a franchise you must have a very high net worth, but that’s not always the case,” said Terry Powell, Founder of The Entrepreneur’s Source®. “Franchise investments can begin as low as $10,000 and range into the millions depending on the real estate and fixed costs associated with the business model.”
For more information about The Entrepreneur’s Source® and franchising opportunities, visit https://www.entrepreneurssource.com/.