If you're in your 50s, you might think it's too late to start a business. Wrong, it's actually the perfect time. So, what are your plans for the next stage of life? What do you want to do with your time?
You may be an empty nester with lots of time and energy to dedicate to a new endeavor. On the other hand, you may have recognized that you want more freedom or control after years in the corporate world.
Perhaps you're motivated by a desire to make money, give back and assist others, or keep active and creative. Buying a franchise is especially appealing to those in their 50s plus!
Investing in a franchise at this age is not new. Franchisors covet franchisees above 55 because the expertise, insight, and assets gained through their time are valuable resources for a new franchisee.
If you're thinking about buying a franchise, here are some things to think about:
Recognize The Role of The Franchisee
Consider what you'd be doing on a daily basis. Remember, you'll be the boss and should feel at ease in that role.
Do It Yourself or Delegate
After years of working in the corporate sector, you may be accustomed to delegating duties to others. Therefore, hiring personnel to assist you with basic tasks is important.
Comfortable Level of Investment
What resources are you willing to put into your business to fund it? Determine this ahead of time so you can continue to sleep soundly at night.
Your Lifestyle Preferences
Perhaps at this point in your life, you'd like a flexible lifestyle that provides you ample time off so you can travel. What is most important to you?
Setting An Exit Strategy
How much longer do you intend to work? There is no right or wrong solution, but starting with the final goal is important.
Because of your life experience, commercial aptitude, and financial stability, you are a suitable potential franchisee. With a little thinking and planning, you can have the finest years of your life ahead of you.
Is the time right for you to invest in a franchise? If so, please schedule a brief call here.