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Baby Boomers – How They Are Effecting The Franchise Industry

Guest post by: Anne Barr

Article Overview: This article discusses how Baby Boomers make great franchisees and how they are effecting the franchise industry.

Baby Boomers – How They Are Effecting The Franchise Industry

As the first wave of Baby Boomers approach 65 years of age, they are determining when and how they wish to retire. Typically, they now have financial security, time and freedom to pursue other interests. In making this transition from career to retirement, franchisors are positioning themselves to take advantage of this tremendous and incredible talent pool and its discretionary spending power.

Many Boomers are not ready for full retirement. In fact, many cycle between work and leisure in their retirement years. The franchise model is often a perfect fit for these “not yet ready to retire” Boomers. Most are looking for flexibility in their work and the ability to follow their passions and dreams.

Boomers are often targeted by franchisors because of their experience, knowledge, passion and the financing necessary to be successful.

Several industries are well positioned to benefit from the Boomer population. Among these are the in-home senior care franchises, the hospitality industry (hotels and travel industry), home repair, real estate, financial planning, fitness, spas and stress reducing franchises like massage and health related franchises and certain niche service type franchises like those targeting seniors as well as virtual and internet based opportunities.

With the wealth of knowledge and experience of Baby Boomers, the franchise industry is targeting a new and different vertical market – and what a gem of a market!

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Article Tags: baby boomers, franchise industry, franchises



Related Forum Posts
Re: 10 ideas to make you money in 2010 - I think Education would be hard to break into. Baby Boomers, Life Support and Trading Down, however, seem like good markets. As for Green technology goes, I don't think the business has to be entirely based on Green ideologies, but rather a business that embrace Green philosophies and use that as a marketing tool.
Boomers Share... - [quote="litekepr":1zse5djs]Boomers participate in viral or word-of-mouth marketing as much as or more than younger age groups. 93% of Boomers are very or somewhat likely to share product information or news with friends. 80% of Boomers use a broadband connection at home.[/quote:1zse5djs] Great post! It is very interesting to see that 93% are likely to pass on product info and that 80% use broadband... How could you use that information to market specifically to this market segment?
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]


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