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Are you newly retired? Ready to spend your days doing what you choose? Interested in building more for retirement while you are healthy and able? Look no further than a franchise that suits your older age, your personal interests, and your financial goals.
You know that franchisors want successful owners to help grow their company. They look for entrepreneurial individuals who believe in themselves and will want to use their talents and skills. These people all look very different, with abilities and business acumen across a wide spectrum.
With so many capable prospects, franchising is a good match for young, energetic individuals, and it is also a perfect option for older entrepreneurs whose experience and knowledge contributes to successful ventures. The franchise models for older operators’ preferences are numerous, and it is never too late to start a second (or third or fourth) career as a franchisee.
You Know More Than the Younger Folks
They may label you 'old-fashioned' or 'old-school' (who else still uses “folks?”) and think you are not spry enough to compete with them, but the younger generations simply do not have the same level of experience as you do. Every year of your life, no matter the career, contributed to where you are now. You are confident. You are intelligent. And you can run circles around most young entrepreneurs.
You’ve Got Friends
You may not have networked with others with the intention of starting a business as a late-in-life career. And yet, just living longer has brought you into contact with a large number of specialists and other entrepreneurs with broad skills and knowledge.
That brain trust of friends and business acquaintances is just a phone call away. Want legal advice regarding human resources? In need of a tax accountant who knows franchising? Unlike a young entrepreneur, you can probably get low-cost advice on just about any topic with a quick phone call to your large base of contacts.
You Have Fewer Financial Worries
Chances are you already have stable investments, a house, and are not putting a new business together on a shoestring. You aren’t risking the roof over your children’s head by opening a new franchise, so the stress is less. You already have decades of financial responsibility that is no longer as intimidating as it is to a 20-something young entrepreneur.
Many older franchisees avoid going into the same debt as younger start-ups because they want to protect their savings and retirement. The franchise becomes a way to supplement that. The endgame might come sooner, though, so clear retirement or continued income plans must be analyzed and deliberately incorporated into the decisions and shorter-term goals.
Franchises Are Ready for You
Because of the shorter time available to succeed as an older entrepreneur, franchises are a wise option. The plan, the product, and the winning business recipe are already pre-tested. There are others to interview, training to ramp-up revenue, and ongoing support to ensure success.
Don’t let your age stop your franchise dream from becoming a reality. Consider all the reasons why now is not too late, and why now might be the perfect time to become a franchisee.
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.