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More baby boomers than ever are getting into franchising these days. According to a TD Canada Trust poll, 54 per cent of boomers either are launching a business, or are considering it in the near future. A CIBC report also revealed that a record number of Canadians have launched their own business in the past two years with one third of these new business owners in the 50-plus age range.
Boomers, with many years of experience working in a certain field or operating a business of their own, aren’t ready to retire just yet. The prospect of launching a new business is attractive. Since they already have worked for 30 years or more, they already have the financial resources to purchase a franchise. Their deep pockets allow them to invest in a company that they may want to hand down to their children, or even their grandchildren, to ensure their financial stability for years to come.
Boomers tend to connect with service businesses. Things like personal care (homecare) franchises and home improvement franchises are attractive to them because they pertain to things they relate to, and perhaps already have some knowledge with. These might even be businesses that other boomers use.
Since many of them are now out of work, they have a great deal of time on their hands so franchising is becoming an attractive option. Franchising is efficient because it presents a readymade business model and they won’t have to go through the pains of launching their own company. The franchising lifestyle allows them to become a business owner while still enjoying the perks of being their own boss, setting their own hours, and reaping the profits of business well into old age without having to do a lot of the legwork.
Seasonal franchises are also popular with the baby boomer generation. A yard care franchise, for example, might be a good choice because while it is busy during summer and spring, business slows down when the weather gets cold. They can hire a replacement staff for the winter while they go vacationing down south.
Boomers have worked hard and already have the strength of long careers behind them, but in today’s economy the retirement age is being pushed further into old age. While many people do retire at age 65, many still want to work if not just to earn money, then also to keep busy and productive. Running a franchise offers the financial rewards of owning a business, with the flexibility to set your own hours and live life the way you want to. That is why boomers are flocking to franchising in record numbers.
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