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The opportunities franchising offers later life entrepreneurs

Posted: 02 Oct 2018
Estimated Read Time: in 9 minutes

If you’re not ready to kick back just yet, franchising could fulfil your business ambitions, Pip Wilkins, CEO of the British Franchise Association, says

The opportunities franchising offers later life entrepreneurs

Retirement may seem like a scary stage of life to enter. Many workers start to think about this stage once they enter their fifties, perhaps believing they don’t have enough savings in the pot to fully enjoy their golden years or maybe the thought of retirement seems boring and unfulfilling.

Many consider franchising as a way of topping up their pension, fulfilling entrepreneurial ambitions or simply have a desire to be self-employed and want to decide their own schedules for the later stages of their life.

Here are some reasons why you should consider becoming a franchisee:

Proven formula

Starting a business from scratch may take years of time, effort and money. However, becoming a franchisee means being part of a successful and established business that you’ll simply mirror. This will also come with ongoing training and support from your chosen franchisor.

This will be very alluring to ‘olderpreneurs’ who aspire to lead and operate their own business, while having the comfort of knowing it has a successful formula, as well as help on hand whenever it’s needed.

Experience counts

There are many advantages to becoming an older franchisee. Experience is valuable in the workplace because as an older worker you’ll be bursting with knowledge and expertise.

This will be essential to getting your own franchise up and running and making sure you keep the business concept successful. This life experience will bring a certain confidence and composure that you might not see in a younger franchisee.

An older franchisee has seen it all before and will be much less likely to become alarmed at the slightest mistake and be able to deal with challenges that might occur. This is enhanced further when coupled with the expertise and support of the franchisor.

Financial backing

Being an olderpreneur will also mean you are more likely to have the financial backing that’s needed to invest in a franchise compared to a younger franchisee. You’ll no longer have to support any children - children that may be grown up and might even be able to help and support your business venture.

Hopefully, after 30-odd years working, you’ll have saved a decent sum and be able to contribute to the investment necessary for a franchise. Due to the success of franchising, banks are likely to give you a loan of up to 70 percent of the start-up costs, so you might not need to spend all of your savings. With this source of potential investment, the process of becoming a franchisee will be easier and the thought of becoming a franchisee less intimidating.

Over 55s also have the option of dipping into their pensions and taking out lump sums if they so choose, due to the pension freedoms introduced in 2015. However, this decision should be given careful consideration, as if the franchise fails you want to be sure you have enough in your pension pot to live off.

Career change

A career change is an attractive yet daunting prospect. However, once some people hit their fifties there is a perception their age could stop them securing their ideal job role.

Franchising gives you the option of a career change while also offering the flexibility of being able to work your own hours. This is made possible by the many successful and diverse home-based franchises on offer.

Becoming a franchisee means you can fulfil the dream of being your own boss, while accommodating other aspects of your life, such as health and family.

In conclusion, life is far from over once you hit 50. In fact, it could be the beginning of an exciting phase in your life, one that will keep you active and motivated well into your seventies, while setting you and your family up in your golden years.

 

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