Franchising: Where Baby Boomers Retire and Millennials Launch Careers
The Entrepreneur’s Source® reviews increased entrepreneurial tendencies in Baby Boomers and Millennials
SOUTHBURY, Conn.--(BUSINESS WIRE)--You wouldn’t typically compare launching a career with retirement, but when it comes to the entrepreneurial tendencies of two contrasting generations – Baby Boomers and their Millennial children –The Entrepreneur’s Source®, the nation’s leading career and franchise business coaching network, says you can draw those types of parallels. While the Woodstock generation is retiring, their children are entering the workforce; and the employment landscape looks vastly different than it has in previous decades.
“While Baby Boomers are known for being goal-oriented and independent, their Millennial counterparts have become known for their innovation and drive”
The economy has forced many Baby Boomers to continue working, while other members of this active generation welcome the stimulation of remaining in the workforce and still others are left with the task of supporting their Millennial adult children. Recent studies indicate that more than 80 percent of Baby Boomers in the United States and 50 percent in Canada are not confident they will possess adequate funds for a comfortable retirement and anticipate the need to work beyond today's traditional retirement ages of 62 to 65. Terry Powell, founder of The Entrepreneur’s Source®, says that these factors and others have drawn the Baby Boomer generation to seek a “second act” career – and franchising, with its inherent benefits of independence and structure, is a road that increasing numbers of Baby Boomers are taking.
For the Millennial generation, the economy also took a toll on the traditional job market, leaving many unemployed or underemployed and underpaid. A generation driven by innovation, Millennials have a natural entrepreneurial disposition, according to Powell. With limited job opportunities and natural independent drive, Millennials find entrepreneurship and the stability of franchising to be an appealing career path. According to a 2011 Kauffman Foundation survey, more than half of Millennials (54 percent) either would like to pursue entrepreneurship as a career or already are.
“While Baby Boomers are known for being goal-oriented and independent, their Millennial counterparts have become known for their innovation and drive,” said Powell. “What we’ve seen in recent years is these two generations complementing each other’s skillsets in business partnerships through franchising.”
For both generations, one of the greatest deterrents is a misconception about the cost of entry into franchising and an assumption that franchise business models are limited. In reality, Powell says there are thousands of different franchising options in vastly diverse industries, some with a cost of entry starting as low as $10,000.
“There’s no cookie cutter ‘model’ for franchising,” added Powell. “With so many options – from mobile events to home-based businesses to your typical brick and mortar locations – franchise opportunities run the gamut of business models in both niche and mainstream industries. The key is to find a franchise that meets your desired Income, Lifestyle, Wealth, and Equity goals.”
Powell urges anyone interested in pursuing franchise entrepreneurship to visit http://www.youtube.com/user/esourcecoach to view YouTube clips about various Franchise Myths as well as http://www.entrepreneurssource.com/ to engage in the virtual coaching experience and embark on a journey of discovery to see whether franchise ownership may be their best next career move.
For more information about The Entrepreneur’s Source and pursuing franchise entrepreneurship as a second career, visit www.entrepreneurssource.com/.
About The Entrepreneur’s Source®
The Entrepreneur’s Source is North America’s leading career and franchise Business Coaching Company dedicated to the entrepreneur, with more than 200 offices in the United States and Canada. Dominating the $1.5 billion Business Coaching/Consulting franchise market in North America, the company offers a full range of services to individuals seeking alternate career options and to franchise businesses looking to increase performance. For more information about The Entrepreneur’s Source, please visit http://www.EntrepreneursSource.com/.
The Entrepreneur’s Source is a trademark of TES Franchising, LLC. All rights reserved.