These days, being 55 is not so bad.
There is still plenty of time left in a 55 year old's life to start a business.
There is great history in older adults growing and making businesses great in their 50's.
Ray Kroc was in his 50's when he started growing McDonalds, while Colonel Sanders was just over 65 when he started KFC. They exhibited experience, wisdom, and capital resources - These are 3 very important aspects of franchising.
If you are an older citizen thinking of opening a franchise, please make sure you realize the following:
1. Understand your role as a franchisee- You need to realize what you are going to be doing on a day-by-day basis. If your health is on its decline and you cannot work 40+ hours a week, then you really need to research into a franchise in which you can sit back and hire someone to run it while you manage the operation. There are many opportunities out there that can be on complete auto pilot.
2. Being comfortable doing all levels of tasks - You need to be able to handle jobs from being the CEO all the way to cleaning up the floors. If you come from a high executive job this may be a hard change for you.
3. Your personal assets at risk- That's right, this is the time you are supposed to be financially sound. Well, get ready to forget that concept and put your savings on the line. Are you okay with this?
4. Your lifestyle will change- No matter how many employees you hire, you have to accept that your lifestyle will change. It will be hard for you to go on extended vacations or leave the immediate area of your franchise for a long time.
5. Preparing your exit- You need to think how much longer you are going to be able to own and work in a business setting. What will you do when you can no longer run the business? Plan if you will sell it or have a family member you can have run it for you. Make sure you plan this before signing the franchise agreement.
Franchising can be very enjoyable at age 55 and beyond but you MUST be prepared.
There is still plenty of time left in a 55 year old's life to start a business.
There is great history in older adults growing and making businesses great in their 50's.
Ray Kroc was in his 50's when he started growing McDonalds, while Colonel Sanders was just over 65 when he started KFC. They exhibited experience, wisdom, and capital resources - These are 3 very important aspects of franchising.
If you are an older citizen thinking of opening a franchise, please make sure you realize the following:
1. Understand your role as a franchisee- You need to realize what you are going to be doing on a day-by-day basis. If your health is on its decline and you cannot work 40+ hours a week, then you really need to research into a franchise in which you can sit back and hire someone to run it while you manage the operation. There are many opportunities out there that can be on complete auto pilot.
2. Being comfortable doing all levels of tasks - You need to be able to handle jobs from being the CEO all the way to cleaning up the floors. If you come from a high executive job this may be a hard change for you.
3. Your personal assets at risk- That's right, this is the time you are supposed to be financially sound. Well, get ready to forget that concept and put your savings on the line. Are you okay with this?
4. Your lifestyle will change- No matter how many employees you hire, you have to accept that your lifestyle will change. It will be hard for you to go on extended vacations or leave the immediate area of your franchise for a long time.
5. Preparing your exit- You need to think how much longer you are going to be able to own and work in a business setting. What will you do when you can no longer run the business? Plan if you will sell it or have a family member you can have run it for you. Make sure you plan this before signing the franchise agreement.
Franchising can be very enjoyable at age 55 and beyond but you MUST be prepared.
Labels: Franchise Opportunity
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