There is currently a generation of pool professionals — baby boomers — who are bowing out of the business and gracefully making their exit from the industry. These are the pool professionals who have paved the way for all of us.
Baby boomers were born between the years 1946 and 1964. They are typically hard-working individuals who often define themselves by their professional accomplishments. They are independent, competitive, goal-oriented, resourceful, experienced, self-assured and value relationships. Baby boomers are known as the “workaholic” generation, famous for their strong work ethic, career dedication and pursuit of personal and professional growth. Over the years, this generation has seen and been through so much change that influenced their core values. It is apparent why this generation has been so successful in the pool industry.
As we are witnessing the retirement of baby boomers, we are seeing the next generations stepping into the light and representing the pool industry — Gen X (born 1965-1980), millennials/Gen Y (born 1981-1996) and Gen Z (born 1997-2012). With the new generations comes a new way of doing business.
More than one-third (38%) of millennials are pursuing entrepreneurship with side hustles in addition to a full-time job compared to Gen-Xers (26%) and boomers (11%). Millennials may be pursuing entrepreneurship, but they take more personal liability risks than any other generation. According to a recent study conducted by Liberty Mutual Insurance, only 12% of millennials who own their own business have business insurance, even though they are known for being the biggest worriers when it comes to their small business endeavors. They are often unaware of what insurance is needed when it comes to their small business, putting them — and in some cases, their employees — at risk. Many worry about the financial commitment of insurance, leading them to skimp on basic protection. In fact, more than half (54%) of millennials who have a side hustle do not have insurance protection outside of their standard homeowners or renter’s policy. Millennials say a lack of knowledge is the driving factor for insurance gaps, and nearly half (40%) say additional insurance coverage never occurred to them. Many millennials who have side hustles do not know where to start when it comes to insurance.
It is important for the generation leaving the pool industry to educate the younger generations on the risks of the industry. Not having insurance in place could be catastrophic to any business.
Insurance is one of the most important components of owning a business. With the appropriate business insurance, a pool professional will have peace of mind and can focus on what they do best — operating a successful, profitable and personally gratifying company now and in the future.