MIGUEL ESCOBAR, 59 | $0 salary in first year
Home: Cypress, Texas
Previous life: Oil industry product manager
Why he did it: My department was restructured in a downsizing. As I revised my CV and contemplated marketing myself as a 58-year-old, I also attended a seminar on entrepreneurship. I thought, all the hard work I’d have to do to restart my career could be used to benefit my own project.
What he learned: The franchise concept appealed to my wife and me. We were buying into a proven business concept that would limit some of the risk. The franchisor, Pinch a Penny Pool Patio and Spa, helped us select the market area and helps with marketing and advertising design. We’re living on savings now, but our future income depends on our hard work.
What you need to know: Select a franchise that complements skills you acquired in your previous career. Franchising allows boomers like us to start a business without having to build it from scratch.