Baby Boomers Over 50 are Buying Franchise Businesses
Baby Boomers in their 50s now realize we’ve got a lot left to experience and now our goal is to figure out what we want to do with the second half of our adult life.
It used to be that when someone turned 55, he or she was considered on the downhill slide into retirement.
But today, 55 is the new 35.
Baby Boomers in their 50s now realize they’ve got a lot left to offer and experience, and we’re spending our time not thinking about retirement, but figuring out what we want to do with the second half of our adult life.
More Retirement Business opportunities
Many Baby Boomers are now empty nesters who have the time and energy to devote to a new calling. Many have also realized after years in the corporate world that we want more flexibility and the opportunity to be rewarded in a more direct manner for their work efforts.
Whether our goal is to suppliment our income in retirement, create new wealth, to give back and help others or just to stay busy and creative in retirement, more and more Baby Boomers over 50 are thinking of pursuing the American Dream for ourselves.
Baby Boomers are seeing many Baby Boomers now turning to franchise opportunities as an alternative to starting our own business from scratch.
There’s a history of this dynamic in franchising. Ray Kroc was in his 50s when he took on McDonald’s, and Colonel Sanders was over 65 when he started Kentucky Fried Chicken.
More Information About Starting a Franchise
Many franchisors actively seek new Baby Boomer Franchisees because we can begin our new business venture with the experience, wisdom and capital resources that can serve us well as franchisees.
If you’re wondering what franchises might be a good match for you as a mature franchisee, consider the following elements of franchise success:
Understanding the franchisee role.
It’s always important to know what you’ll be doing on a day-to-day basis. In a franchise, this may have very little to do with delivering the product or service to the customer, since your focus may be on other functions of the business. Also, remember that after years of having a boss, you’ll be in this role yourself, and you need to be comfortable with that responsibility.
Being comfortable doing all levels of tasks. After spending years in the corporate world, you may be used to delegating many tasks. You need to carefully consider whether you’ll be OK serving as everything from the CEO to the janitor, depending on what your business needs at the moment.
Putting your personal assets at risk.
Many Baby Boomers have accumulated substantial assets by the time we've reached our 50's and may be significantly less willing to risk those assets. Carefully consider what sources we’re willing to use in financing your franchise business before setting out to find a franchise or starting a new business for that matter.
Changing our lifestyle to accomodate our retirement.
Many baby boomers in their 50's have decided we want a more flexible lifestyle that allows for additional time off, travel opportunities or other priorities. When investigating potential franchise businesses, make sure to consider our franchisee role in relation to our retirement lifestyle plans and concerns.
Preparing exit plans.
Though this is a significant consideration for all prospective franchisees, it can be particularly important to future retiring Baby Boomers. Decide how much longer we want to work and what we’re going to do with the business when you reach the point where you don’t want to run it anymore. Whether you want to sell or turn a business over to your heirs, we should definitely begin this process with the end in mind.
What is a franchise and why are Baby Boomers seriously considering them?
Baby Boomers can experience tremendous joy and fulfillment during the process of “reinventing” ourself later in life. We get a wonderful second chance to build a life that has more meaning for us and that can be financially rewarding too.
All we need to do is take the time to really think through what we want out of business ownership and then investigate all opportunities carefully to make sure we select one that provides what’s important to us.
Franchise companies want Baby Boomers as franchisees because of our life experience, business acumen and financial stability. Communicating to the franchise company where you want to go with the business and what you hope to accomplish.
With a little care and thought, the best years in life can all be ahead of you.
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