While Baby Boomers might think it’s too late to become a business owner, a franchise offers this generation an option to make their dream of owning their own business a reality. Making up 62 percent of all franchise owners, Baby Boomers are buying into the franchise ownership trend. Here’s why becoming a franchise owner is something they should consider:
Alternative to traditional employment
Whether Boomers find themselves out of work or are seeking a career path that will help them work toward retirement, a franchise provides them with the opportunity to become an entrepreneur with lower risk than starting their own business. The established brand name, corporate backing, marketing and software tools, mentorship and proven business models set Boomer franchise owners up for success and career fulfillment that might not be found with traditional employment.
Working in partial retirement
For many Baby Boomers, retirement is a term that is used loosely. Many Boomers find themselves restless after being in the business world for so long and end up taking on part-time work after retiring. Owning a franchise offers the ability to spend time getting the business up and running and then backing off and working part-time, keeping their mind working, busy and feeling like they are still contributing to society and community. Baby Boomers often find that owning a franchise might only require work in a part-time capacity, but can set them up for long-term supplemental income.
Leaving a legacy
Many Baby Boomers who are business owners intend to pass their business down to next-generation family members, and franchises are a great way to start a business that will stay in the family. Opening a family-operated franchise also gives Boomers the opportunity to spend time with family while working alongside them. Most franchises have established succession plans, which we can help you explore in a consultation if your goal is to pass down your business to a family member.
Explore your options with a consultation
Franchise Business Source helps Baby Boomers learn more about their skill sets and interests to find the perfect franchise business opportunity to meet their personal, professional and financial goals. If you are a from the generation of Boomers who has always dreamed of becoming a business owner and are interested in learning more about franchises at no cost, our consultation process can help answer your questions. Contact us or call us at 614-768-3884 to schedule your free consultation today!
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