Sometimes, you just need to turn the page.
Writing a second chapter of your professional life is no longer the exception, it’s the norm. In fact, the Bureau of Labor Statistics reports that the average baby boomer will hold 11.7 jobs from age 18 to age 48. For many people, that’s only Chapter One.
That’s because while Chapter One may feature different jobs in different places with different people, what they all have in common is that they are jobs. You submit your resume or application, interview, accept a position, start with enthusiasm and finish with an eye on what’s next.
And what’s next is more of the same.
That’s why when I discuss a second chapter with somebody, I’m not talking about a promotion or a change of employer. I’m talking about a whole new lifestyle. The kind of change that enters a person’s life when they stop taking orders in exchange for a paycheck and take control of their own destiny. It’s not a new job or even a new career, it’s a new life.
A life as a business owner.
Baby boomers and their successors, Generation X, are looking at small-business ownership for a second chapter like never before. Guidant Financial’s 2018 Small Business Trends for Baby Boomers (and Gen X since it included all owners over age 50) found that they are delaying retirement in order to pursue the thrill of being their own boss. The survey of more than 2,600 owners found that boomers account for 54 percent of all small business owners and 43 percent of aspiring ones. Not because they were laid off or couldn’t find work (only 15 percent), but because they were excited to pursue a passion (42 percent), an opportunity presented itself (36 percent) or they were just fed up with corporate America (22 percent).
All of these reasons are why franchising makes so much sense for people ready to launch their second chapter. With more than 3,000 franchise brands currently available, pursuing a passion through franchise ownership has never been easier. Franchise businesses are in every sector in America, meaning if it’s a business you are passionate about, someone has already figured out how to do it successfully and is excited to show you how.
The opportunities are endless. Franchise systems offer single-unit, multiple-unit, and area development options depending on how big you want to go. There are businesses run from brick and mortar stores, out of mobile units, or out of your home. There are emerging brands for those looking to get in on the ground floor of a concept and established brands for people wanting more security in their business choice. Variables with cost, commitment and work-life balance are plentiful.
Those dissatisfied with corporate America will find a lot of personal freedom in franchising. Sure, you’re provided with a proven business model to follow and an expectation you’ll follow the plan in exchange for a company’s brand and their unparalleled support system. However, you’re the boss. You pick your location, you hire your staff, you choose how to market your business. You decide what your relationship with your local community will look like. You select the community initiatives your business will support. You make the business work, build the equity to keep as part of your exit strategy and reap the rewards of unlimited earnings.
It’s not unusual to want a second chapter of your professional life, it’s unusual not to! If you’d like to know more, I hope you’ll give me a call.
Our consultations are always free, whether you decide franchising is right for you or not. I hope you’ll take the time to find out.