Entering a new decade of life is a great time to reflect on your career. And you’re bound to be asking yourself some important questions:
What more could I achieve in the next 10 years?
Do I have the energy to start something new?
Will anyone want to hire me!
But if that decade is your fifties, you’ll want to consider starting a franchise.
Because franchise establishments in the US produce $780 billion of revenue in the U.S. every year. And this makes becoming a franchisee an excellent next step for hungry and ambitious entrepreneurs.
To help you see how easy it could be, we’ve compiled our own ‘how-to’ guide on starting your own franchise.
Why should you start a franchise at 50?
Starting a franchise offers the perfect vehicle for “olderprenuers”. And what we mean by this is “mid-lifers” and individuals in their fifties or beyond.
Because, as a business owner, becoming a franchisee allows you to work on your own terms but with the added benefit of following an already established path of knowledge and sector expertise.
You may be searching for a new start, for ownership of a project or even a “side hustle”. But running a franchise means you can enter an already cleared pathway to success and take comfort knowing many common mistakes have already been made and learned from.
What’s more, many of the risks you could face by starting a small business are removed or reduced as a franchisee.
Did you know that 50-year old startup founders are more than twice as likely to be successful than 30-year old’s?
Successful franchisees need a good amount of self-confidence, professional skills and plenty of life experiences to draw from. And it’s likely most 50-year old’s hold more of these attributes, relative to their younger peers.
What you need to start as a franchisee
If you want to become a franchisee, spending plenty of time looking at yourself is important.
What do we mean by this? Well, you’ll need to analyze your background, goals and financial objectives, and define the reasons for pursuing any franchise arrangements. Also, do note that this process will be a critical factor in your success. So, it’s worth putting in the time and effort.
With the help of the right franchise consultant, you should start to answer the following key questions:
Why are you planning to open a franchise? As a side hustle or full-time position?
Will you offer B2B services or sell to consumers?
Which trade or industry appeals to you most?
After you have a clear sense of your goals, you’ll need to find an opportunity to connect with the right brands and the people behind them. When you do, you’ll find out about the processes involved and find clarity on the type of entity that’s right for you.
To help you consider the options, feel free to read more about the consultative approach used by the professionals at Franchise@50.
What kind of funding is available?
The good news about becoming a franchisee is that you have access to free, unbiased professional advice. That’s because consultants at Franchise@50 are available to speak with you via a free initial consultation.
There are plenty of funding options available to you as you consider launching a franchise in your area:
Securing an SBA loan is a common funding source for new franchisees. In short, it’s a small business loan issued by private lenders backed up by U.S. authorities.
Plus, SBA loans come in many forms. And these include SBA 7(a), 504 and microloans.
Rollovers as Business Startups (ROBS) enable you to put personal retirement savings into a new or existing small business. By doing so, you gain entitlement to roll over your retirement assets or IRA into an account which can invest in your business.
Plus, the key benefit of ROBS is that it isn’t a loan, so you won’t need to pay any money back. And you can use these funds for any business-related expenses.
Read more about the advantages and disadvantages of both funding sources here.
It’s easy to start your own franchise when you’re 50 or older
Making a career shift when you reach mid-life often means facing a range of barriers. And it’s a sad reality that ageism continues to prevail for those over 50 years old.
But where successful franchisees need determination, self-confidence and stacks of life experience, it’s just as well most over-fifties have these by the bucket-load.
Want to talk to us about starting your own franchise?
Robert will offer his wealth of skills, networks and startup experience to assist you with this major and important life transition.