Boomers Reinvent Themselves With Second Careers as Electric Bike Store Owners
Boomers Reinvent Themselves With Second Careers as Electric Bike Store Owners, Targeting Customers They Understand: Other Boomers
$75,000 Entry Cost, No Franchise Fee, No Retail/Cycling Experience Needed
FOUNTAIN VALLEY, Calif., Oct. 12, 2016 — Baby Boomers, ages 52–70, born between 1946 and 1965, are reinventing themselves with second careers as electric bike store owners, targeting customers they understand: Boomers. Vowing to stay young forever, the 78-million-strong Boomer generation is enamored with exercise disguised as fun, and electric bikes are the perfect solution. Who better to sell to Boomers than other Boomers?
According to Gallup, more than 80 percent of Boomers launch new ventures as a lifestyle choice or to boost income. The Kaufman Foundation reports that Boomers have a better handle on work/life balance and also have the drive and ambition to chase success. Boomers also have years of professional and trade experience and more wealth and/or equity than other generations, which allows them to start businesses.
“Ninety percent of our store owners are Boomers who were displaced by Corporate America or retired from other careers such as teaching and the military. Today, as owners of their own electric stores, they are experiencing second careers as entrepreneurs and finding success selling to other Boomers,” said Don DiCostanzo, Co-founder and CEO of Pedego Electric Bikes, recently named the Number 1 electric bike brand by Navigant Research and the fastest-growing bicycle company on the 2016 Inc. 5000.
Pedego Co-founders DiCostanzo, 59, and his best friend Terry Sherry, 60, are both Boomers who left conventional careers to found Pedego Electric Bikes in 2008. Born of a love of cycling and a hatred of hills, Pedego is a booming business. Pedego grew 46 percent in sales from 2012–2015. Pedego has opened 90 stores to date, of which 95 percent are independently owned and operated. The company plans to open 10 more stores by the end of the year, hitting 100 stores by year end. It plans to open 100 more stores in 2017 and expects to grow to 500 stores within five years.
Today, DiCostanzo and Sherry are Boomer entrepreneurs creating other Boomer entrepreneurs in a growth category where everyone is finding great success and putting smiles on their Boomer customers’ faces — one electric bike at a time. Targeting Boomers as store owners is a proven recipe for success, according to DiCostanzo. “Boomers grew up riding bikes as kids and want to experience that joy again and share it with others. Electric bikes make it possible. That’s why our slogan is ‘Hello, Fun!’”
The average cost to start a store is $75,000, which is significantly lower than most franchise opportunities, and there are no franchise fees because Pedego is not a franchise. In fact, according to DiCostanzo, the new store owner’s entire investment goes into the store.
Benefits of Pedego store ownership include:
- Affordable entry point starting at $75,000, depending on location
- No franchise fees; the entire investment goes into the store and product
- Support in finding a store location and negotiating the lease and signage
- Store set-up support, which includes build-out, point-of-sale equipment and inventory
- Negotiated discounts for bike accessories and other items to sell in your store
- Technical training on Pedego bikes, including assembly and repairs
- Sales and marketing training to help attract customers and sell bikes
- Marketing support, which includes website creation and social media platform set-up
- Online dealer support site with photos, graphics, inventory information and more
- Annual dealer meeting with the Pedego leadership team and other store owners
Candidates are considered based on unique criteria including personality, general business experience and enthusiasm. Prior retail or bicycle industry experience is not needed. If you own or have rented a Pedego bike, your application goes to the top of the pile.
To view a short series of videos on current Pedego stores, click here. For Baby Boomer dealer stories, click here. For information on becoming a dealer, click here. Contact Pedego at (800) 646-8604 or email [email protected].
Pedego offers an exceptional opportunity for Boomers looking to reinvent their lives with a second career. Here are a few examples:
Pedego Electric Bikes is the Number 1 electric bike brand in the United States, according to a new report from Navigant Research. Pedego manufactures 10 high-quality, innovative models, including cruisers, tandems, commuters, fat-tire bikes, mountain bikes, cargo bikes and a convenient electric folding bike. Sold at more than 85 Pedego-branded stores and hundreds of independent electric bike dealers worldwide, Pedego’s stylish “pedal or not” electric bikes boast powerful, whisper-quiet motors that let riders sail up hills and breeze through headwinds with a smile. Available in hundreds of color combinations, Pedego electric bikes deliver a green alternative for transportation, exercise and recreation — transforming lives with fun and delight. Founded in 2008, Orange County, Calif.-based Pedego inspires riders to say, “Hello, Fun!”
Teri Sawyer, T&Co.
Sandra Eckardt, T&Co.