Demographics should play a role in helping you select the franchise business you want to be in. Anticipating demand from an emerging consumer group will enable you to stay ahead of the curve and supply your product or service to people in need and also have the money to buy what it is you are selling. In 2017 it is abundantly clear that the retirement needs of baby boomers will offer an opportunity to successfully run any number of franchise businesses that a retiring and aging population needs.
The most pressing, non-negotiable, need of an aging population is medical care. Older people get sick and need basic medical services. This market segment includes nursing home and home care. Home care is becoming a more popular option as older people can benefit from the help and companionship of a live-in health care provider. If you have a background in health care and understand or have experience in working with elderly people, there are a number of franchise opportunities available.
Investment Advisors will also be highly sought after as retiring baby boomers seek to minimize their income taxes on investment and convert their growth assets, such as their home, into income producing assets to supplement their monthly income. Aging baby boomers will also be in need of estate planning services as they seek to someday, in the not so distant future, transfer their assets to their children and grandchildrenwith.
Recreation services such as golfing, traveling, going to the gym, and dancing are ways that aging baby boomers will look to stay in shape and enjoy life. An aging baby boomer population is a booming health-conscious consumer market and any franchise from fitness clubs to healthy juice bars could capitalize on the senior fitness trend.
Another interesting aspect of the retirement boom is that for many, retirement is not an option at all. A great percentage of baby boomer have not saved enough money to retire comfortably, so they are forced to continue to work. The American Association of Retired People (AARP) estimates that over one-half of all senior citizens do not have enough money saved to retire. Many seniors look for part-time work, but retirees also look to transfer what equity they do have in their home and pension accounts into what they hope will be a lucrative franchise opportunity. Seniors are using their home equity and pensions to purchase franchises in fast food, convenience stores, home and office cleaning and maintenance, and other types of senior service businesses.
If you are retiring and wish to invest in a franchise business you will need to hire a team of professionals to guide you every step of the way to have the best chance of succeeding. Your accountant and franchise lawyer can make sure that you stay in compliance with ever-changing tax laws as well as pay the least amount of income taxes. In addition, you will be well advised of the best possible legal strategies to use in your new franchise business for negotiating the best deals possible. If you are investing in a franchise business, call franchise lawyer Mario L. Herman today.