August 29, 2014 // Franchising.com // SOUTHBURY, Conn. - You wouldn't typically compare the launch of a career with its retirement, but when it comes to the entrepreneurial tendencies of contrasting generations, Baby Boomers and their Millennial children, parallels are drawn. While the Woodstock generation is retiring, and their children are entering the workforce, the employment landscape looks vastly different than it has with previous decades.
For Baby Boomers, the economy has forced many of them to continue working, while others are continuously stimulated as an active generation and are not ready to leave the grind of the workforce. Further, many are left with the task of now supporting their Millennial adult children. 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. Many of these factors have drawn the Baby Boomer generation to land a "second act" career that offers independence as well as benefits and structure often found in franchising.
For the Millennial generation, the career economy also took a toll on the traditional job market, leaving many unemployed or underemployed and underpaid. A generation driven by risk and innovation, Millennials have a natural entrepreneurial disposition. With limited job opportunities and natural independent drive, the entrepreneurship and stability of franchising is an appealing career path for Millennials. According to a 2011 Kauffman Foundation survey, more than half of Millennials (54 percent) would like to pursue entrepreneurship as a career or already are.
"While Baby Boomers are known for being goal-oriented and independent, their Millennial counterparts have become known for their innovation and drive," said Terry Powell, founder of The Entrepreneur's Source (E-Source), the nation's leading career and franchise business coaching network. "What we've seen in recent years is these two generations complementing each other's skillsets in business partnerships through franchising."
For both generations though, one of the greatest deterrents is the cost of entry and assumption of a narrow selection of business models. In reality, there are thousands of different franchising options in vastly diverse industries, some starting as low as $10,000.
"There's no cookie cutter frame of a franchise," added Powell. "With so many options from mobile events to home-based businesses or your typical brick and mortar locations, franchise opportunities span the gamut of business models in niche and popular industries. The key is to find a franchise that meets your desired Income, Lifestyle, Wealth, and Equity goals."
Powell urges anyone interested in pursuing franchise entrepreneurship to visit http://www.youtube.com/user/esourcecoach to view YouTube clips about various Franchise Myths as well as http://www.entrepreneurssource.com/ to engage in the virtual coaching experience and embark on a journey of discovery to see whether franchise ownership may be the best next career move.
The Entrepreneur's Source is North America's leading career and franchise Business Coaching Company dedicated to the entrepreneur, with more than 200 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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