Booming into franchising
With companies downsizing to adjust to their shrinking budgets and the national unemployment rate at 9.8 percent, job security is a thing of the past. That’s why many individuals are taking control of their destinies and investing in a business with a proven model—especially the baby boomer population. Americans between the ages of 55 and 64 had a higher rate of entrepreneurial activity than those aged 20 to 34 every year from 1996 to 2007, according to a 2009 report by the Ewing Marion Kauffman Foundation.
But we get it. As you grow older and technologies advance, it becomes more difficult to switch career paths or find an alternate job. You may be asking yourself: Who will I become? Where will I be ten years from now? You’re not alone. These are typical questions that everyone asks themselves throughout their lifetime. The average person will change jobs every four years, resulting in a switch seven to 10 times over their lifetime. Nevertheless, as individuals grow older and technologies advance, it becomes more difficult to switch career paths or find an alternate job. Furthermore, individuals who have been laid off are apprehensive about re-entering the workplace due to unstable work environments and decreased salaries.
One way to take control of your future is to invest in a franchise—this is a great way to create wealth and build equity. In addition to providing a steady income, others also look to franchising to as a way to give back to their communities. Yet not only are more seniors actively looking into franchising, but franchisors are also enthusiastically recruiting the baby boomer population. Older franchisees tend to have a great work ethic; they are dependable and have a knowledge base of life and business experience. Additionally, the older generation approaches and handles risk well in that they will thoroughly investigate the franchise and business opportunities at hand.
According to the International Franchise Association, boomers will also affect the generational shift among those who currently own franchises. As existing boomers reach retirement, we may begin to see a “passing of the baton” to second- and third-generation owners as family members step up to operate the business.
While small business ownership is a great alternative to older individuals looking for job security and a steady income, you don’t want to just jump into the decision. Enlist the help of a franchise consultant to help you find a franchise that fits your personality and lifestyle.
