An article in Entrepreneur Magazine caught my eye, as it's perfect for those of us who are currently business owners, or considering business ownership in our second act.
Written by Rick Bisio, author and Business Coach, it outlines 5 need-to-know trends in business ownership for Boomers, including the option of franchise ownership, that will help you make the most of a very Boomer concept: being your own boss.
- Increased choices for small business & franchise financing
In 2015 there are more options than ever before. The Express Small Business Administration (SBA) loan is available for those borrowing under $150,000. No collateral and only 10 to 15% down is required. There is also Micro SBA loans under $50,000. Banks are once again promoting traditional debt financing such as the home equity line of credit (HELOC).
For franchises, there's more "internal financing" eg an option available through franchisors to help you afford the cost of opening your own franchise location.
- Multigenerational partnerships
While countless well-financed Boomers are eager to be their own bosses, so are an increasing number of energetic Millennials who want to ditch the corporate ladder for entrepreneurship.
Pairing the two has led to many successful business/franchise partnerships, because Millennials' passion, energy and technological savvy is the perfect complement to the Boomers' experience and financial stability. Perhaps you have an adult child in mind?!
- Cash in on mobile apps
It was predicted that mobile would overtake fixed Internet access by 2014, and it has. Around the globe today, there are more mobile users than desktop users, making mobile marketing a key for all businesses, including franchises. This year, 2015, is the one when hundreds of businesses will incorporate mobile into their marketing strategies and their businesses as a whole. Considering the number of mobile users, tools like mobile apps and text message marketing will help more and more businesses reach and influence customers.
- Stay connected online
In this age of social media, when all customers have a powerful voice, online community building is more important than ever for business owners. Traditional rules are still in play, and customer service is key, but now that includes attention to customers/prospects via social media.
In today’s world, it's those business owners who take time to respond to online reviews, offer loyal fans timely deals via social media and promote online the ways in which they give back to the community who are winning -- and winning big.
- The increase in franchising growth
Each January, the International Franchise Association releases its Franchise Business Economic Outlook, which shares projections related to the business model’s growth.
For the fifth consecutive year, the report has predicted that franchising’s growth will outpace that of the U.S. economy as a whole. This year, franchising will add 12,111 new franchise establishments and generate $889 billion in economic output, the 2015 report predicts.
Furthermore, franchises will add 247,000 new jobs, representing a 2.9 percent increase in total jobs, a higher figure than that of the economy as a whole (2.4 percent)
You have been officially alerted.