Baby Boomers – The “Olderpreneur”
Age is just a number. As Millennials take over the workforce and Generation X moves into management, Baby Boomers are ready to go into retirement. BUT what if they aren’t?
Baby Boomers are individuals who were born between 1946 – 1964 and are the second largest population of small business or franchise owners. The overwhelming majority of those 50 and up “olderpreneurs” make up 41% of small business or franchise owners. Twenty-three percent of boomer small business or franchise owners are women, while 77 percent are male, according to Guidant Financial as per the Guidant Financial, 2020 small business trends survey.
Numbers report that a sizeable Baby Boomer segment holds an attractive lead in assets to fund new franchise businesses. These olderpreneurs have the strongest financial profile. Nowadays to retire is not the same as 50 years ago. In fact, numbers show that the 50-plus generation are working to stay employed during their golden years.
Why Entrepreneurship?
Baby Boomers refuse to be or act old until it’s absolutely unavoidable! Many over 50’s say that the challenges of trying to find new employment prospects, when competing against younger candidates for roles, prompts them to create their own opportunities. Some olderpreneurs set up their own franchise business to embrace a hobby or passion without having to build it from scratch. Many of these olderpreneurs are wanting to reap the advantages of being their own boss, schedule their own work hours and continue wealth for themselves and their families.
Baby Boomers are more likely to have capital to invest in a new business launch either from savings, pension, inherited money or a redundancy payment. Add to this that SBA (Small Business Administration) loans are highly accessible currently, Franchising is a great alternative.
Are you a Baby Boomer? Does this sound like you? If so, inbox me. Let me help you find the right franchise to meet your lifestyle and financial goals. I will save you time, money and frustration and my services are paid for by the franchise companies – so no cost to you. What have you got to lose?
Want to know more?
Give Tina at FranAlign a call at 304 709-2950 or fill in the contact form below. We are paid by the franchise companies we represent to introduce qualified potential franchisees, so there is NO cost to you.
