New Jersey Entrepreneur

As baby boomers start to turn 60, they may be feeling nostalgic about the early days of their careers, when job security actually meant something and a person could retire comfortably at 65.

Unfortunately, today?s reality for many workers over the age of 50 is downsizing, difficult job searches and the very real prospect of working past 65. In fact 58% of laid off professionals ages 38 to 56 took new positions at lower salaries, while 67% of laid off professionals ages 57-plus were forced to take new positions at below their previous earnings. Source: DBM

Fortunately, this generation is healthier and better trained than any prior generation. They have more opportunities for self-employment than ever before and are increasing considering that option as they head into their golden years.

According to AARP, nearly half of the self-employment population was over 50, and about one in three self-employed workers age 51 to 69 made the transition to self-employment at or after 50. Several studies, including a 2004 University of Zurich survey of workers in 23 countries, found that the self-employed are substantially more satisfied than people who labor for someone else.

The franchise market has proven to be an excellent opportunity for downsized professionals and career changers to pursue after the age of 50.

Motives for starting a new business or choosing to go the entrepreneurial route are often different for the over-50 business owner. For many, they have the financial means to buy into a franchise and look at their business as an investment that not only generates income but allows them to have more flexibility and personal freedom.

Franchises are a good place to start when researching whether you?re ready to make the leap to become an entrepreneur. Because they often have long term strategic plans to build their brand, a tested model, and a support structure to help franchisees, they generally are more successful than going it alone as an independent small business.

Another challenge for baby boomers is knowing what they like to do. Even someone who?s been in a career for 25 years may have trouble determining what their dream job is or where to go with their careers. Many may have begun their careers with something different in mind, and decades later, when they?re ready to pursue a new venture, have lost sight of what they envisioned years ago.

Starting fresh and discovering what option is right is not an obvious process, especially if they are thinking of becoming a first time entrepreneur. Individuals must be willing to explore various business options ? and uncover possibilities that are in sync with both their personal and income goals. Doing this and keeping emotions in check is crucial while researching the facts and distinction?s of each business. Whether you?re looking for a more flexible schedule, a home based opportunity or more time to travel; it?s a good idea to weigh all of your options.

About The Entrepreneur?s Source

Rich Albano has been an independent franchise owner with The Entrepreneur?s Source for 5 years. Rich offers a full range of services to individuals interested in self-employment and companies searching for methods of expansion. His goal is to help clients come to a point of clarity regarding self-employment and to identify alternative career options that best meet their goals, needs and expectations. Please call Rich at 609-324-0218 or e-mail at EsourceAlbano@comcast.net.