Why More Baby Boomers and Retirees Are Buying Franchises
Many baby boomers dont have the luxury of retiring like their parents or grandparents. Instead of having the opportunity of working their way up the corporate ladder and then retire with a comfortable pension, some lost their jobs due to corporate downsizing, while others saw their investment portfolio take a hit during the great recession.
At the same time, people are living longer and are healthier than their parents and grandparents. Rather than retire at 65, many baby boomers are active; they are still ambitious and ready for a new career. Yet for many, finding employment later in life can be a challenge, as the job market grows increasingly competitive. As a result, an increasing number of baby boomers and retirees are turning to entrepreneurship, including franchising.
There are many reasons baby boomers and retirees choose franchises over non-franchise businesses. For one, you're buying into a proven business concept; your business can be up and running quickly. Other advantages include: instant brand recognition, assistance finding a location, continuous training and support, advertising and marketing, and assistance with financing.
Baby boomers and retirees also make great franchise owners. Many offer life experience and strong management skills. Plus, compared to those in their 20s and 30s, theyre usually more stable and more likely to be committed to long-term positions. Theyre not interested in job hopping, and theyre less likely to be distracted by extra-curricular activities.
Franchise ownership for baby boomers and retirees can be a very rewarding experience, as many franchises are extremely successful and profitable. Yet, buying a franchise is a major business decision that requires a large amount of research and due diligence. And, running a franchise requires a certain amount of effort to be successful. In many cases it may take up to a year before the franchisee sees an initial return on their investment.
So what types of franchises are good fits for those over 50? Depending on ones health and level of activity, many baby boomers and retirees prefer businesses they can run as owner-management. In other words, a trained staff handles most of the day-to-day details, leaving the owner to tend to the bigger issues. Another consideration would be buying an existing franchise that has already been operating successfully in a location for a number of years.
One franchise which has proven popular with retirees is Cruise Planners / American Express Travel Services. Consider beginning your franchise search by requesting info from this rapidly-expanding franchise.
View Cruise Planners, An American Express Travel Rep Business Opportunity details