Tuesday, September 10, 2013

How Baby Boomers Are Affecting New Businesses

Baby boomers are those who were born between 1946 and 1964 and make up about 20 percent of the population in the United States. Baby boomers are so called because they are among the group of babies born during the "baby boom" that occurred after World War II. Because of the sheer numbers of baby boomers in the U.S., there are many opportunities for businesses. Not only can new businesses hire baby boomers that want to keep working; new businesses can be developed for the purpose of meeting this group’s needs and interests. 

Baby Boomers Bring Experience

If 50 is the new 30, then expect baby boomers to work well into their seventies. Many baby boomers have not saved enough money to retire early; so new businesses can expect applications from persons in this age group. Some may desire only part-time work while others will seek full-time opportunities. Those seeking part-time work can save money for a new business if they do not need health insurance and other benefits that full-time workers seek.

A new business can benefit from the expertise of baby boomers. Many have spent years in their professions and can help new business owners avoid some pitfalls that new businesses may face. Baby boomers can make great mentors for younger, inexperienced workers. Contrary to some beliefs, younger workers and baby boomers can do more than coexist in the workplace. They can become good friends and develop lasting relationships.

Baby Boomers Make Dependable Employees

New businesses would do well to hire baby boomers along with younger employees. Baby boomers may be willing to fill in when younger workers need to be away from the workplace when children are sick or when there are parent-teacher meetings at school. Many baby boomers work because they want to keep busy and may not mind working a few extra hours to help out a younger coworker.

Baby Boomers Create Business Opportunities

As people age they require services that can easily be offered by a new business. For example, many baby boomers want to remain in their homes for as long as possible. New businesses are steadily being developed for the purpose of providing assistance to older baby boomers. These services may include cleaning, cooking, transporting individuals to appointments and running errands. These are services that are not typically provided by home-health agencies, but they are important in helping aging baby boomers remain independent.

Akin to in home assistance is the concept of homes with universal design. Universal design involves outfitting current residences or building new residences with amenities that make living easier for aging boomers. Examples include grab bars in baths, kitchen cabinets with pull out drawers and counter tops that are built at a comfortable height. A new business could be developed to address such housing needs.

Baby Boomers Affect Marketing

Many baby boomers have disposable income and are looking for products that fit their unique lifestyles. Those responsible for marketing to this group would do well to develop messages that will resonate with this age group. This includes using actors to whom baby boomers can relate. Those who interact in person with baby boomers need good communication skills to work with this diverse group. Baby boomers come from various social economic and ethnic groups. Perpetuating stereotypes when dealing with baby boomers can result in losing business. Those who seek the business of baby boomers must treat those in the boomer population as individuals and show respect rather than being condescending.

New businesses should not underestimate the power of baby boomers. This group not only brings expertise, they also require products and services that new businesses can offer. This makes the relationship between baby boomers and new businesses a win-win situation or mutually beneficial situation for all involved.

Author Bio
Joshua Turner is a writer who creates informative articles in relation to business. In this article, he explains the influence of baby boomers on businesses and aims to encourage further study with a information systems MBA, for more information click here.  

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