Is Franchise Ownership the “New Retirement”?
June 22, 2018 // Franchising.com // If you are a baby boomer or empty nester, is this new phase of life prompting you to explore a different career path? Perhaps you are looking for a new opportunity to fill the void of having less to balance at home. Or you are one of the 37% of workers age 50-64 who expect to work after retiring from their current career, whether the reason is to stay active or build up more savings for a later retirement.
Of those baby boomers who will continue working, 19% plan to start their own business. Rather than start a business from scratch, baby boomers are increasingly turning to franchising. It’s an ideal fit for this generation who is known to be hard working, goal-oriented and independent.
Here are more reasons why baby boomers and empty nesters should consider franchise ownership.
- Pursue a Passion or Dream
Many baby boomers have spent their careers in corporate America and are looking to make their dream of becoming an entrepreneur a reality during their golden years. Now that the kids are out of the house, time spent focusing on their needs can now shift to pursuing a passion and reinvesting in yourself. In addition, many boomers have the life experience, expertise and knowledge to make an easy transition to franchising.
- The Franchise Sector Is Growing
According to a survey by the International Franchise Association (IFA), the franchise sector is projected to grow by 1.9% to 759,000 franchise establishments in 2018. The franchise sector is also expected to outpace the U.S. gross domestic product growth with an increase of 6.1% ($451 billion).
- Invest in a Proven Business Model
Franchises are turnkey and come with a lot of knowns – name recognition, established business models and operational procedures. Owners don’t have to assume the risk of a new, unproven business concept or expend the energy to build a business from scratch. In addition, the ramp-up period is significantly shortened with a franchise.
- Immeasurable Training and Support
Franchisors typically provide comprehensive training and support to get your business up and running. Assistance and guidance are ongoing, including sales best practices and marketing. Other franchise owners can provide support as well by sharing their experiences and offering advice. It’s your business, but there’s a community and team behind it.
- Make Your Own Schedule
Desire more work-life balance? That’s achievable with a franchise! If you can work close to home, you can bring flexibility to your day and not necessarily adhere to a 9-5 schedule. Once the franchise is established, it’s entirely possible to work part-time and hire other team members to manage the day-to-day.
A number of boomer-friendly franchise opportunities exist, including home-based franchises. Home-based franchises, such as BirthdayPak, allow for remote working and provide the added benefit of lower overhead costs.
Franchise ownership for baby boomers and empty nesters can be a very fulfilling experience, and many find success. If you’re looking for a fresh start to the second half of your life, why not take the next step to learn more? Call 888-206-0083 or email Franchising@BirthdayPak.com.