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Starting a franchise for the first time is pretty much the same process whether you are 25 years old or 50 years old. But being a member of the older set does have some notable advantages. After working a prior career, older franchisees bring decades of experience to their new ventures.
“Older and wiser” is a benefit for relationship building, customer relationships, and self-management. Life skills are honed and apply well to a new business venture.
Franchisors recognize the business benefit of seasoned franchisees, and they also see stronger financial depth. Credit is stable, and personal net worth is higher. Those both make it easier for the 50+ set to qualify with a franchisor.
But don’t charge ahead too quickly.
Even though franchises are easier to launch than start-ups, it is important to evaluate how a franchise fits into your autumn years. Matching your retirement plans with your franchise plans is an important decision. It might be your last career shift, so it should be well-researched to find a franchise that is enjoyable to operate while meeting personal later-in-life needs.
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Research Diligently
Informed decisions are better decisions.
Seek advice from multiple sources. For starters, use consolidated guides provided by government entities like the Federal Trade Commission and the Small Business Association.
There are thousands of choices, and the research will take time. Seeklegal advice from those well-versed in franchise contracts and operations. An experienced attorney will walk you through the Franchise Disclosure Agreements and help you evaluate a franchisor’s operation. Likewise, a knowledgeable franchise accountant will guide your analysis of a brand’s financial strength. With a strong team, you’ll have a personal brain trust to direct your franchise selection
As part of due diligence, talk to everyone you can about their experience as a franchisee. Find those who left or sold their operation. Ask pointed questions and seek thoughtful responses. Your research and planning time invest in safety and strategy to create a clear picture of your franchise future.
Pursue Your Passion
Your prior years of work benefited someone else’s passion, not your, but a franchise lets you pursue your own (finally).
You don’t have to stay in the field you already worked in.
Instead, look at what you enjoy most. If you loved coaching your kid’s teams more than your banking job, a franchise that works with children or coaches adults could appeal more than a financial franchise. What do you care about most? What do you enjoy the most? If you care and enjoy the work, your passion and prior skills combine for franchise success.
If you want some assistance, start with a free interest survey online. It will help focus your preferences and provide ideas of the industries you would like. A career coach is another more personal source of advice to channel your preferences toward an appropriate franchise match.
In addition, reflect on your preferred working style. Maybe you prefer to work alone or at home. Perhaps you want to avoid certain types of clients. This self-evaluation can get overlooked sometimes. But it’s just as important to be comfortable with the work and location as the product and consumer.
Protect Your Retirement
If you have retirement plans under control, you can’t risk too much of your assets. But if owning a franchise is part of the longer-term retirement plan, every decision along the way will impact the results.
At 50 years old, you may have some catching up to do, or you might have a nest egg that you don’t want to touch. Whatever your franchising decision, retirement is not that far away, so keep your plan at the forefront of your decisions.
Consider your comfort level for risks.
At 50, you have fewer working years ahead, so you will not be able to make up gaps in financial stability—at least not as easily as you could at 25 years old.
Fifty is not old—just older than some other ages.
If you make your franchise decision carefully, you will enjoy financial comfort and pursue a passion that enhances your franchise success.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.