The COVID-19 pandemic has impacted the workforce in many ways. Many people who were close to retirement ended their careers much earlier than anticipated. Some made the change because they simply wanted something else, but others were pushed out. According to a Pew Research Center analysis of labor force data, between February and September of 2020, the number of retired boomers increased by 1.1 million, compared to only 250,000 who retired during the same period in 2019. Additionally, nearly 2 million older workers have left the labor force for good since the start of the pandemic according to the Schwartz Center.
Although COVID-19 has changed the landscape for older workers, franchising has become a great option. Retirees can open a proven business and enjoy the gratification of a new career. With a franchise investment, older workers can draw from their work experiences and enjoy an ideal work-life balance. Here are five types of franchises that retirees can explore.