It’s never too late to start a franchise business. While anybody can find success with franchising, even teenagers fresh out of high school, virtually everybody, young and older, has the chance to run a successful franchising operation. It’s simply a matter of grit, determination, and prudent planning.
Since we enjoy covering every angle of franchising, let’s examine what it’s like to begin a franchise business in your 50’s.
First, don’t let anybody intimidate you into thinking that franchising is only the domain of younger folks with fewer responsibilities and “nothing to lose.” Many experienced business leaders have leveraged the franchising method, only to find exponentially more success than they ever had previously.
With that in mind, here are some terrific advantages you would have as a new franchisee in your 50’s:
• Your net worth is typically higher, your credit is better, and you have more business experience than younger prospective franchisees. Franchisors know this! That’s why, all factors being equal, they’ll probably consider you a more stable candidate than younger aspirants.
• You already have experience with customers, coworkers, subordinate employees, and all other relationships that will be crucial to your success as a franchise owner.
• If you have managerial experience, particularly in the private sector, you generally know how a business operates. From there, all you need to do is acclimate yourself to the rules and guidelines of working within a particular franchise system.
Franchising is a terrific way to recover a lost passion you may have discarded earlier in life. Maybe you wanted to own a restaurant but could never figure out the logistics of it. Franchising is one of the best ways to achieve this goal since well over half of restaurants are franchise-owned.
It’s difficult to make a business succeed as a sole proprietor given the much higher turnover rate. Franchising allows you to greatly reduce the risk of losing your whole investment. The turnover rate is significantly lower than sole proprietorships.
So, if you’ve reached middle age or and are even approaching senior older adulthood, you can still discover a proven way to reopen doors you previously considered closed forever.
Granted, if you are thinking about starting a franchise in your 50’s, you’ll want to remain aware of your retirement objectives. In business, there is always some level of risk, and that risk-reward ratio needs to be congruent with your retirement plans.
Ask yourself how much you still need for retirement. Can you risk potentially delaying it? If so, for how long? Do you have a backup plan in case you change your mind and wish to terminate your franchise? These are just a few practical considerations that any prudent adult must bear in mind for any business endeavor.
FranSave encourages all aspiring entrepreneurs to carefully consider and discern the possibility of becoming a franchisee in a suitable franchise system. This, of course, takes diligent research as well as some assistance from a good mentor. That’s where we want to help. We’ve aided entrepreneurs across the U.S. in their quest to start a franchise business or to franchise their own business with our deep industry experience, numerous connections and franchise leads. If this intrigues you and you would like to learn more, call us at 844-476-7776.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction. Franchise offerings are made by Franchise Disclosure Document only.