The Entrepreneur's Source® Shares Insight Into the Growing Trend of Older Adults Turning to Entrepreneurship
Baby Boomers Flock to Franchising
SOUTHBURY, CT - (Marketwired - Nov 11, 2013) - In the early 1990s, the average age for retirement was 57 -- it has since been steadily increasing. According to The Entrepreneur's Source, 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. In addition, according to the Financial Post, a prominent Canadian Business Magazine, more than 300,000 Canadians age 65 or older are still working.
"Older adults are beginning to realize that they cannot count on reactive investments, such as the stock market, and are choosing to explore franchising as a means to take control of their own destiny," said Terry Powell, founder of The Entrepreneur's Source, the nation's leading career and franchise business coaching network. "While the job market remains volatile, franchising provides an investment opportunity backed by the security of a credible, established business plan."
Powell goes on to list five types of boomer-friendly franchise opportunities and the reasons they make sense for older entrepreneurs:
- Home-based franchises require much less start-up capital than brick-and-mortar franchises and have more flexible hours.
- Business coaching franchises allow retirees to use their acquired business experience and they can often work from home.
- Tutoring/education franchises require a lower capital investment and are proven to be less stressful than a business opportunity like a restaurant concept.
- Senior-care franchises allow baby boomers to easily relate to the customer base. Additionally, there is high demand for senior-care services, which will only continue to grow.
- Staffing/recruiting franchises are a great option for retired executives who have grown accustomed to the hiring process. Staffing services also have high customer demand that will grow as the economy improves.
"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 Paul Segreto, CEO of The Entrepreneur's Source. "Franchise investments can begin as low as $10,000 and range into the millions depending on the size of the opportunity."
Segreto adds, "If you can follow the system and you're not a maverick, then franchising is a great opportunity for you. The franchise business plan provides about 80 percent of the discipline you need to be successful; the other 20 percent is what you bring to the franchise to develop the business."
With the vast amount of information and resources available, The Entrepreneur's Source is hosting its Start a Business Weekend virtual franchise expo November 21-23 from 10 a.m. to 7 p.m. EST to help prospective entrepreneurs, including baby boomers, cut through the clutter and identify opportunities that will help them reach their goals. Participants can chat with representatives from more than 90 of the nation's hottest franchise concepts, learn how to finance their new business, attend keynote presentations, and discover specific opportunities throughout the nation. Business coaches from The Entrepreneur's Source will be available to help aspiring entrepreneurs discover business opportunities that meet their personal goals, needs and expectations. Registration is free at http://www.startabusinessweekend.com/sabw/.
For more information about The Entrepreneur's Source coaching services, visit www.entrepreneurssource.com.
About The Entrepreneur's Source®
The Entrepreneur's Source is North America's leading career and franchise Business Coaching Company dedicated to the entrepreneur, with more than 230 offices in the United States and Canada. Dominating the $1.5 billion Business Coaching/Consulting franchise market in North America, the company offers a full range of services to individuals seeking alternate career options and to franchise businesses looking to increase performance. For more information about The Entrepreneur's Source, please visit http://www.EntrepreneursSource.com/
The Entrepreneur's Source is a trademark of TES Franchising, LLC. All rights reserved.
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