Starting your own business might be one of your best employment options and buying a franchise is a lot easier than starting from scratch.
As a franchisee you will be starting your business using someone else’s know-how and expertise gained over years of running a mirror image business and on top of it you don’t have to worry about developing the system.
With an annual turnover of £9.1 billion and 88% of franchisees claiming to be profitable, franchising is one of the safest methods of owning your own business.
Why Franchising Suits the Over 50 Market
Research by PRIME identified that there are very few signs of ageism in the franchising sector. This means that franchising is one of the few “solution sectors” where older people are not discriminated against on grounds of age. So whilst there are many issues that individuals need to consider very carefully before taking up any particular proposition, genuine business-format franchising clearly does deserve to be on the list of self-employment options for people in the over 50 age group.
Life experience, confidence, planning ability and personal skills are what counts when going it alone, and what it takes to become a successful franchisee – characteristics and skills that most over 50s posses in abundance.
They all have in common the reality of having been adults for at least 30 years, and all have highly individualised ideas and understandings about themselves and the world of work.
People over 50 tend to be more considered in their decisions about becoming self-employed, and bring many years of life experience to the various challenges they face in setting up businesses. This experience and approach seems to make a considerable positive difference to the success of 50+ set up enterprises.
Research confirms that “5 years after start up, considerably more businesses run by people over 50 are operating successfully than those run by younger people.”
Another study states that “the survival rate after 6 years amounted to 70% for businesses with owner/manager over 55, while the average for all start-ups was only 19%. The age factor remains the single most important influence on start-up business survival.” (The Economic Impact of Ageing on Entrepreneurship and SMEs. EIM Small Business Research and Consultancy and Warwick University May 1999).